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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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