Under the provisions of S.182 any payment after the presentation of the petition is void. In theory, it is therefore recoverable from the recipient. The principal authority on this section was the UK case of Re Grays Inn Construction Ltd. This case was decided in 1979 at which time the UK Court of Appeal decided [...]

A Liquidator or Provisional Liquidator often comes into office knowing little or nothing about the company over which he has been appointed. In most situations, the liquidator can expect to receive cooperation from the directors and other officers of the company and to have access to the Company’s accounting records and other books and papers [...]

Unfair preferences are covered by the provisions of S.266 of the Companies Ordinance. They were formerly called Fraudulent Preferences but the title was changed as a consequence of the introduction of the Bankruptcy (Amendment) Ordinance of 1998. In essence, an unfair preference occurs when a creditor in the liquidation is put in a better position [...]

A floating charge is invalid if it is created within twelve months of the commencement of the liquidation. However, it may be valid to the extent of any new money which is advanced either at the time of the creation of the charge or at some subsequent time. The period of twelve months can be [...]