Section 310J — Companies Act 1993: Court may set aside bilateral netting agreement between company and related person

310J Court may set aside bilateral netting agreement between company and related person (1) The Court may order, on the application of a liquidator, that a bilateral netting agreement entered into by a company be set aside as against the liquidator of the company if— (a) The netting agreement is between the company and a person who was a related person at the time that the netting agreement was entered into; and (b) The netting agreement was entered into within the restricted period; and (c) The related person does not prove that, at the time the netting agreement was entered into, the related person did not have reason to suspect that the company was unable to pay its debts as they became due. (2) The Court may make any other orders it thinks proper for the purpose of giving effect to an order under subsection (1) . (3) In this section, unless the context otherwise requires,— Related person , in relation to the company in liquidation, means— (a) A director of the company, or a nominee or relative of or a trustee for, or a trustee for a relative of, a director of the company; or (b) A person, or a relative of a person, who has control of the company; or (c) Another company that is controlled by a director of the company, or a nominee or relative of or a trustee for, or a trustee for a relative of, a director of the company; or (d) A related company. Restricted period has the same meaning as in section 310(7) . Sections 310A to 310O were inserted, as from 26 April 1999, by section 15 Companies Amendment Act 1999 (1999 No 19).