Section 345 — Property Law Act 2007: Interpretation

345 Interpretation (1) For the purposes of this subpart,— (a) a disposition of property prejudices a creditor if it hinders, delays, or defeats the creditor in the exercise of any right of recourse of the creditor in respect of the property; and (b) a disposition of property is not made with intent to prejudice a creditor if it is made with the intention only of preferring one creditor over another; and (c) a disposition of property by way of gift includes a disposition made at an undervalue with the intention of making a gift of the difference between the value of the consideration for the disposition and the value of the property comprised in the disposition; and (d) a debtor must be treated as insolvent if the debtor is unable to pay all his, her, or its debts, as they fall due, from assets other than the property disposed of. (2) In this subpart, unless the context otherwise requires,— disposition means— (a) a conveyance, transfer, assignment, settlement, delivery, payment, or other alienation of property, whether at law or in equity: (b) the creation of a trust: (c) the grant or creation, at law or in equity, of a lease, mortgage, charge, servitude, licence, power, or other right, estate, or interest in or over property: (d) the release, discharge, surrender, forfeiture, or abandonment, at law or in equity, of a debt, contract, or thing in action, or of a right, power, estate, or interest in or over any property (and for this purpose a debt, or any other right, estate, or interest, must be treated as having been released or surrendered when it has become irrecoverable or unenforceable by action through the lapse of time): (e) the exercise of a general power of appointment in favour of a person other than the donee of the power: (f) a transaction entered into by a person with intent by entering into the transaction to diminish, directly or indirectly, the value of the person’s own estate and to increase the value of the estate of another person proceeds , in relation to any property, means— (a) the proceeds of the sale or exchange of the property; and (b) if the property is money, other property bought with that money property includes the proceeds of any property. Compare: 1952 No 51 s 60