Crescent Gas Corporation Ltd v National Iranian Oil Company & anor.

The judgment considers whether or not a property transferred by a judgment debtor to a related entity, at a time when the judgment debtor was facing enforcement proceedings, was the subject of a trust or equivalent instrument under foreign law, such that the transfer of the property was not a transaction at an undervalue within the meaning of s.423. The Court also considered the principles applicable to deciding whether a defendant has acted with the ‘avoidance purpose’ under s.423(3) when entering into a transaction, and the approach to drawing inferences with respect to purpose.

Luka Krsljanin acted for the successful Claimant.

The judgment may be found here.