Insolvency Act · s 51

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s 51Undue preference in case of judicial management

(1)

Subject to this Act and such modifications as may be prescribed, a settlement, a conveyance or transfer of property, a charge on property, a payment made or an obligation incurred by a company which if it had been made or incurred by an individual would in the event of his becoming a bankrupt be void as against the Official Receiver under the Bankruptcy Act

(Chapter 67) shall, in the event of the company being placed under judicial management, be void as against the judicial manager.

(2)

For the purposes of subsection (1), the date that corresponds with the date of the application for a bankruptcy order in the case of an individual and the date on which a person is adjudged bankrupt, is the date on which an application for a judicial management order is made.