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Section 54 – The Provincial Insolvency Act,1920

The Provincial Insolvency Act,1920

Section 54. Avoidance of preference in certain cases

(1) Every transfer of property, every payment made, every obligation incurred, and every judicial proceeding take]) or suffered by any person unable to pay his debts as they become due from his own money in favour of any creditor, with a view of giving that creditor a preference over the other creditors, shall, if such person is adjudged insolvent on a petition presented within three months after the date thereof, be deemed fraudulent and void as against the receiver, and shall be annulled by the Court.

(2) This section shall not affect. the rights of any person who in good faith and for valuable consideration has acquired a title through or under a creditor of the insolvent.

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The Provincial Insolvency Act,1920

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