This section applies where a person is made bankrupt who is or has been a party to a transaction for, or involving, the provision to him of credit.
The court may, on the application of the trustee of the bankrupt's estate, make an order with respect to the transaction if the transaction is or was extortionate and was not entered into more than 3 years before the commencement of the bankruptcy.
An order under this section with respect to any transaction may contain such one or more of the following as the court thinks fit, that is to say—
provision setting aside the whole or part of any obligation created by the transaction;
provision otherwise varying the terms of the transaction or varying the terms on which any security for the purposes of the transaction is held;
provision requiring any person who is or was party to the transaction to pay to the trustee any sums paid to that person, by virtue of the transaction, by the bankrupt;
provision requiring any person to surrender to the trustee any property held by him as security for the purposes of the transaction;
provision directing accounts to be taken between any persons.
Any sums or property required to be paid or surrendered to the trustee in accordance with an order under this section shall be comprised in the bankrupt's estate.