Where a professional is engaged by an insolvent company and the company pays funds into the professional's trust account on account of fees for services yet to be performed, the relevant 'transaction' for the purposes of s 588FA encompasses the entire arrangement including the initial payment into trust and the later drawing down. If the professional was not a creditor at the time the transaction commenced, the drawing down of fees after performance of work does not constitute an unfair preference. The position may differ where statutory controls govern the professional's trust account (as with solicitors).
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