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.