Invest Bank PSC v Ahmad Mohammad El-Husseini and Ors  EWCA Civ 555
Claims under s. 423 of the Insolvency Act 1986 have long been part of the insolvency practitioner’s and fraud lawyers’ respective toolkits. The recent decision of the Court of Appeal in Invest Bank has strengthened the terms of the provision and provides an enhanced weapon against those debtors who use holding vehicles to house their assets behind a corporate veil, seemingly beyond the reach of creditors.
This article considers the scope of s. 423, why it is so helpful to those claiming against fraudsters and how the decision in Invest Bank improves matters for claimants.
Kit Smith (Managing Associate) is a member of Keidan Harrison’s Dispute Resolution team.