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Question: Thelma is insolvent, and presented a debtor's petition on 9 March 2017. The petition was accepted and endorsed by the Official Receiver on the same date.
On 1 January 2017, Thelma sold an investment unit at the Gold Coast. The property was originally purchased in 2002. The unit was advertised through a real estate agent, and an auction date was set for 3 January 2017. However, before going to auction, the property was sold to Louise, a close friend of Thelma, for $175,000. Louise had been Thelma's accountant for many years. At the time, similar properties were selling for $400,000-$450,000.
Advise the trustee whether the following transaction can be successfully challenged.
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