23.—(1) Where a person who holds realisable property is adjudged bankrupt —
(a)
property for the time being subject to a restraint order made before the order adjudging him bankrupt; and
(b)
any proceeds of property realised by virtue of section 16(6) or 19(6) or (7) for the time being in the hands of the Public Trustee or a receiver under section 16 or 19,
shall be excluded from the bankrupt’s estate for the purposes of the Bankruptcy Act (Cap. 20).
(2) Where a person has been adjudged bankrupt, the powers conferred on the High Court by sections 16 to 20 or on the Public Trustee or a receiver shall not be exercised in relation to —
(a)
property for the time being comprised in the bankrupt’s estate for the purposes of the Bankruptcy Act;
(b)
property which is not comprised in the bankrupt’s estate by virtue of section 78(2) of that Act; and
(c)
property which is to be applied for the benefit of creditors of the bankrupt by virtue of a condition imposed under section 124(3)(c) of that Act.
[15/95]
(3) Nothing in the Bankruptcy Act (Cap. 20) shall be taken as restricting, or enabling the restriction of, the exercise of those powers referred to in subsection (2).
(4) Subsection (2) shall not affect the enforcement of a charging order —
(a)
made before the order adjudging the person bankrupt; or
(b)
on property which was subject to a restraint order when the order adjudging him bankrupt was made.
(5) Where, in the case of a debtor, an interim receiver stands appointed under section 73 of the Bankruptcy Act and any property of the debtor is subject to a restraint order —
(a)
the powers conferred on the receiver by virtue of the Bankruptcy Act shall not apply to property for the time being subject to the restraint order; and
(b)
any such property in the hands of the receiver shall, subject to a lien for any expenses (including his remuneration) properly incurred in respect of the property, be dealt with in such manner as the High Court may direct.
[15/95]
(6) For the purposes of section 127(2) of the Bankruptcy Act, amounts payable under confiscation orders shall constitute debts due to the Government.
[19
[15/95]
Informal Consolidation | Amended Act 40 of 2018
Bankruptcy of defendant, etc.
23.—(1) Where a person who holds realisable property is adjudged bankrupt —
(a)
property for the time being subject to a restraint order made before the order adjudging him bankrupt; and
(b)
any proceeds of property realised by virtue of section 16(6) or 19(6) or (7) for the time being in the hands of the Public Trustee or a receiver under section 16 or 19,
shall be excluded from the bankrupt’s estate for the purposes of the Insolvency, Restructuring and Dissolution Act 2018.
[Act 40 of 2018 wef 30/07/2020]
(2) Where a person has been adjudged bankrupt, the powers conferred on the High Court by sections 16 to 20 or on the Public Trustee or a receiver shall not be exercised in relation to —
(a)
property for the time being comprised in the bankrupt’s estate for the purposes of the Insolvency, Restructuring and Dissolution Act 2018;
[Act 40 of 2018 wef 30/07/2020]
(b)
property which is not comprised in the bankrupt’s estate by virtue of section 329(2) of that Act; and
[Act 40 of 2018 wef 30/07/2020]
(c)
property which is to be applied for the benefit of creditors of the bankrupt by virtue of a condition imposed under section 394(3)(c) of that Act.
[15/95]
[Act 40 of 2018 wef 30/07/2020]
(3) Nothing in the Insolvency, Restructuring and Dissolution Act 2018 shall be taken as restricting, or enabling the restriction of, the exercise of those powers referred to in subsection (2).
[Act 40 of 2018 wef 30/07/2020]
(4) Subsection (2) shall not affect the enforcement of a charging order —
(a)
made before the order adjudging the person bankrupt; or
(b)
on property which was subject to a restraint order when the order adjudging him bankrupt was made.
(5) Where, in the case of a debtor, an interim receiver stands appointed under section 324 of the Insolvency, Restructuring and Dissolution Act 2018 and any property of the debtor is subject to a restraint order —
(a)
the powers conferred on the receiver by virtue of the Insolvency, Restructuring and Dissolution Act 2018 shall not apply to property for the time being subject to the restraint order; and
[Act 40 of 2018 wef 30/07/2020]
(b)
any such property in the hands of the receiver shall, subject to a lien for any expenses (including his remuneration) properly incurred in respect of the property, be dealt with in such manner as the High Court may direct.
[15/95]
[Act 40 of 2018 wef 30/07/2020]
(6) For the purposes of section 397(2) of the Insolvency, Restructuring and Dissolution Act 2018, amounts payable under confiscation orders shall constitute debts due to the Government.