Section 348 — Property Law Act 2007: Court may set aside certain dispositions of property

348 Court may set aside certain dispositions of property (1) A court may make an order under this section— (a) on an application for the purpose (made and served in accordance with section 347 ); and (b) if satisfied that the applicant for the order has been prejudiced by a disposition of property to which this subpart applies. (2) The order must do one, but not both, of the following: (a) vest the property that is the subject of the disposition in the person (for any applicable purpose) specified in section 350 : (b) require a person who acquired or received property through the disposition to pay, in respect of that property, reasonable compensation to the person (for any applicable purpose) specified in section 350 . (3) If the order does what is specified in subsection (2)(a), it may also require a person who acquired or received property through the disposition to physically restore some or all of that property that is tangible personal property to 1 or more persons specified in the order. (4) Person who acquired or received property through the disposition means a person who acquired or received property— (a) under the disposition; or (b) through a person who acquired or received property under the disposition. (5) The order must not have effect so as to increase the value of a security held by a creditor over the debtor’s property. (6) Subsection (5) overrides subsection (2) and section 350 . (7) This section is subject to section 349 . Compare: 1952 No 51 s 60