Document ID: chunk:federal_register_of_legislation:C2006A00033:clause:1_8
Version: federal_register_of_legislation:C2006A00033
Segment Type: clause
Provision Reference: sch 1 cl 8
Character Range: 4062–4644

8  After subsection 120(3)
Insert:

Rebuttable presumption of insolvency

 (3A) For the purposes of subsection (3), a rebuttable presumption arises that the transferor was insolvent at the time of the transfer if it is established that the transferor:
 (a) had not, in respect of that time, kept such books, accounts and records as are usual and proper in relation to the business carried on by the transferor and as sufficiently disclose the transferor's business transactions and financial position; or
 (b) having kept such books, accounts and records, has not preserved them.