§ 334 Page 125, line 14, leave out from 'if to end of line 15 and insert '—
- (a) he is unable to pay his debts as they fall due; or
- (b) the value of his assets is less than the amount of his liabilities, taking into account his contingent and prospective liabilities.
- (9) A transaction entered into or preference given by a person who is subsequently adjudged bankrupt on a petition under section on 102(1)(d) above shall be treated as having been entered into or given at a relevant time for the purposes of this section if it was entered into or given at any time on or after the date specified for the purposes of this subsection in the criminal bankruptcy order on which the petition was based.
- (10) No order shall be made under this section by virtue of subsection (9) above where an appeal is pending (within the meaning of section (Petition based on criminal bankruptcy order) above) against the individual's conviction of any offence by virtue of which the criminal bankruptcy order was made.'.
§ 457 Page 178, line 30, leave out from beginning to 'after' in line 31 and insert—
- '(1) Section 518 (definition of inability to pay debts) shall be amended as follows.
- (2) In subsection (1)(a)'.
§
458 Page 178, line 32, at end insert—
(3) In subsection (1)(d), for the words from "and, in determining" onwards there shall be substituted the words "as they fall due".
(4) After subsection (1) there shall be inserted the following subsection—
(1A) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company's assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.'.'.