Corporate insolvency by Vinod Kothari 17 Avoidance of voluntary transfers – sec 531A All transfers of property or delivery of goods, not being: – A) In ordinary course of business, or In favour of a purchaser in good faith AND for valuable consideration – B) taking place within 12 months prior to commencement of winding up – Shall be void against the liquidator Floating charges created within 12 months prior to commencement of winding up are invalid: – Unless it is proved that the company was solvent immediately after creation of the charge – sec.
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