Section 231 of the Principal Act is hereby amended by the insertion after subsection (1) of the following subsection -
(a) The liquidator of a company shall not sell by private contract a non-cash asset of the requisite value to a person who is, or who, within three years prior to the date of commencement of the winding-up, has been, an officer of the company unless the liquidator has given at least 14 days' notice of his intention to do so to all creditors of the company who are known to him or who have been intimated to him.
(b) In this subsection -
(i) 'non-cash asset' and 'requisite value' have the meanings assigned to them by section 29 of the Companies Act, 1990, and
(ii) 'officer' includes a person connected, within the meaning of section 26 of the Companies Act, 1990, with a director, and a shadow director.".