Definition
The company is or has been a party to a transaction involving the provision of credit to the company and having regard to the risk undertaken by the giver of the credit, the terms of the agreement:
- require grossly exorbitant payment to be made; or
- otherwise grossly contravenes ordinary principles of fair dealing
Relevant Time
There is no requirement that the company was insolvent at the date of the transaction. Relevant time is three years in all cases.
For further advice and assistance regarding any aspect of the above insolvency procedure, please contact BRI. We will discuss, free of charge, any further implications and alternatives with you. |
