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of <h1>Section 331: Fraudulent preference makes secured creditor personally liable as surety up to value of mortgaged interest</h1> Section 331 addresses consequences of fraudulent preference in company winding up. If a transaction is invalid under section 328 as a fraudulent preference involving mortgaged or charged property, the preferred person is treated as if personally liable as a surety for the company's debt, limited to the lesser of the value of their interest or the security. The value of that interest is fixed as of the transaction date, assuming no encumbrances other than the relevant mortgage or charge. The Tribunal may adjudicate disputes regarding payments alleged to be fraudulent preferences of sureties or guarantors, grant appropriate relief, and implead them as third parties. These powers extend similarly to non-monetary transactions.
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