Bankruptcy Act, 1988
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PART III Administration of Property | ||
Effect of Adjudication on Bankrupt's Property | ||
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Vesting of property in Official Assignee. (1857, ss. 267, 268, 273) |
44.—(1) Where a person is adjudicated bankrupt, then, subject to the provisions of this Act, all property belonging to that person shall on the date of adjudication vest in the Official Assignee for the benefit of the creditors of the bankrupt. | |
(2) Subject to the provisions of this Act, the title of the Official Assignee to any property which vests in him by virtue of subsection (1) shall not commence at any date earlier than the date of adjudication. | ||
(3) The property to which subsection (1) applies includes— | ||
(a) all powers vested in the bankrupt which he might legally exercise in relation to any property immediately before the date of adjudication; | ||
(b) all property which was the subject of any conveyance or transfer which sections 57 , 58 and 59 declare void as against the Official Assignee, subject to the rights of any persons which are preserved by those sections. | ||
(4) The property to which subsection (1) applies does not include— | ||
(a) property held by the bankrupt in trust for any other person, or | ||
(b) any sum which vests in the Official Assignee under section 7 (1) (a) of the Auctioneers and House Agents Act, 1967 , or section 30 (i) of the Central Bank Act, 1971 . | ||
(5) Without prejudice to any existing principle or rule of law or equity, established practice or procedure in relation to damages or compensation recovered or recoverable by a bankrupt for personal injury or loss suffered by him, property which is acquired by or devolves on a bankrupt before the discharge or annulment of the adjudication order (in this Act called “after-acquired property”) shall vest in the Official Assignee if and when he claims it. |