Importers Service Corporation & Anor v Aliotta & Ors [2026] EWHC 533 (Ch) (09 March 2026)

Importers Service Corporation & Anor v Aliotta & Ors [2026] EWHC 533 (Ch) (09 March 2026)

The share transfers by Aliotta Holdings Limited were transactions at an undervalue within the meaning of section 423 Insolvency Act 1986, entered into at least in part for the purpose of putting assets beyond the reach of the Claimants as potential creditors. The arguments of sufficient consideration, constructive trust, or moral obligation failed on the facts and law. The court found that the Claimants were victims of the transactions and entitled to relief under section 423.

Citation
[2026] EWHC 533 (Ch)
Parties
Claimant: Importers Service Corporation; Claimant: ISC Europe Limited; Defendant: Mr Mario Aliotta; Defendant: Aliotta Holdings Limited; Defendant: Mrs Collins Macleod Aliotta; Defendant: Mr Thomas Colin Sleater; Defendant: Mr Trevor John Whitehead; Defendant: Oakwood Property Solutions Limited
Jurisdiction
England and Wales
Judgment Date
09 March 2026
Procedural Posture
Section 423 Insolvency Act 1986 Application / Trial Judgment
Outcome
Claim allowed
Legal Topics
Transactions at an Undervalue, Fraudulent Conveyance, Constructive Trusts, Share Transfers, Remedies Under Insolvency Act 1986
Insolvency Company Law Equity and Trusts Transactions at an Undervalue Fraudulent Conveyance Constructive Trusts Share Transfers Remedies Under Insolvency Act 1986

Case Brief

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Parties

Importers Service Corporation

Claimant

ISC Europe Limited

Claimant

Mr Mario Aliotta

Defendant

Aliotta Holdings Limited

Defendant

Mrs Collins Macleod Aliotta

Defendant

Mr Thomas Colin Sleater

Defendant

Mr Trevor John Whitehead

Defendant

Oakwood Property Solutions Limited

Defendant

Procedural Posture

Section 423 Insolvency Act 1986 Application / Trial Judgment

Legal Issues

  1. 1 Whether share transfers by Aliotta Holdings Limited constituted transactions at an undervalue under section 423 Insolvency Act 1986
  2. 2 Whether the purpose of the transactions was to put assets beyond the reach of creditors or potential claimants
  3. 3 Whether any consideration or trust arrangement prevented the transactions being at an undervalue

Ratio Decidendi

The share transfers by Aliotta Holdings Limited were transactions at an undervalue within the meaning of section 423 Insolvency Act 1986, entered into at least in part for the purpose of putting assets beyond the reach of the Claimants as potential creditors. The arguments of sufficient consideration, constructive trust, or moral obligation failed on the facts and law. The court found that the Claimants were victims of the transactions and entitled to relief under section 423.

Court Disposition

Claim allowed

Orders

  • The share transfers by Aliotta Holdings Limited are set aside under section 423 Insolvency Act 1986.
  • The position is to be restored as if the impugned transactions had not occurred, subject to further directions on implementation.