Company – Transaction at undervalue. The third defendant had carried out unlicensed money lending activities through the first defendant company (BFL). Loans had been made to borrowers at high interest and BFL had taken a registered interest over their homes. The liquidator of BFL brought proceedings to determine the validity of the purported assignment of BFL's book loans to two companies after a winding up petition had been presented against it. The Chancery Division ruled, among other things, that, where the deed of assignment post-dated the presentation of the winding up petition for BFL, it was void pursuant to s 127 of the Insolvency Act 1986 and would be set aside.