Payments by an insolvent company for professional services provided at fair value do not constitute unfair preferences under s 588FA merely because the company ultimately enters liquidation and the creditor knew of the insolvency. The doctrine of ultimate effect examines whether the particular transaction decreased the net value of assets available to creditors, not whether the creditor's overall engagement improved the company's position. Unless there is evidence of overcharging or over-servicing, services should be taken as received at the value the company agreed to pay.
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