Pagemanor Ltd v Ryan & Ors [2002] EWCA Civ 1518 (02 October 2002)

Pagemanor Ltd v Ryan & Ors [2002] EWCA Civ 1518 (02 October 2002)

The 1998 transfer was not at an undervalue because the consideration, including assumption of mortgage liabilities and contractual rights under the 1991 contract, was not significantly less than the value provided by the transferors. The 1991 contract remained in force until the 1998 transfer, and the transaction was a variation, not a new sale. There was no evidence of undervalue once the specific rights and obligations were considered.

Citation
[2002] EWCA Civ 1518
Parties
Claimant: Pagemanor Limited; Defendant: Martin Ryan; Defendant: Lesley Ryan; Defendant: Michael Ryan; Defendant: Doris Ryan
Jurisdiction
England and Wales
Judgment Date
02 October 2002
Procedural Posture
Civil Appeal / Appeal From Chancery Division to Court of Appeal
Outcome
Appeal dismissed
Legal Topics
Transaction at Undervalue, Section 423 Insolvency Act 1986, Transfer of Property, Consideration, Contract Variation
Insolvency Property Law Transaction at Undervalue Section 423 Insolvency Act 1986 Transfer of Property Consideration Contract Variation

Case Brief

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Parties

Pagemanor Limited

Claimant

Martin Ryan

Defendant

Lesley Ryan

Defendant

Michael Ryan

Defendant

Doris Ryan

Defendant

Procedural Posture

Civil Appeal / Appeal From Chancery Division to Court of Appeal

Legal Issues

  1. 1 Whether the 1998 transfer of property was a transaction at an undervalue under section 423 of the Insolvency Act 1986
  2. 2 Whether the 1991 contract was abandoned or remained in force at the time of the 1998 transfer
  3. 3 Whether the consideration provided in the 1998 transfer was significantly less than the value provided by the transferors

Ratio Decidendi

The 1998 transfer was not at an undervalue because the consideration, including assumption of mortgage liabilities and contractual rights under the 1991 contract, was not significantly less than the value provided by the transferors. The 1991 contract remained in force until the 1998 transfer, and the transaction was a variation, not a new sale. There was no evidence of undervalue once the specific rights and obligations were considered.

Court Disposition

Appeal dismissed

Orders

  • Appellants to pay Respondents' costs, assessed at £3,000 plus VAT, with liberty to apply within 14 days