This Division does not, because of a dealer having become insolvent on a particular day, entitle a person to make a claim in respect of property if:

(a)

before that day the property had, in due course of the administration of a trust, ceased to be under the sole control of the dealer; or

(b)

the Board, or the Court, is satisfied that circumstances that materially contributed to the dealer becoming insolvent on that day were due to, or caused directly or indirectly by, an act or omission of the person.