Singla v Brown

Subject Matter

BANKRUPTCY — Transaction at undervalue — Application to set aside — Property purchased by second defendant but held by her and first defendant as joint tenants — Intention that first defendant have only nominal interest in property — First defendant making no contribution to purchase — First defendant signing receipt of notice of severance served by second defendant accepting he held 1% of beneficial interest in property as tenant in common — First defendant made bankrupt — Trustee in bankruptcy applying for order to set aside transfer as transaction at undervalue — Whether service of notice of severance and execution of receipt constituting transaction at undervalue — Whether court having discretion to make no order notwithstanding fact that transaction at undervalue — Insolvency Act 1986, s 339

[2007] EWHC 405 (Ch); [2008] Ch 357; [2008] 2 WLR 283; [2008] 2 FLR 125, Ch D