266. Provision relating to tainted gifts.

If a person who is adjudged bankrupt has made a tainted gift1 (whether directly or indirectly) no order correcting an undervalued, preferential or fraudulent transaction2 may be made in respect of the making of the gift at any time when:

  1.  

    (1)     any property of the recipient of the tainted gift is3 subject to a restraint order4;

  2.  

    (2)     there is in respect of such property an order5 appointing a receiver6;

  3.  

    (3)     there is in respect of such property an order7 for the realisation of that property8; or