Swift Advances Plc v Ahmed & Anor

Swift Advances Plc v Ahmed & Anor

Swift established on the balance of probabilities that a substantial purpose of the 2006 Deed was to place assets beyond the reach of creditors or otherwise prejudice their interests; the 2006 Deed is set aside and the assets revest in Mr Ahmed.

Source-derived case information.

Parties
Applicant: Swift Advances Plc; Respondent: Mr Anjum Ahmed; Respondent: Mrs Parveen Ahmed
Jurisdiction
England and Wales
Judgment Date
17 November 2015
Procedural Posture
Civil / Judgment After Trial of Application Under Section 423 Insolvency Act 1986
Outcome
Application granted; 2006 Deed set aside
Legal Topics
Transactions at Undervalue, Setting Aside Deeds, Purpose of Transactions, Beneficial Ownership, Land Registration
Insolvency Law Property Law Trusts Transactions at Undervalue Setting Aside Deeds Purpose of Transactions Beneficial Ownership Land Registration

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Parties

Swift Advances Plc

Applicant

Mr Anjum Ahmed

Respondent

Mrs Parveen Ahmed

Respondent

Procedural Posture

Civil / Judgment After Trial of Application Under Section 423 Insolvency Act 1986

Legal Issues

  1. 1 Whether the 2006 Deed and 1996 Deed were transactions at an undervalue under section 423 of the Insolvency Act 1986
  2. 2 Whether a substantial purpose of the deeds was to put assets beyond the reach of creditors or prejudice their interests
  3. 3 Whether the 2006 Deed should be set aside

Ratio Decidendi

Swift established on the balance of probabilities that a substantial purpose of the 2006 Deed was to place assets beyond the reach of creditors or otherwise prejudice their interests; the 2006 Deed is set aside and the assets revest in Mr Ahmed.

Court Disposition

Application granted; 2006 Deed set aside

Orders

  • The 2006 Deed is set aside under section 423 Insolvency Act 1986.
  • High Elm and Hilltop (and additional shares) revest in Mr Ahmed.