(1) The value of a debt when it is * forgiven is the lesser of:
(a) the amount of the debt outstanding at that time; and
(b) the * market value at that time of the creditor's rights mentioned in paragraph (2)(b).
(2) Subsection (1) applies to a debt if:
(a) you incurred the debt directly in respect of financing:
(i) the acquisition of property by you; or
(ii) the construction or development of property by you;
(but not including the manufacture of goods); and
(b) the creditor's rights against you in the event of default in the payment of the debt or interest were, just before the debt was forgiven, limited to all or any of the following:
(i) rights (including the right to money payable) in relation to all or any of the matters mentioned in subsection (3);
(ii) rights in respect of a mortgage or other security over the property;
(iii) rights arising out of any * arrangement relating to the financial obligations, in relation to the property, of the * end user of the property to you.
(3) For the purposes of subparagraph (2)(b)(i), the matters are as follows:
(a) the property or the use of the property;
(b) goods produced, supplied, carried, transmitted or delivered by means of the property;
(c) services provided by means of the property;
(d) the loss or * disposal of the whole or a part of the property or of your interest in the property.