AD. 1891.
BANKRUPTCY.
[No. 7.
37
deliver the goods to the Official Receiver or Trustee under the order, but costs of the execution shall be a charge on the goods so delivered, the Official Receiver or Trustee may sell the goods or an adequate portion thereof for the purpose of satisfying the charge.
(2) Where the goods of a debtor are sold under an execution in pursuance 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 sale, a bankruptcy petition is presented by or against the debtor, the said balance shall remain in Court until after the hearing of the petition, and if the debtor is adjudged bankrupt the balance shall be paid out to the Trustee in the bankruptcy, who shall be entitled to retain the same as against the execution creditor, but otherwise it shall be dealt with as if no bankruptcy petition had been presented.
(3) An execution completed as aforesaid is not invalid by reason only of its being an act of bankruptcy, and a person who purchases the property of the debtor in good faith under a sale shall in all cases acquire a good title to it as against the Trustee in bankruptcy.
40(1) Any settlement of property, not being a settlement made before and in consideration of marriage, or made in favour of a purchaser or incumbrancer in good faith and for valuable consideration, made on or for the wife or children of the settlor of property which has accrued to the settlor after marriage in right of his wife, shall, if the settlor becomes bankrupt within two years after the date of the settlement, be void against the Trustee in the bankruptcy, and shall, if the settlor becomes bankrupt at any subsequent time within ten years of the date of the settlement, be void against the Trustee in the bankruptcy, unless the parties claiming under the settlement can prove that the settlor was, at the time of making the settlement, able to pay his debts without the aid of the property comprised in the settlement, and that the interest of the settlor in such property had passed to the beneficiaries of the settlement on the execution thereof.
(2) Any covenant or contract made in consideration of marriage, for future settlement on or for the settlor's wife or children of any property wherein he had not, at the date of his marriage, any interest, whether vested or contingent, in possession or reversion, and not being money or property of or in right of his wife, shall, on his becoming bankrupt before the property or money has been transferred or paid pursuant to the covenant or contract, be void against the Trustee in the bankruptcy.
Settlement ** shall, for the purposes of this section, include any gift or transfer of property.
Avoidance of voluntary settlements. 46 & 47 Vict. c. 52. s. 47.