Bankruptcy.
[CAP. 6
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.
45. (1) Where a creditor has issued execution against the property of a debtor or has attached any debt due 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 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, after due compliance by the bailiff with the provisions of section 46;
(b) in the case of movable property to which the debtor is entitled subject to a lien or right of some person to the immediate possession thereof, by attachment by prohibitory order and sale;
207
Restriction of rights of creditor under execution or attachment. 4 & 5 Geo. 5. c. 59, s. 40.
Bankruptcy.
[САР. 6
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.
45. (1) Where a creditor has issued execution against the property of a debtor or has attached any debt due 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 bank- ruptcy 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, after due compliance by the bailiff with the provisions of section 46;
(b) in the case of movable property to which the debtor is entitled subject to a lien or right of some person to the immediate possession thereof, by attachment by prohibitory order and sale;
207
Restriction creditor under
of rights of
cxecution
or attachment. 4 & 5 Geo. 5.
c. 59, s. 40.
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