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English court changes its mind over extraterritoriality of UK Insolvency Act’s section 423

By Benjamin Clarke

31 October 2017

English court changes its mind over extraterritoriality of UK Insolvency Act’s section 423 Bugibba bay, Malta iStock.com/danilovi

An English court that previously allowed a Maltese company to serve a claim under section 423 of the UK Insolvency Act to set aside a transaction at an undervalue out of the jurisdiction has changed its mind finding there is “no good arguable case” the provision applies extraterritorially.