On the application of the trustee of the bankrupt's estate1, the court may make an order with respect to the transaction if the transaction is or was extortionate2 and was not entered into more than three years before the commencement of the bankruptcy3.
An order with respect to any such transaction may contain such one or more of the following provisions as the court thinks fit, that is to say:
(1) provision setting aside the whole or part of any obligation created by the transaction;
(2) provision otherwise varying the terms of the transaction or varying the terms on which
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