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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

01 NOV 2011

Mundy and Whalley v Brown and Trinity Executive Consultants Ltd [2011] EWHC 377 (Ch), [2011] BPIR 1056, (His Honour Judge Raynor QC (sitting as a High Court judge), 18 Feb 2011)

Joint liquidators brought proceedings against an accountant, who had received payments from the company, alleging that the payments were preferences, transactions at a undervalue or were unauthorised. His Honour Judge Raynor QC found that the sums held in the account were held on a Quistclose trust for the effective benefit of the accountant, even though they were not held in a separate trust account, and so could not have been payments of the company’s money.


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