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Re MC Bacon Ltd (No 1)
''Re MC Bacon Ltd'' () BCLC 324 is a leading UK insolvency law case, concerning transactions at an undervalue (IA 1986 s 238) and voidable preferences (IA 1986s 239).
==Facts==
MC Bacon Ltd imported bacon, its main office on 192-194 Trundley’s Road, London. Started in 1973 it did normal bacon and then from 1983 diversified into gammon steaks, joints and rashered bacon. But in 1986 Dee Corporation, its principal supplier withdrew. Two directors, Mr Creal and Mr Glover took legal advice but decided to keep trading. It made redundancies but still could not keep up. Mr Creal was old and wanted his son to take over. Mr Glover was 22.5 stone and had arthritis and could not do the work with his previous vitality. In May 1986 its bank, Natwest, granted an overdraft facility, secured with a debenture. It was clear that the company was already insolvent and needed the bank’s help to keep going. The company went into creditor voluntary liquidation in August 1987 with a deficiency of about £330,000 to unsecured creditors. The liquidator argued the debenture was either a voidable preference or transaction at an undervalue. It also brought a wrongful trading claim against the bank as a shadow director. But before strike out proceedings before Millett J the action was abandoned after 12 of 17 days.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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