(1) Where a company is being wound up, a transaction of the company that was entered into on or after 23 June 1993 may be voidable because of any one or more of the following subsections. (2) The transaction is voidable if:

(a)

it is an insolvent transaction of the company; and

(b)

it was entered into, or an act was done for the purpose of giving effect to it:

(i)

during the 6 months ending on the relation-back day; or

(ii)

after that day but on or before the day when the winding up began.

(3) The transaction is voidable if:

(a)

it is an insolvent transaction, and also an uncommercial transaction, of the company; and

(b)

it was entered into, or an act was done for the purpose of giving effect to it, during the 2 years ending on the relation-back day.

(4) The transaction is voidable if:

(a)

it is an insolvent transaction of the company; and

(b)

a related entity of the company is a party to it; and

(c)

it was entered into, or an act was done for the purpose of giving effect to it, during the 4 years ending on the relation-back day.

(5) The transaction is voidable if:

(a)

it is an insolvent transaction of the company; and

(b)

the company became a party to the transaction for the purpose, or for purposes including the purpose, of defeating, delaying, or interfering with, the rights of any or all of its creditors on a winding up of the company; and

(c)

the transaction was entered into, or an act done was for the purpose of giving effect to the transaction, during the 10 years ending on the relation-back day.

(6) The transaction is voidable if it is an unfair loan to the company made at any time on or before the day when the winding up began. (7) A reference in this section to doing an act includes a reference to making an omission.