Just a moment...

Report
FeedbackReport
Bars
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

Undervalued transactions.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....red to in sub-section (1) should have- (a) been entered into during the period of two years ending on the filing of the application for bankruptcy; and (b) caused bankruptcy process to be triggered. (3) A transaction between a bankrupt and his associate entered into during the period of two years preceding the date of making of the application for bankruptcy shall be deemed to be an undervalued....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....able to undervalued transaction entered into between a bankrupt and his associate under sub-section (3) of this section. (6) For the purposes of this section, a bankrupt enters into an undervalued transaction with any person if- (a) he makes a gift to that person; (b) no consideration has been received by that person from the bankrupt; (c) it is in consideration of marriage; or (d) it is for ....