(1) Where -
(a) a company is being wound up; and
(b) anything made or done on or after the operative date is void under section 286 as a fraudulent preference of a person interested in property mortgaged or charged to secure the company's debt;
then (without prejudice to any rights or liabilities arising apart from this section) the person preferred shall be subject to the same liabilities and shall have the same rights as if he had undertaken to be personally liable as surety for the debt to the extent of the charge on the property or the value of his interest, whichever is the less.
(2) The value of the said person's interest shall be determined as at the date of the transaction constituting the fraudulent preference, and shall be determined as if the interest were free of all encumbrances other than those to which the charge for the company's debt was then subject.
(3) On any application made to the court in relation to any payment on the ground that the payment was a fraudulen