Singapore legislation
Clause 100
Clause 100
Relevant time under sections 98 and 99
(1)
Subject to this section, the time at which an individual enters into a transaction at an undervalue or gives an unfair preference shall be a relevant time if the transaction is entered into or the preference given —
in the case of a transaction at an undervalue, within the period of 5 years ending with the day of the presentation of the bankruptcy petition on which the individual is adjudged bankrupt;
in the case of an unfair preference which is not a transaction at an undervalue and is given to a person who is an associate of the individual (otherwise than by reason only of being his employee), within the period of two years ending with that day; and
in any other case of an unfair preference which is not a transaction at an undervalue, within the period of 6 months ending with that day.
(2)
Where an individual enters into a transaction at an undervalue or gives an unfair preference at a time mentioned in subsection (1)(a), (b) or (c), that time is not a relevant time for the purposes of sections 98 and 99 unless the individual —
is insolvent at that time; or
becomes insolvent in consequence of the transaction or preference.
(3)
Where a transaction is entered into at an undervalue by an individual with a person who is an associate of his (otherwise than by reason only of being his employee), the requirements under subsection (2) shall be presumed to be satisfied unless the contrary is shown.
(4)
For the purposes of subsection (2), an individual shall be insolvent if —
he is unable to pay his debts as they fall due; or
the value of his assets is less than the amount of his liabilities, taking into account his contingent and prospective liabilities.