Bankruptcy Legislation Amendment (Anti-avoidance) Act 2006 (33 of 2006)

Schedule 1   Amendments

Bankruptcy Act 1966

13   After subsection 121(4)

Insert:

Rebuttable presumption of insolvency

(4A) For the purposes of this section, a rebuttable presumption arises that the transferor was, or was about to become, insolvent at the time of the transfer if it is established that the transferor:

(a) had not, in respect of that time, kept such books, accounts and records as are usual and proper in relation to the business carried on by the transferor and as sufficiently disclose the transferor's business transactions and financial position; or

(b) having kept such books, accounts and records, has not preserved them.