Jim has been declared bankrupt based on a creditors' petition. In the six months leading up to the

petition, he was impossible to contact as he had moved to a remote location in central Australia.

1. Two weeks before the date of the petition, Jim gave his $8,000 jet ski to his brother for 'safe-

keeping';

2. Five months before the date of the petition, Jim paid a creditor $5,000 to discharge a debt;

3. Two months before the date of the petition, Jim sold his computer to his friend for $8,000.

The computer was worth $13,000.;

4. A week before bankruptcy, Jim pays off a debt to his friend Jack for $4,000.

with reference to the law of the bankruptcy AUSTRALIA advise the creditors on the validity of the transactions.