Importers Service Corporation & Anor v Mario Aliotta & Ors

Importers Service Corporation & Anor v Mario Aliotta & Ors

Transfers of shares by Aliotta Holdings to Mr Sleater and Mr Whitehead in 2024 were at an undervalue and intended to put assets beyond reach of claimants, engaging section 423 and requiring reversal; subsequent 2025 transfers were for sufficient consideration and not at undervalue, so section 423 did not apply.

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
03 September 2026
Procedural Posture
Civil / Judgment After Trial
Outcome
Claim partially allowed
Legal Topics
Transactions at Undervalue, Constructive Trusts, Fraudulent Transfers, Shareholder Disputes
Insolvency Company Law Transactions at Undervalue Constructive Trusts Fraudulent Transfers Shareholder Disputes

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

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether share transfers constituted transactions at undervalue under section 423 Insolvency Act 1986
  2. 2 Whether transfers were made with purpose of putting assets beyond reach of claimants
  3. 3 Whether constructive or resulting trusts arose from the transfers

Ratio Decidendi

Transfers of shares by Aliotta Holdings to Mr Sleater and Mr Whitehead in 2024 were at an undervalue and intended to put assets beyond reach of claimants, engaging section 423 and requiring reversal; subsequent 2025 transfers were for sufficient consideration and not at undervalue, so section 423 did not apply.

Court Disposition

Claim partially allowed

Orders

  • 2024 transfers of shares from Aliotta Holdings to Mr Sleater and Mr Whitehead (34 and 18 shares respectively) are reversed under section 423 Insolvency Act 1986.
  • 2025 transfers of shares from Mrs Aliotta to Mr Sleater and Mr Whitehead (36 and 28 shares respectively) stand.