“A clause in a settlement agreement relieving the paying party from its obligation to make payment to the receiving party in the event of the latter’s insolvency infringed the ‘anti-deprivation principle’ which prevented the making of a valid contract by which a person’s property was to remain his until bankruptcy but on such event was to pass to someone else and be taken away from his creditors.”
WLR Daily, 31st March 2011
Source: www.iclr.co.uk
Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.