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1. It is not uncommon for individuals and companies embarking on speculative business ventures to take steps to protect their assets against the risk of failure. In some cases, they will merely seek to create the illusion that ownership has been parted with in order to persuade creditors that such assets are not capable of being enforce against. In others, they will ensure that the assets are actually transferred to a third party. In any given case, this may raise issues relating to the doctrine of ‘sham’ transactions and/or the application of s 423 of the Insolvency Act 1986 (‘IA’).
2. In this paper, and the case study which it supports, we will consider the relevant legal principles at play and their interaction with one another.
To view the full article, please click here Shams.pdf
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...