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This guidance describes the general functions of Accountant in Bankruptcy, interim trustees, trustees and commissioners in relation to their responsibilities regarding bankruptcies which started on or after 30 November 2016.
If a transaction has not entered into more than three years before the date of bankruptcy the trustee can apply to the court for an order varying or setting aside the obligations under the agreement if those obligations are extortionate.
Section 209(3) of the Act specifies the circumstances in which transactions may be regarded as extortionate credit transactions.