1882
No. 10 of 1931.
BANKRUPTCY.
Recovery of property transferred without knowledge of receiving order. 16 & 17 Geo. 5, c. 7, 4. Validity of certain payments to bankrupt and assignee.
(ii) that the person (other than the debtor) to, by or with whom the payment, delivery, conveyance, assignment, contract, dealing or transaction was made, executed or entered into has not at the time of the payment, delivery, conveyance, assignment, contract, dealing or transaction notice of any available act of bankruptcy committed by the bankrupt before that time.
(2) Where any money or property of a bankrupt has, on or after the date of the receiving order but before notice thereof has been gazetted in the prescribed manner, been paid or transferred by a person having possession of it to some other person, and the payment or transfer is under the provisions of this Ordinance void as against the trustee in the bankruptcy, then if the person by whom the payment or transfer was made proves that when it was made he had not had notice of the receiving order, any right of recovery which the trustee may have against him in respect of the money or property shall not be enforced by any legal proceedings except where and in so far as the court is satisfied that it is not reasonably practicable for the trustee to recover in respect of the money or property or of some part thereof from the person to whom it was paid or transferred.
51. A payment of money or delivery of property to a person subsequently adjudged bankrupt or to a person claiming by assignment from him shall, notwithstanding anything in this Ordinance, be a good discharge to the person paying the money or delivering the property if the payment or delivery is made before the actual date on which the receiving order is made and without notice of the presentation of a bankruptcy petition, and is either pursuant to the ordinary course of business or otherwise bonâ fide.
4 & 5 Geo. 5, c. 59, s. 46. Dealings with un-discharged bankrupt.
4 & 5 Geo. 5, c. 59, s. 47.
*
52. (1) All transactions by a bankrupt with any person dealing with him bonâ fide and for value, in respect of property, whether leasehold or pure personalty, acquired by the bankrupt after the adjudication, shall, if completed before any intervention by the trustee, be valid against the trustee, and any estate or interest in such property which by virtue of this Ordinance is vested in the trustee shall determine and pass in such manner and to such extent as may be required for giving effect to any such transaction.
* As amended by Law Rev. Ord., 1939, Supp. Sched.
Page 40
Page 41
1882
No. 10 of 1931.
BANKRUPTCY.
Recovery of property transferred without knowledge
of receiving order. 16 & 17 Geo. 5, c. 7,
4.
Validity of certain pay
ments to bankrupt and
assignee.
(ii) that the person (other than the debtor) to, by or with whom the payment, delivery, conveyance, assignment, contract, dealing or transaction was made, executed or entered into has not at the time of the payment, delivery, conveyance, assign- ment, contract, dealing or transaction notice of any available act of bankruptcy committed by the bankrupt before that time.
(2) Where any money or property of a bankrupt has, on or after the date of the receiving order but before notice thereof has been gazetted in the prescribed manner, been paid or transferred by a person having possession of it to some other person, and the payment or transfer is under the provisions of this Ordinance void as against the trustee in the bankruptcy, then if the person by whom the payment or transfer was made proves that when it was made he had not had notice of the receiving order, any right of recovery which the trustee may have against him in respect of the money or property shall not be enforced by any legal proceedings except where and in so far as the court is satisfied that it is not reasonably practicable for the trustee to recover in respect of the money or property or of some part thereof from the person to whom it was paid or transferred.
51. A payment of money or delivery of property to a person subsequently adjudged bankrupt or to a person claiming by assignment from him shall, notwithstanding anything in this Ordinance, be a good discharge to the person paying the money 4 & 5 Geo. 5, or delivering the property if the payment or delivery is made before the actual date on which the receiving order is made and without notice of the presentation of a bankruptcy petition, and is either pursuant to the ordinary course of business or otherwise bonâ fide.
c. 59, s. 46.
Dealings with un- discharged bankrupt.
4 & 5 Geo. 5, c. 59, s. 47.
*
52. (1) All transactions by a bankrupt with any person dealing with him bonâ fide and for value, in respect of property, whether leasehold or pure personalty, acquired by the bankrupt after the adjudication, shall, if completed before any intervention by the trustee, be valid against the trustee, and any estate or interest in such property which by virtue of this Ordinance is vested in the trustee shall determine and pass in such manner and to such extent as may be required for giving effect to any such transaction.
* As amended by Law Rev. Ord., 1939, Supp. Sched.
Page 40Page 41
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