657022-1890-Bill-Bankruptey-Ordinance — Page 14

THE HONGKONG GOVERNMENT GAZETTE, 29TH NOVEMBER, 1890.

(7.) The tools (if any) of the baukript'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 partienlars:-

(a.) All such property as may belong to or be vested in in the bankrupt at the commencement of the bankruptcy er may be aequired by or devolve on him before his discharge and (4) 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 commonecment 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 Bunkruptcy on Autecedent Transactions. 38. (1.) Where a creditor has issued excention against the goods or lands of a debtor or has attached any debt duc or property belonging to him he shall not be entitled to retain the benefit of the execution or attachment against the Trustee in bankruptcy of the debtor unless he has completed the execution or attachment 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 exccution against goods or land is completed by seizure and sale or in the case of an equitable interest by the appointment of a receiver an attachment of a debt is completed by receipt of the debt and an attachment of property is completed by the sale of such property and the satisfaction out of the proceeds of such sale of the judgment in execution of which the attachment was made.

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 Trusice 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 of the petition and if the debtor is adjudged bankrupt thereon 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 levied by seizure and sale of the goods of a debtor or by sale of his land is not invalid by reason only of its being an act of bankruptcy and a person who purchases the goods or land in good faith under a sale shall in all cases acquire a good title to them as against the Trustee in bankruptcy.

40. Any settlement of property not being a settlement made before and in consideration of marriage or made in favour of a purchaser or encumbrancer in good faith and for valuable consideration or a settlement made on or for the wife or children of the settler of property which has accrued to the settler after marriage in right of his wife shall if the settler becomes bankrupt within two years after the date of the settlement be void against the Trustee in bankruptcy and shall if the settler becomes bankrupt at any subsequent time within ten years after the date of the settlement be void against the Trustce in the

Hostriction

of rights of execution erealitor.

Puty of Bailift.

Voluntary settlements.

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