hardening period

hardening period
United Kingdom
If a company goes into a formal insolvency process, an insolvency practitioner may challenge transactions entered into by the company before the start of the relevant insolvency procedure. The period when such transactions are vulnerable to being challenged is known as a hardening period. Hardening periods vary in length depending on which grounds the transaction is being challenged.
For a summary of the grounds on which an insolvency practitioner may challenge a transaction entered into by an insolvent company before the start of the insolvency process and the relevant review periods, see Checklist: Reviewable transactions: summary of grounds for challenging transactions (www.practicallaw.com/0-386-5358).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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