A transaction where less than market price has been paid for an asset in consideration of a transfer in ownership of the asset. A trustee has the ability to recover the asset or difference in purchase price paid if certain criteria set out in the Bankruptcy Act 1966 are satisfied.
Glossary
List of glossary items
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A person who is bankrupt. (That is, someone who became bankrupt and whose bankruptcy has not yet ended.) Bankrupts have various obligations and various restrictions upon their conduct.
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A creditor whose debt does not have security attached to it.
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A loan that is not tied to any asset e.g. credit cards.