Avoidance transaction proceedings do not interrupt insolvency resolution or liquidation, and continue despite completion of those processes. Filing of an application concerning an avoidance transaction, fraudulent or wrongful trading, or an application under section 47 does not suspend or otherwise affect the corporate insolvency resolution process or the liquidation process. The provision preserves the continuity of those insolvency proceedings notwithstanding the pendency of such applications. Completion of the corporate insolvency resolution process or the liquidation process does not terminate or prejudice the continuation of proceedings relating to an avoidance transaction, fraudulent or wrongful trading, or section 47 applications.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Avoidance transaction proceedings do not interrupt insolvency resolution or liquidation, and continue despite completion of those processes.
Filing of an application concerning an avoidance transaction, fraudulent or wrongful trading, or an application under section 47 does not suspend or otherwise affect the corporate insolvency resolution process or the liquidation process. The provision preserves the continuity of those insolvency proceedings notwithstanding the pendency of such applications. Completion of the corporate insolvency resolution process or the liquidation process does not terminate or prejudice the continuation of proceedings relating to an avoidance transaction, fraudulent or wrongful trading, or section 47 applications.
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