Document ID: chunk:federal_register_of_legislation:C2025C00185:section:588fc
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 588FC
Character Range: 1981293–1981966

588FC  Meaning of insolvent transaction
  A transaction of a company is an insolvent transaction of the company if, and only if, it is an unfair preference given by the company, or an uncommercial transaction of the company, and:
 (a) any of the following happens at a time when the company is insolvent:
 (i) the transaction is entered into; or
 (ii) an act is done, or an omission is made, for the purpose of giving effect to the transaction; or
 (b) the company becomes insolvent because of, or because of matters including:
 (i) entering into the transaction; or
 (ii) a person doing an act, or making an omission, for the purpose of giving effect to the transaction.