In May 2024, the UK Supreme Court considered, in Invest Bank v El-Husseiny, whether the Court of Appeal reached the right decision in finding that where a debtor causes a company that he owns and controls to transfer assets in an attempt to frustrate enforcement action, those transfers can be challenged as transactions at an undervalue under section 423 of the UK Insolvency Act (which the UK courts have confirmed may have extraterritorial effect). This panel will discuss:

• the use of section 423 as a helpful cross-border fraud fighting tool;
• other countries’ approaches to transactions at undervalue; and
• other means to getting around separate legal personality arguments behind which fraudsters all too often hide.