Section 48, The Bankruptcy Act, 2009

Subject to this Act with respect to the effect of bankruptcyon an execution or attachment and to the avoidance of certain settlements, assignments and preferences, nothing in this Act shall invalidate, in the case of a bankruptcy- (a) any payment by the bankrupt to any of his (b) any payment or delivery to the bankrupt; (c) conveyance or assignment by the bankrupt for valuable consideration; or (d) any contract, dealing or transaction by or with the bankrupt for valuable consideration: Provided that the following conditions are complied with:- (e) that the payment, delivery, conveyance, assignment, contract, dealing or transaction, as the case may be, takes place before the date of the receiving order; and (f) that the person other than the debtor to, by or with whom the payment, delivery, conveyance, assignment, contract, dealing or transaction was made, executed or entered into has not had, at the time of the payment, delivery, conveyance, assignment, contract, dealing or transaction, notice of any available act of bankruptcy committed by the bankrupt before that time. 42 43 Avoidance of general assigments of book debts unless registered. Avoidance of preference in certain cases. Protection of bona fide transaction without notice.