s 53C Fair market value may be fixed on review
(1) Where a person who has sold, purchased, leased, hired, supplied or received property or services, as the case may be becomes bankrupt within twelve months of that transaction, the court may, upon the application of the Director General of Insolvency, review that transaction and inquire whether the bankrupt gave or received fair market value in consideration for the property or services at the time of that transaction. (2) Where the court finds that the consideration given or received by the bankrupt in the transaction under review was conspicuously in excess of or conspicuously lower than the fair market value of the property or services at the time of the transaction, the court may give judgment in favour of the Director General of Insolvency against the other party to the transaction or against any other person who was privy to the transaction with the bankrupt or against all such persons and such judgment shall be for the difference between the value of the consideration given or received by the bankrupt and the fair market value of the property or services at the time of the transaction as determined by the court in accordance with subsection (3). (3) In making an application under this section, the Director General of Insolvency shall state what in his opinion was the fair market value of the property or services at the time of the transaction and what in his opinion was the value of the consideration given or received by the bankrupt in the transaction, and the values on which the court makes any finding pursuant to this section shall be the values so stated unless other values are proven.