Section 242(1)

Where this subsection applies and— the winding up of a company has commenced, an alienation by the company is challengeable by— any creditor who is a creditor by virtue of a debt incurred on or before the date of such commencement, or the liquidator; a company enters administration, an alienation by the company is challengeable by the administrator.

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