604
No. 7 of 1891.
Relation back of trustee's title.
46 & 47 Vict. c. 52. s. 43.
Description of property divisible among creditors.
46 & 47 Vict. c. 52, s. 44. [cf. No. 7 of 1886, s. 2.]
BANKRUPTCY.
Property available for payment of debts.
36. The bankruptcy of a debtor shall be deemed to have relation back to and to commence at the time of the act of bankruptcy being committed on which the receiving order was made, or, if the bankrupt is proved to have committed more acts of bankruptcy than one, to have relation back to and to commence at the time of the first of the acts of bankruptcy proved to have been committed by the bankrupt within four months next preceding the presentation of the bankruptcy petition; but no bankruptcy petition, receiving order, or adjudication shall be rendered invalid by reason of any act of bankruptcy anterior to the debt of the petitioning creditor.
37. The property of the bankrupt divisible among his creditors (in this Ordinance referred to as the property of the bankrupt) shall not comprise the following particulars:
(1) property held by the bankrupt on trust for any other person; or
(2) 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:-
(1) 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;
(2) the capacity to exercise, and to take proceedings for exercising, all such powers in, 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; and
(3) all goods being, at the commencement of the bankruptcy, in the possession, order, or disposition of the bankrupt in his trade or business by the consent and permission of the true owner, in 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.