Dictionary

  • Undervalued transactions

    (in the context of bankruptcy)
    Section 120 of the Bankruptcy Act 1966 (Cth) states: “(1) a transfer of property by a person who later becomes a bankrupt (the transferor) to another person (the transferee) is void against the trustee in the transferor’s bankruptcy if: (a) the transfer took place in the period begining 5 years before the commencement of the bankruptcy and ending on the date of the bankruptcy; and (b) the transferee gave no consideration for the transfer or gave consideration of less than the market value of the property.”

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