(1) Any settlement of property, not being a settlement made before and in consideration of marriage or civil partnership within the meaning of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, or made in favour of a purchaser or incumbrancer in good faith and for valuable consideration, shall -

(a) if the settlor is adjudicated bankrupt within 3 years after the date of the settlement, be void as against the Official Assignee, and

(b) if the settlor is adjudicated bankrupt at any subsequent time within five years after the date of the settlement, be void as against the Official Assignee unless the parties claiming under the settlement prove that the settlor was, at the time of making the settlement, able to pay all his debts without the aid of the property comprised in the settlement and that the interest of the settlor in such property passed to the trustee of such settlement on the execution thereof.