Insolvency – Transaction at undervalue. The Court of Appeal, Civil Division, allowed an appeal against a declaration that an assignment of book debts of the respondent was void under s 127 of the Insolvency Act 1986 on the grounds that it had been made after the commencement of the respondent's winding up or, alternatively, should be set aside under s 238 of the Act as a transaction at an undervalue and under s 423 of the Act as a transaction to defraud creditors. The appellants, and in particular the third appellant, had not received a fair trial, and the matter would be remitted to a different judge for an urgent case management conference to consider making various directions.