▁the ▁trust ee ▁( unless ▁the ▁cred itor ▁knew ▁of ▁the ▁bank rupt cy ▁and ▁failed ▁to ▁take ▁steps ▁to ▁prove ▁his ▁claim ), ▁any ▁student ▁lo ans ▁where ▁the ▁date ▁of ▁bank rupt cy ▁occurs ▁while ▁the ▁bank rupt ▁is ▁a ▁student , ▁or ▁within ▁seven ▁years ▁after ▁ce asing ▁to ▁be ▁so ▁( but ▁relief ▁is ▁available ▁where ▁the ▁bank rupt ▁acted ▁in ▁good ▁faith ▁during ▁the ▁bank rupt cy ▁and ▁financial ▁difficulties ▁will ▁continue ▁so ▁that ▁such ▁deb t ▁can ▁never ▁be ▁paid ▁off ), ▁plus ▁any ▁interest ▁acc ru ed ▁with ▁respect ▁to ▁any ▁of ▁the ▁above ▁deb ts . ▁ ▁Direct ors ▁and ▁parties ▁related ▁to ▁the ▁bank rupt ▁may ▁still ▁be ▁held ▁personally ▁li able ▁for ▁certain ▁tax ▁deb ts , ▁and , ▁if ▁a ▁clear ance ▁certificate ▁is ▁not ▁obtained ▁from ▁the ▁tax ▁authorities ▁prior ▁to ▁dis charge , ▁direct ors ' ▁li ability ▁will ▁subsequently ▁res ume . ▁Direct ors ▁can ▁also ▁be ▁held ▁account able ▁for ▁other ▁li abilities ▁ar ising ▁from ▁bank rupt cy , ▁regul atory ▁and ▁other ▁stat ut ory ▁off ences . ▁ ▁Pre ferences ▁and ▁trans fers ▁at ▁under value ▁ ▁In ▁ 2 0 0 9 , ▁the ▁Act ▁was ▁am ended ▁to ▁reform ▁the ▁rules ▁rel ating ▁to ▁setting ▁aside ▁any ▁prefer ences , ▁or ▁trans fers ▁at ▁under value , ▁occurr ing ▁before ▁the ▁initial ▁bank rupt cy ▁event : ▁ ▁Rec overy ▁actions ▁under ▁ss . ▁ 9 5 ▁and ▁ 9 6 , ▁as