{
  "url": "https://openlegislation.uk/insolvency-rules-northern-ireland-1991/rule-4.157",
  "json_url": "https://openlegislation.uk/insolvency-rules-northern-ireland-1991/rule-4.157.json",
  "legislation": "nisr/1991/364",
  "legislation_title": "The Insolvency Rules (Northern Ireland) 1991",
  "legislation_url": "https://openlegislation.uk/insolvency-rules-northern-ireland-1991",
  "path": "rule/4.157",
  "kind": "rule",
  "number": "4.157",
  "heading": "Power of court to set aside certain transactions",
  "text": "(1) If in the administration of the estate the liquidator enters into any transaction with a person who is an associate of his, the court may, on the application of any person interested, set the transaction aside and order the liquidator to compensate the company for any loss suffered in consequence of it.\n(2) This does not apply if either—\n(a) the transaction was entered into with the prior consent of the court, or\n(b) it is shown to the court's satisfaction that the transaction was for value, and that it was entered into by the liquidator without knowing, or having any reason to suppose, that the person concerned was an associate.\n(3) Nothing in this Rule is to be taken as prejudicing the operation of any rule of law or equity with respect to a liquidator's dealings with trust property, or the fiduciary obligations of any person.\n[E.R.4.149]",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "substituted",
      "affecting": "nisr/2000/247",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2000"
    },
    {
      "type": "words inserted",
      "affecting": "nisr/2006/47",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2006"
    },
    {
      "type": "inserted",
      "affecting": "nisr/2008/118",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2008"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied and text amended",
      "affecting": "nisr/2009/64",
      "affecting_title": "The Bank Insolvency Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied (with modifications)",
      "affecting": "nisr/2009/122",
      "affecting_title": "The Bank Insolvency (No. 2) Rules (Northern Ireland) 2009"
    },
    {
      "type": "word omitted",
      "affecting": "nisr/2023/15",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2023"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/1991/364/rule/4.157",
    "retrieved_at": "2026-10-29T03:01:04.461259+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}