98. Transactions at an undervalue
Feedback & supportSubject to this section and sections 100 and 102, where an individual is adjudged bankrupt and he has at the relevant time (as defined in section 100) entered into a transaction with any person at an undervalue, the Official Assignee may apply to the court for an order under this section.
bankrupt
“bankrupt” means —(a)the individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
The court shall, on such an application, make such order as it thinks fit for restoring the position to what it would have been if that individual had not entered into that transaction.
For the purposes of this section and sections 100 and 102, an individual enters into a transaction with a person at an undervalue if —
transaction
“transaction” includes any gift, agreement or arrangement, and any reference to entering into a transaction shall be construed accordingly;
he makes a gift to that person or he otherwise enters into a transaction with that person on terms that provide for him to receive no consideration;
he enters into a transaction with that person in consideration of marriage; or
he enters into a transaction with that person for a consideration the value of which, in money or money’s worth, is significantly less than the value, in money or money’s worth, of the consideration provided by the individual.