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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

17 JUL 2012

Re Reynolds DIY Stores Ltd

(Chancery Division, Alan Steinfeld QC, 12 June 2012)

Whilst liquidators succeeded in making out a factual preference against the former director of a company who had caused the company to repay to him the sum of £100,000 less than 2 years before the company entered liquidation, they failed to discharge the burden of establishing that the company was either unable to pay its debts or became unable to do so as a consequence of the payment because they did not adduce any evidence to rebut the director's statement that the company had been able to continue to pay its debts after the payment had been made, as he had left enough money in the account for the company to meet its financial commitments at the time...

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