the liquidator may recover from the person or body corporate to which the
property, business or undertaking was sold any amount by which the value of
the property, business or undertaking at the time of the sale exceeded the
cash consideration.
(3) For the purposes of this section, the value of the property, business or
undertaking includes the value of any goodwill, profits or gain that might
have been made from the property, business or undertaking.
(4) In this section, cash consideration means any consideration payable
otherwise than by the issue of shares in the company.
(5) Where:
- (a)
- a disposition of property is made by a company before
23 June 1993 and within 6 months before the relation-back day in relation
to a winding up of the company; and
- (b)
- the disposition of property confers a preference upon a creditor of the
company; and
- (c)
- the disposition of property has the effect of discharging an officer of
the company from a liability (whether under a guarantee or otherwise and
whether contingent or otherwise);
the liquidator:
- (d)
- in a case to which paragraph (e) does not applymay recover from
that officer an amount equal to the value of the relevant property, as the
case may be; or
- (e)
- where the liquidator has recovered from the creditor in respect of the
disposition of the relevant property:
- (i)
- an amount equal to part of the value of the relevant property; or
- (ii)
- part of the relevant property;
may recover from that officer an amount equal to the amount by which the value
of the relevant property exceeds the sum of any amounts recovered as mentioned
in subparagraph (i) and the amount of the value of any property recovered
as mentioned in subparagraph (ii).
(6) Where:
- (a)
- a liquidator recovers an amount of money from an officer of a
company in respect of a disposition of property to a creditor as mentioned in
subsection (5); and
- (b)
- the liquidator subsequently recovers from that creditor an amount equal to
the whole or part of the value of the property disposed of;
the officer may recover from the liquidator an amount equal to the amount so
recovered or the value of the property so recovered.