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Relation back, doctrine of
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In cases of bankruptcy and liquidation, the power of a trustee or liquidator relates back to the commencement of the bankruptcy or liquidation. This means that he can ignore all transactions that are made between the recover monies paid. He is entitled to all the recover monies paid. He is entitled to all the property that existed at the commencement. There are, however, certain protected transactions. These are generally transactions made by the debtor in good faith and for value.
Reference: The Penguin Business Dictionary, 3rd edt.
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