(1) The bankruptcy trustee shall apply to the Adjudicating Authority for avoidance of preference transactions, if the bankrupt has, at a relevant time, given a preference to any person.

(2) A bankrupt gives a preference to a person if—

1. there is a transfer of property or an interest thereof of the bankrupt for the benefit of a creditor or a surety or a guarantor for or on account of an antecedent debt or other liabilities owed by the bankrupt; and
2. the transfer has the effect of putting such creditor, surety or guarantor in a more beneficial position than such person would have been in the event of distribution being made in accordance with section 178.