In Evans v Jones the directors of a liquidated company sought to defend a claim brought by the liquidators that loan repayments were insolvent transactions by asserting that the company was balance-sheet solvent at the time of the transactions.  The directors based this claim on the company having contingent assets in the form of dividend payments (to the directors) that were later found to be unlawful. 

The liquidators appealed the lower court's finding that the claim should be treated as an asset rendering the company balance sheet solvent at the time of the transactions.

The UK Court of Appeal found the claim was an 'unknown unknown', in that it was unlikely the claims would be discovered or pursued while the company was in the hands of the directors and that the claim was only discovered upon liquidation.  Accordingly, as treating the claim as an asset did not accord with commercial reality, the appeal was allowed. 

See Court decision here.