The bankrupt transferred the balance of his English bank account to his wife's offshore account prior to making an assignment in bankruptcy.
The respondent bank successfully applied to set aside the transfer as a 'settlement' under section 91 of the Bankruptcy and Insolvency Act.
The wife appealed.
The Court of Appeal allowed the appeal, holding that the established legal meaning of 'settlement' from Re Bozanich—requiring an intention that the property be retained in original or traceable form—was not displaced by the 1992 amendments to the Act.
The court directed a trial of an issue, finding the paper record insufficient to determine if the transfer met this test.
