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Sir,
thank you for your earlier support, i donot understand how preference and under value transaction are an offence? what does setting aside them means?
Hi
If my private company is about to go into liquidation and, because you’re a friend, I pay you, a creditor, before I declare liquidation, can you see that that would be a fraudulent preference?
At any time, whether or not liquidation is involved, in my capacity as a director of a company, I arrange to sell a company asset to you for $500 whereas the book value of the asset is $600.000, can you see that that would be an illegal transaction?
Particularly were I to put the company into liquidation shortly afterwards!!!
OK?
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