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Building contracts and “running accounts” - voidable transactions
Friday, 4 November, 2011
Author: Karen Shaw
The High Court has said that generally building contracts are not running accounts under the voidable transaction provisions in the Companies Act 1993. As a result, the High Court found that payments which had been made to an electrical sub-contractor were insolvent transactions and that subcontractor was ordered to repay a significant portion of what had been paid to it back to the company’s liquidators.
