CA 19 May 1994. In April 1989 W charged his agricultural holding to X as security for a loan. W fell into arrears and X set a deadline of 18 April 1992 for these to be cleared. By an agreement dated 16 April 1992 W granted his wife, a tenancy on the property. No consent was sought or obtained from X as provided for by the legal charge. Law of Property Act 1925 s99 confers limited powers of leasing on a mortgagor which under Agricultural Holdings Act 1986 cannot be contractually excluded. The value of the farm with vacant possession was £1m but with the purported tenancy fell to £500,000. Held that the tenancy agreement was entered into by W for the purpose of prejudicing the interests of X under Insolvency Act 1986 s423(3)(c) but dismissed X`s claim for summary judgment. X appealed on the grounds that W deliberately caused the value of the property to fall and the transaction should be set aside as a transaction defrauding X. Appeal allowed.