TNAG-1996-FCO40-2843-Hong-Kong-Drug-Trafficking-(Recovery-of-Proceeds)-Ordinance--1991 — Page 35

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(a) substituting for the amount to be recovered under the confiscation order such lesser amount as the High Court thinks just in all the circumstances of the case;

and

(b) substituting for the term of imprisonment fixed under section 8 in respect of the amount to be recovered under the confiscation order a shorter term determined in accordance with that section in respect of the lesser amount.

(2) For the purposes of subsection (1)—

(a) in the case of realisable property held by a person who has been adjudged bankrupt or whose estate has been sequestrated the High Court shall take into account the extent to which any property held by him may be distributed among creditors; and

(b) the High Court may disregard any inadequacy in the realisable property which appears to the High Court to be attributable wholly or partly to anything done by the defendant for the purpose of preserving any property held by a person to whom the defendant had directly or indirectly made a gift caught by this Ordinance from any risk of realisation under this Ordinance.

Bankruptcy of defendant, etc.

16. (1) Where a person who holds realisable property is adjudged bankrupt— (a) property for the time being subject to a restraint order made before the order

adjudging him bankrupt; and

(b) any proceeds of property realised by virtue of section 10(7) or 12(5) or (6) for the time being in the hands of a receiver appointed under section 10 or 12, are excluded from the property of the bankrupt for the purposes of the Bankruptcy Ordinance (Cap. 6).

(2) Where a person has been adjudged bankrupt, the powers conferred on the High Court by sections 10 to 13 shall not be exercised in relation to

(a) property for the time being comprised in the property of the bankrupt for the

purposes of the Bankruptcy Ordinance (Cap. 6); and

(b) property which is to be applied for the benefit of creditors of the bankrupt by virtue of a condition imposed under section 30(3) of the Bankruptcy Ordinance (Cap. 6).

(3) Nothing in the Bankruptcy Ordinance (Cap. 6) shall be taken as restricting, or enabling the restriction of, the exercise of the powers conferred on the High Court by sections 10 to 13.

(4) Subsection (2) does not affect the enforcement of a charging order-

(a) made before the order adjudging the person bankrupt; or

(b) on property which was subject to a restraint order when the order adjudging

him bankrupt was made.

(5) Where, in the case of a debtor, an interim receiver stands appointed under section 13 of the Bankruptcy Ordinance (Cap. 6) and any property of the debtor is subject to a restraint order, the powers conferred on the interim receiver by virtue of that Ordinance do not apply to property for the time being subject to the restraint order.

(6) Where a person is adjudged bankrupt and has directly or indirectly made a gift caught by this Ordinance-