672. Transactions defrauding creditors; requisite intention.

Where a person1 enters into a transaction at an undervalue, the court2 may make such order as it thinks fit for restoring the position to what it would have been if the transaction had not been entered into, and3 protecting the interests of persons who are victims4 of the transaction5. For these purposes, a person enters into such a transaction with another person if:

  1.  

    (1)     he makes a gift to the other person or he otherwise enters into a transaction with the other on terms that provide for him to receive no consideration;

  2.  

    (2)     he enters into a transaction

Popular documents