THE HONGKONG GOVERNMENT GAZETTE, 7TH NOVEMBER, 1891.
37. The property of the bankrupt divisible amongst his creditors and in this Ordinance referred to as the property of the b
bankrupt shall not comprise the following particulars:-
او
(a.) Property held by the bankrupt on trust for any
other person.
(h.) The tools (if any) of the bankrupt's trade and the necessary wearing apparel and bedding of himself and his family dependent on and residing with him to a value inclusive of tools apparel and bedding not exceeding in the whole one hundred dollars."
But it shall comprise the following particulars:-
(a.) All such property as may belong to or be vested in the bankrupt at the commencement of the bankruptcy or may be acquired by or devolve on him before his discharge and
(6.) The capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of his bankruptcy or before his discharge.
(c.) All goods being at the commencement of the bankruptcy in the possession order or disposi- tion of the bankrupt in his trade or business by the consent and permission of the true owner under such circumstances that he is the reputed owner thereof provided that things in action other than debts due or growing due to the bankrupt in the course of his trade or business shall not be deemed goods within the meaning of this section.
Effect of Bankruptcy on Antecedent Transactions. 38. (1.) Where a creditor has issued execution against the property of a debtor he shall not be entitled to retain the benefit of the execution against the Trustee in bank- ruptcy of the debtor unless he has completed the execution before the date of the receiving order and before notice of the presentation of any bankruptcy petition by or against the debtor or of the commission of any available act of bankruptey by the debtor.
(2) For the purposes of this Ordinance an execution shall be deemed to be completed—-
(a.) In the case of goods, chattels or other moveable property in the possession of the debtor or of negotiable instruments by seizure and sale. (b.) In the case of goods, chattels or other moveable property to which the debtor is entitled subject to a lien or right of some person to the imme- diate possession thereof by attachment by pro- hibitory order and sale.
(c.) In the case of lands, houses or other immoveable property or any interest therein either at law or in equity by attachment by prohibitory order and due registration thereof in the Land Office. (d.) In the case of an attachment of a debt not being a
negotiable instrument by receipt of the debt. (e.) In the case of shares in any public company or corporation by attachment by prohibitory order. (f) In the case of property in the custody or under the control of any public officer in his official capacity or in custodiâ legis by attachment by prohibitory order duly obtained and served. (g.) In the case of any equitable interest in lands, houses or other immoveable property by the appointment of a receiver or manager. 39. (1.) Where the goods of a debtor are taken in execution and before the sale thereof notice is served on the Bailiff that a receiving order has been made against the debtor the Bailiff shall on request deliver the goods to the Official Receiver or Trustee under the order but the costs of the execution shall be a charge on the goods so delivered and the Official Receiver or Trustee may sell the goods or an adequate part thereof for the purpose of satisfying the charge.
(2.) Where the goods of a debtor are sold under an execution in respect of a judgment for a sum exceeding one hundred dollars the Bailiff shall deduct the costs of the execution from the proceeds of sale and pay the balance into Court and if within fourteen clear days of such sale a bankruptcy petition is presented by or against the debtor the said balance shall remain in Court until after the hearing
Description of property divisible
smongst
creditors.
Restriction of rights of execution ereditor.
Duty of
Bailift.
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