Section 60
To Defend Voidable Transactions
(1) The associated person may prove the following matters in his or her defense:
(a) That the company was not insolvent when the transactions were carried on;
(b) That he or she has not derived any benefit from the transactions;
(c) That the company was insolvent when any benefit was derived from the transactions or there was no reasonable reason to suspect that the company might become insolvent by the reason of the transactions.
(a) That the company was not insolvent when the transactions were carried on;
(b) That he or she has not derived any benefit from the transactions;
(c) That the company was insolvent when any benefit was derived from the transactions or there was no reasonable reason to suspect that the company might become insolvent by the reason of the transactions.
Insolvency Act, 2063 (2006)
Chapter - 2
Section 3: Prohibition On Commencing Insolvency Proceedings Without Orderof CourtSection 4: Application To Be Made For Insolvency ProceedingsSection 5: Notice To Be Given For Payment Of DebtSection 6: Application To Void Notice Issued For Payment Of DebtSection 7: Company Deemed To Have Become InsolventSection 8: Application For Insolvency ProceedingsSection 9: Action On ApplicationSection 10: Decision To Be Made Upon Keeping On HearingSection 11: Power To Issue Interim OrderSection 12: Application Not To Be Withdrawn
Chapter - 3
Section 13: To Inquire Into Insolvency ProceedingsSection 14: Power To Extend Period Of Insolvency ProceedingsSection 15: Management Of Company During Inquiry PeriodSection 16: Report To Be Made By DirectorSection 17: Power To Raise LoansSection 18: Report To Be Submitted By Inquiry OfficerSection 19: Ipso Facto SuspensionSection 20: Prohibition On Cutting Down Essential ServicesSection 21: Meeting Of Creditors To Be ConvenedSection 22: Power To Court To Make Order
Chapter - 4
Section 23: Restructuring Program To Be PreparedSection 24: To Call Meeting Of CreditorsSection 25: Report To Be Submitted By Restructuring ManagerSection 26: To Make Information In The Event Of Failure To Submit Details Ofrestructuring ProgramSection 27: Claim And Objection To Approved Restructuring ProgramSection 28: Consequence Of Approval Of Restructuring Program By CourtSection 29: Not To Affect Secured CreditorsSection 30: Not To Affect The Right Of Owner Of Any Property Or Of Any LessorSection 31: Restructuring Manager Is To Operate CompanySection 32: Power Of Restructuring Manager To Borrow LoanSection 33: Ceiling Of Remittance Of Loan Of CompanySection 34: Implementation Of Restructuring ProgramSection 35: Alteration In And Amendment To Restructuring ProgramSection 36: Termination Of Restructuring Program
Chapter - 5
Section 37: Liquidation Of Company On Issuance Of Order For LiquidationSection 38: Consequences On The Commencement Of Liquidation ProceedingsSection 39: Conversion Of Liquidation Of Company Into Restructuring ProgramSection 40: Functions, Duties And Powers Of LiquidatorSection 41: Money To Be Lent By CreditorSection 42: Report To Be Submitted By LiquidatorSection 43: To Call Meeting Of CreditorsSection 44: Power To Form Committee Of CreditorsSection 45: To Give Time Limit For Submission Of Debt ClaimSection 46: Power Of The Court To Make Order In Relation To Liquidation OfcompanySection 47: Cancellation Of Registration Of Company
Chapter - 6
Section 48: Creditors To Submit ClaimsSection 49: Claim For InterestSection 50: Claims On Undetermined Or Contingent LiabilitySection 51: Immature ClaimsSection 52: Claims Involving Foreign ExchangeSection 53: Adjustment Of DebtsSection 54: Right Of Secured Creditor To Make ClaimSection 55: Shareholder’s ClaimSection 56: Deemed To Be Creditor If Debt Is AcceptedSection 57: Order Of Settlement Of LiabilitiesSection 58: Mode Of Settling Liabilities
Chapter - 8
Section 63: Prohibition On Carrying On Insolvency Practice Without LicenseSection 64: Application To Be Made For LicenseSection 65: Establishment Of Insolvency Administration OfficeSection 66: Power To Suspend Or Cancel LicenseSection 67: Vacancies To Be Filled By CourtSection 68: RemunerationSection 69: Separate Account To Be OpenedSection 70: Power To Remove By Order Of CourtSection 71: Reply To Be Made