Document ID: chunk:federal_register_of_legislation:C2006A00033:clause:1_13
Version: federal_register_of_legislation:C2006A00033
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 5208–5814

13  After subsection 121(4)
Insert:

Rebuttable presumption of insolvency

 (4A) For the purposes of this section, a rebuttable presumption arises that the transferor was, or was about to become, 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.