Read the full judgment text of CACV 387/2019 on BabelCite. This Court of Appeal judgment was delivered on 23 July 2021.
213. Furthermore, the entire set-off portion of the consideration was illusory in that Perfecta’s and Panyu Perfecta’s debt acquired by the Bankrupt were worthless. The Bankrupt exchanged his good assets in a profitable company for debts in two insolvent companies. This is not the case where the assets exchanged turned valueless because of some subsequent events. This is not a case where a peppercorn is good consideration for a Rolls Royce. By virtue of his position in Perfecta, the Bankru
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