(1) This section applies where a person is [made] bankrupt who is or has been a party to a transaction for, or involving, the provision to him of credit.
(2) The court may, on the application of the trustee of the bankrupt's estate, make an order with respect to the transaction if the transaction is or was extortionate and was not entered into more than 3 years before the commencement of the bankruptcy.
(3) For the purposes of this section a transaction is extortionate if, having regard to the risk accepted by the person providing the credit—
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