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Griffin v Awoderu and others

Case Summary By :
Sara Benbow

Area(s) of Law :
Banking, Finance & Credit Law
Commercial Law
Insolvency, Partnership & Company Law
Property Law

Court : Chancery Division
Source : [2008] All ER (D) 140 (Jan)

Insolvency Act 1986 s.423 - Transaction at undervalue - Transaction for prohibited purpose – No requirement of insolvency to invoke section - Claimant lending First Defendant funds for purchase of property - First Defendant subsequently encountering financial difficulties - First Defendant twice exchanging contracts for sale of property to Second Defendant immediately prior to execution of possession orders against property - Sale to Second Defendant never taking effect - First Defendant subsequently purporting to sell property to Third Defendant in breach of freezing orders - Whether sale being transaction at undervalue.