(1) Where this subsection applies and—
(a) the winding up of a company has commenced, an alienation by the company is challengeable by—
(i) any creditor who is a creditor by virtue of a debt incurred on or before the date of such commencement, or
(ii) the liquidator;
(b) [a company enters administration], an alienation by the company is challengeable by the administrator.
(2) Subsection (1) applies where—
(a) by the alienation, whether before or after 1st April 1986 (the coming into force of section 75 of the Bankruptcy (Scotland) Act 1985), any part of the company's property is transferred or any claim or right of the company is discharged or renounced, and
(b) the alienation takes place on a relevant day.
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