Section 240(1)

Subject to the next subsection, the time at which a company enters into a transaction at an undervalue or gives a preference is a relevant time if the transaction is entered into, or the preference given— in the case of a transaction at an undervalue or of a preference which is given to a person who is connected with the company (otherwise than by reason only of being its employee), at a time in the period of 2 years ending with the onset of insolvency (which expression is defined below), in the case of a preference which is not such a transaction and is not so given, at a time in the period of 6 months ending with the onset of insolvency,. . . in either case, at a time between the making of an administration application in respect of the company and the making of an administration order on that application, and in either case, at a time between the filing with the court of a copy of notice of intention to appoint an administrator under paragraph 14 or 22 of Schedule B1 and the making of an appointment under that paragraph.

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Source: legislation.gov.uk · retrieved 2026-09-04