Source: All England Reporter
Publisher Citation: [2003] All ER (D) 327 (Jul)
Court: Chancery Division
Judge:

Judge Norris QC sitting as a judge of the High Court
Representation Stephen Davies QC and Brian Watson (instructed by Peterkins, Aberdeen) for the claimant.
  David Alexander (instructed by Clintons) for the company.
Judgment Dates: 18 July 2003

Catchwords

Insolvency - Transaction at an undervalue - Value of consideration in money or money's worth - Application to set aside assignment of life assurance policy - Comparison of incoming and outgoing values of transaction for money or money's worth - s 339.

The Case

In order to determine whether a transaction had been at an undervalue pursuant to s339 of the a comparison of the incoming and outgoing values of the transaction in money or money's worth was required from the perspective of the estate. The general rule that the court should attribute an actual value to each incoming and outgoing item, such values having been established by expert evidence, was not an absolute necessity in every case.

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