Restorative justice: no relief for transaction defrauding creditors (Credit Suisse V Softbank Group Corp)

Tim Carter and Lucy Trott of Stevens & Bolton reveal that the High Court found Greensill’s $440 million transfer to Softbank to be a transaction defrauding creditors under section 423 of the Insolvency Act 1986 but, in an exceptional outcome, declined to order any relief—holding that Softbank acted in good faith and the assets had become worthless—underscoring that remedies for such claims are restorative, not punitive.

Read more.