The execution of a deed of guarantee and mortgage constitutes a transfer of property for the purposes of s 120(1) of the Bankruptcy Act by virtue of s 120(7)(b), because the guarantor does something that results in the transferee becoming the owner of choses in action that did not previously exist. The value of consideration given for such a transfer must be assessed objectively under s 120(1)(b), not by reference to the transferor's subjective valuation. A promise to forbear from exercising powers as administrator for a very short period, after which those powers were promptly exercised, may constitute consideration of nominal or no value. Proceedings to determine rights to a fund held in trust, even where the determination turns on the construction of the Bankruptcy Act, are not 'proceedings under or by virtue of' the Bankruptcy Act and therefore do not fall within the Federal Court's exclusive jurisdiction under s 27(1).
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