668. The relevant time.

In order for there to be a remedy in respect of a transaction at an undervalue or the giving of a preference, the time at which an individual entered into a transaction or gave a preference must be a 'relevant time'1. If the transaction is entered into or the preference is given at the following times, it is a 'relevant time' for these purposes:


    (1)     in the case of a transaction at an undervalue, at a time in the period of five years ending with the day of the making of the bankruptcy application as a result of which,