Q2 See Sections 360 to 365 of the Insolvency, Restructuring and Dissolution Act (IRDA). Describe a scenario that illustrates the elements that need to be proved under the IRDA, in order to show that an individual:-

(i) entered into a transaction at an undervalue;

(ii) gave an unfair preference.

Compare these provisions with Sections 224 to 227 of the same Act relating to corporate insolvency.