Lord Eassie said: ‘In my opinion the expression ‘adequate consideration’ means the giving of a consideration which might objectively be described as being a reasonable prestation for the property conveyed by the bankrupt to the transferee had the transaction taken place between parties acting at arm’s length in ordinary commercial circumstances.’
Judges:
Lord Eassie
Citations:
[1999] ScotCS 282, [2000] BPIR 278
Links:
Statutes:
Bankruptcy (Scotland) Act 1985 34(4)
Jurisdiction:
Scotland
Cited by:
Cited – MacDonald and Another v Carnbroe Estates Ltd SC 4-Dec-2019
‘This appeal concerns the Scots law of gratuitous alienations on insolvency. It raises three principal questions. First, there is a question as to the interpretation of the term ‘adequate consideration’ in section 242(4)(b) of the Insolvency Act . .
Lists of cited by and citing cases may be incomplete.
Insolvency
Updated: 11 May 2022; Ref: scu.169475