Section 243(2)

Subsection (4) below does not apply to any of the following transactions— a transaction in the ordinary course of trade or business; a payment in cash for a debt which when it was paid had become payable, unless the transaction was collusive with the purpose of prejudicing the general body of creditors; a transaction whereby the parties to it undertake reciprocal obligations (whether the performance by the parties of their respective obligations occurs at the same time or at different times) unless the transaction was collusive as aforesaid; the granting of a mandate by a company authorising an arrestee to pay over the arrested funds or part thereof to the arrester where— there has been a decree for payment or a warrant for summary diligence, and the decree or warrant has been preceded by an arrestment on the dependence of the action or followed by an arrestment in execution.

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