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Northern Irish High Court determines that agreements for sale of assets at undervalue were executed without legal authority, were for the purpose of putting assets beyond reach of creditors and were therefore void.
Contract law - claim for order declaring agreements void - grant of Mareva injunction - defendant in receivership - claim concerning international assets of Demesne Investments Ltd - debts owed to Demense by companies based in Russian Federation - purported assignments of debts by Demesne in consideration of US$100 - assignments purportedly dated April 2011 - impossibility of assignments taking place prior to July 2011 - whether assignments invalid on grounds of backdating - whether executed without lawful authority - whether breach of fiduciary duty - whether assignments liable to be set aside - Article 367 of the Insolvency (NI) Order 1989 - purpose of putting assets beyond reach of creditors - sale at undervalue - whether contracts executed by lawfully appointed officers of corporation - power of attorney.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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