PAUL ALLEN v ANN STEPHANIE HURST & Ors

PAUL ALLEN v ANN STEPHANIE HURST & Ors

The Declaration of Trust executed by Mr and Mrs Hurst on 19 June 2009 was a transaction at an undervalue and was entered into for the purpose of putting assets beyond the reach of creditors or prejudicing their interests, satisfying the requirements of s.423(1) and (3) of the Insolvency Act 1986.

Parties
Applicant: Paul Allen; Respondent: Ann Stephanie Hurst; Respondent: Robert Alfred Hurst; Respondent: Fiona Sarah Boroshek; Respondent: Peter Adam Hurst; Respondent: Caroline Joanna Hurst
Jurisdiction
England and Wales
Judgment Date
26 August 2022
Procedural Posture
Bankruptcy/insolvency / Judgment on S.423 Application; Consequential Relief Adjourned
Outcome
Declaration granted that the Declaration of Trust was a transaction at an undervalue entered into for the statutory purpose under s.423 Insolvency Act 1986; consequential relief to be determined at a later hearing.
Legal Topics
Transactions at Undervalue, Fraudulent Conveyance, Trusts, Bankruptcy, Costs Orders
Insolvency Property Law Civil Procedure Transactions at Undervalue Fraudulent Conveyance Trusts Bankruptcy Costs Orders

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Parties

Paul Allen

Applicant

Ann Stephanie Hurst

Respondent

Robert Alfred Hurst

Respondent

Fiona Sarah Boroshek

Respondent

Peter Adam Hurst

Respondent

Caroline Joanna Hurst

Respondent

Procedural Posture

Bankruptcy/insolvency / Judgment on S.423 Application; Consequential Relief Adjourned

Legal Issues

  1. 1 Whether the Declaration of Trust was a transaction at an undervalue under s.423 Insolvency Act 1986
  2. 2 Whether the Declaration of Trust was entered into for the purpose of putting assets beyond the reach of creditors or prejudicing their interests

Ratio Decidendi

The Declaration of Trust executed by Mr and Mrs Hurst on 19 June 2009 was a transaction at an undervalue and was entered into for the purpose of putting assets beyond the reach of creditors or prejudicing their interests, satisfying the requirements of s.423(1) and (3) of the Insolvency Act 1986.

Court Disposition

Declaration granted that the Declaration of Trust was a transaction at an undervalue entered into for the statutory purpose under s.423 Insolvency Act 1986; consequential relief to be determined at a later hearing.

Orders

  • Declaration that the Declaration of Trust was a transaction at an undervalue for the purpose of defrauding creditors under s.423 Insolvency Act 1986
  • Further relief (including setting aside the Declaration of Trust, possession and sale) adjourned to later hearing