Section 423 of the IA1986 should be interpreted widely and purposively
Considering the meaning of a “transaction” in the context of section 423 of the IA1986, the Court of Appeal found that it is possible for a transaction of an individual debtor, whose acts would be regarded in law as acts of a company, to enter a transaction that falls within the meaning of section 423, where that individual has the beneficial interest in an asset (for example, by virtue of his sole ownership or control of the company).