BANKRUPTCY.
No. 10 of 1931.
1877
(2) In the event of a second or subsequent receiving order made against a bankrupt being followed by an order adjudging him bankrupt, or in the event of an order being made for the administration in bankruptcy of the estate of a deceased bankrupt, any property acquired by him since he was last adjudged bankrupt, which at the date when the subsequent petition was presented had not been distributed amongst the creditors in such last preceding bankruptcy, shall subject to any disposition thereof made by the Official Receiver or trustee in that bankruptcy, without knowledge of the presentation of the subsequent petition, and subject to the provisions of section 52, vest in the trustee in the subsequent bankruptcy or administration in bankruptcy as the case may be.
(3) Where the trustee in any bankruptcy receives notice of a subsequent petition in bankruptcy against the bankrupt or after his decease of a petition for the administration of his estate in bankruptcy, the trustee shall hold any property then in his possession which has been acquired by the bankrupt since he was adjudged bankrupt until the subsequent petition has been disposed of, and if on the subsequent petition an order of adjudication or an order for the administration of the estate in bankruptcy is made, he shall transfer all such property or the proceeds thereof (after deducting his costs and expenses) to the trustee in the subsequent bankruptcy or administration in bankruptcy, as the case may be.
Effect of bankruptcy on antecedent and other transactions,
creditor
or attach-
45.—(1) Where a creditor has issued execution against the
Restriction
property of a debtor or has attached any debt due to him, he shall
of rights of
not be entitled to retain the benefit of the execution or attachment
under
against the trustee in bankruptcy of the debtor unless he has
execution
completed the execution or attachment before the date of the
ment.
receiving order and before notice of the presentation of any
bankruptcy petition by or against the debtor, or of the com-
mission of any available act of bankruptcy by the debtor.
(2) For the purposes of this Ordinance, an execution shall
be deemed to be completed-
(a) in the case of movable property in the possession of the
debtor or of negotiable instruments or of money, by receipt or
recovery by the judgment creditor of the full amount of the
levy,
4 & 5 Geo. 5, c. 59, s. 40.
Page 35
Page 36
1878
No. 10 of 1931.
BANKRUPTCY.
No. 10 of 1931.
1877
(2) In the event of a second or subsequent receiving order made against a bankrupt being followed by an order adjudging him bankrupt, or in the event of an order being made for the administration in bankruptcy of the estate of a deceased bankrupt, any property acquired by him since he was last adjudged bankrupt, which at the date when the subsequent petition was presented had not been distributed amongst the creditors in such last preceding bankruptcy, shall subject to any disposition thereof made by the Official Receiver or trustee in that bank- ruptcy, without knowledge of the presentation of the subsequent petition, and subject to the provisions of section 52, vest in the trustee in the subsequent bankruptcy or administration in bank- ruptcy as the case may be.
(3) Where the trustee in any bankruptcy receives notice of a subsequent petition in bankruptcy against the bankrupt or after his decease of a petition for the administration of his estate in bankruptcy, the trustee shall hold any property then in his. possession which has been acquired by the bankrupt since he was adjudged bankrupt until the subsequent petition has been disposed of, and if on the subsequent petition an order of adjudication or an order for the administration of the estate in bankruptcy is made, he shall transfer all such property or the proceeds thereof (after deducting his costs and expenses) to the trustee in the subsequent bankruptcy or administration in bankruptcy, as the case may be.
Effect of bankruptcy on antecedent and other transactions,
creditor
or attach-
45.—(1) Where a creditor has issued execution against the Restriction property of a debtor or has attached any debt due to him, he shall of rights of not be entitled to retain the benefit of the execution or attachment under against the trustee in bankruptcy of the debtor unless he has execution completed the execution or attachment before the date of the ment. receiving order and before notice of the presentation of any bankruptcy petition by or against the debtor, or of the com- mission of any available act of bankruptcy by the debtor.
(2) For the purposes of this Ordinance, an execution shall. be deemed to be completed-
(a) in the case of movable property in the possession of the debtor or of negotiable instruments or of money, by receipt or recovery by the judgment creditor of the full amount of the levy,
4 & 5 Geo. 5, c. 59, s. 40.
Page 35Page 36
1878
No. 10 of 1931.
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