Since the Fraudulent Conveyances Act 1571, transactions entered into by a bankrupt have been voidable

Voidable transaction casesMain articles: Fraudulent conveyance, Undervalue transaction, Voidable preference, Voidable floating charge, and Unjust enrichmentSince the Fraudulent Conveyances Act 1571, transactions entered into by a bankrupt have been voidable if they would result in assets otherwise available...

is restricted, as a company's attempt to give an undue preference to one creditor over another, particularly

If a company has gone into an insolvency procedure, one of the objectives of the administrator or liquidator is to increase the assets that are available to distribute to creditors. To ensure fairness and to treat creditors with similar claims equally, UK law creates significant exceptions to some fundamental...

order of statutory priority: releasing the claims of fixed security interest holders, paying preferential creditors (the liquidator's expenses

Liquidation casesApart from petitions by the company or creditors, an administrator has the power to move a company into liquidation, carrying out an asset sale, if its attempts at rescue come to an end.[145] If the liquidator is not an administrator, he is appointed by the court usually on the nomination...

Everything was subordinate to the duty to the receiver to realise a good price.[134] In this respect, an administrator

The basic duty of the receiver was to realise value for the floating charge holder, although all preferential debts, or those with priority, would have to be paid.[129] For other unsecured creditors, the possibility of recovering money was remote. The floating owed no duty to other creditors with regard...

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