Ms P was on her way to bankruptcy. Mr W, a friend and adviser, helped her to gift funds from an inheritance to a family trust. Mr W moved the funds around his own accounts (including his family trust account and business accounts). Ms P was then adjudicated bankrupt.
The Official Assignee asked the High Court to cancel the transfer of the inheritance from Ms P to Mr W and also the transactions between Mr W's accounts. The Assignee said the funds should be paid to her. She said the transactions were both insolvent gifts under the Insolvency Act 2006 (because they were made within the two years before Ms P was bankrupted) and insolvent dispositions under the Property Law Act 2007.
The Court agreed the transactions were insolvent gifts and that Mr W's companies should pay the relevant amounts to the Assignee. The transactions would have also been found to be insolvent dispositions, but the Court considered the Assignee did not have standing to make such an application. The Court also reserved leave for the Assignee to apply to pursue another of Mr W's companies for the funds, despite that company having been wound up.
The decision can be found here.