IN THE COURT OF APPEAL (CIVIL DIVISION)
ON APPEAL FROM THE CHANCERY DIVISION
(MISS SONIA PROUDMAN QC)
Strand London, WC2 Wednesday, 02 October 2002 |
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B e f o r e :
LADY JUSTICE ARDEN
LORD JUSTICE DYSON
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PAGEMANOR LIMITED | Claimant | |
-v- | ||
(1) MARTIN RYAN | ||
(2) LESLEY RYAN | ||
(3) MICHAEL RYAN | ||
(4) DORIS RYAN | Defendants |
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MR I CLARKE (instructed by Messrs Kenneth Beavis & Co) appeared on behalf of the Defendants
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Crown Copyright ©
Wednesday, 2 October 2002
"This section relates to transactions entered into at an undervalue; and a person enters into such a transaction with another person if -
(c) he enters into a transaction with the other for a consideration the value of which, in money or money's worth, is significantly less than the value, in money or money's worth, of the consideration provided by himself."
"In the case of a person entering into such a transaction, an order shall only be made if the court is satisfied that it was entered into by him for the purpose -
(a) of putting assets beyond the reach of a person who is making, or may at some time make, a claim against him, or
(b) of otherwise prejudicing the interests of such a person in relation to the claim which he is making or may make."
"This section relates to transactions entered into at an undervalue; and a person enters into such a transaction with another person if -
(c) he enters into a transaction with the other for a consideration the value of which, in money or money's worth, is significantly less than the value, in money or money's worth, of the consideration provided by himself."
"In my judgment, therefore, if the 1998 Transfer was a transaction in its own right for the purposes of s423, it was not a transaction at an undervalue."
(Appeal dismissed; Appellants do pay Respondents' costs, such costs assessed at £3,000 plus VAT with liberty to apply within 14 days).