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 General Division of 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;
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(b)
property which is not comprised in the bankrupt’s estate by virtue of section 329(2) of that Act; and
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(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.
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[Act 40 of 2018 wef 30/07/2020]
[Act 40 of 2019 wef 02/01/2021]
(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).
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(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 General Division of the High Court may direct.
[15/95]
[Act 40 of 2018 wef 30/07/2020]
[Act 40 of 2019 wef 02/01/2021]
(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.