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Section 131 of Insolvency Act CAP 53: Interpretation: Division 11

    

In this Division—
"cash price", in relation to a sale of goods, means—
(a) the lowest price at which a person could have bought those goods from the creditor on the basis of payment in full at the time the sale was made; or
(b) if there is no such price, the fair market value of those goods at the time the sale was made;
"creditor", in relation to a credit purchase transaction, means— (a) the person disposing of the goods under the transaction; and
(b) if the rights of that person are transferred by assignment or by operation of law, means the person for the time being entitled to those rights;
"debtor", in relation to a credit purchase transaction, means—
(a) the person to whom goods are disposed of under the transaction; and
(b) if the rights of that person are transferred by assignment or by operation of law, means the person for the time being entitled to those rights;
"hirer", in relation to a credit purchase transaction, means—
(a) the person who is entitled to the use of the goods under the transaction; and
(b) if the rights of that person are transferred by assignment or by operation of law, means the person for the time being entitled to those rights.

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