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Changes over time for: Section 339


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 06/04/2016
Status:
Point in time view as at 17/03/2011. This version of this provision has been superseded.

Status
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Changes to legislation:
Insolvency Act 1986, Section 339 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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339 Transactions at an undervalue.E+W
(1)Subject as follows in this section and sections 341 and 342, where an individual is adjudged bankrupt and he has at a relevant time (defined in section 341) entered into a transaction with any person at an undervalue, the trustee of the bankrupt’s estate may apply to the court for an order under this section.
(2)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.
(3)For the purposes of this section and sections 341 and 342, an individual enters into a transaction with a person at an undervalue if—
(a)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,
(b)he enters into a transaction with that person in consideration of marriage [or the formation of a civil partnership], or
(c)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.
Textual Amendments
Modifications etc. (not altering text)
Yn ôl i’r brig