Transactions at an Undervalue—A Comparison of English and German Law

Abstract

This article sets out and compares provisions in English and German law which serve to avoid transactions involving a debtor which the law deems to have been at an undervalue, made at a relevant time before the insolvency of that debtor. Following an overview of the history and policy of these provisions in both England and Germany, the article closely analyses the prerequisites a challenger to those transactions (generally speaking, an insolvency practitioner) must establish in order to be successful, as well as highlighting the outcome in particular situations. Finally, the article critically compares the two sets of provisions, coming to the conclusion that several features of the German provisions make them more successful than the English provisions in the broader goal of swelling the asset pool.

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