34
Insolvency officers dealing with property subject to restraint order
18. (1) Without prejudice to the generality of any provision contained in the Bankruptcy Ordinance (Cap. 6), the Companies Ordinance (Cap. 32) or any other Ordinance, where—
(a) any insolvency officer seizes or disposes of any property in relation to which his functions are not exercisable because it is for the time being subject to a restraint order; and
(b) at the time of the seizure or disposal he believes, and has reasonable grounds for believing, that he is entitled (whether in pursuance of an order of a court or otherwise) to seize or dispose of that property,
he shall not be liable to any other person in respect of any loss or damage resulting from the seizure or disposal except in so far as the loss or damage is caused by his negligence; and the insolvency officer shall have a lien on the property, or the proceeds of its sale, for such of his expenses as were incurred in connection with the liquidation, bankruptcy or other proceedings in relation to which the seizure or disposal purported to take place and for so much of his remuneration as may reasonably be assigned for his acting in connection with those proceedings.
(2) Any insolvency officer who incurs expenses-
(a) in respect of such property as is mentioned in subsection (1)(a) and in so doing does not know and has no reasonable grounds to believe that the property is for the time being subject to a restraint order; or
(b) other than in respect of such property as is so mentioned, being expenses which, but for the effect of a restraint order, might have been met by taking possession of and realising the property,
shall be entitled (whether or not he has seized or disposed of that property so as to have a lien under that subsection) to payment of those expenses under section 13(1) or (3).
(3) In this section “insolvency officer" means—
(a) the Official Receiver; or
(b) any person acting as—
(i) a receiver, interim receiver, special manager or trustee appointed under the Bankruptcy Ordinance (Cap. 6); or
(ii) a liquidator, provisional liquidator or special manager appointed under the Companies Ordinance (Cap. 32).
Receivers: supplementary provisions
19. (1) Where a receiver appointed under section 10 or 12 or in pursuance of a charging order takes any action-
(a) in relation to property which is not realisable property, being action which he
would be entitled to take if it were such property;
(b) believing, and having reasonable grounds for believing, that he is entitled to
take that action in relation to that property,
he shall not be liable to any person in respect of any loss or damage resulting from his action except in so far as the loss or damage is caused by his negligence.
(2) Any amount due in respect of the remuneration and expenses of a receiver so appointed shall, if no sum is available to be applied in payment of it under section 13(3), be paid by the prosecutor or, in a case where proceedings for a drug trafficking offence are not instituted, by the person on whose application the receiver was appointed.