26.—(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 the person bankrupt; and
(b)
any proceeds of property realised by virtue of section 19(6) or 22(6) or (7) for the time being in the hands of the Public Trustee or a receiver under section 19 or 22,
are excluded from the bankrupt’s estate for the purposes of the Insolvency, Restructuring and Dissolution Act 2018.
[40/2018]
(2) Where a person has been adjudged bankrupt, the powers conferred on the General Division of the High Court by sections 19 to 23 or on the Public Trustee or a receiver are not to 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;
(b)
property which is not comprised in the bankrupt’s estate by virtue of section 329(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 394(3)(c) of that Act.
[40/2018; 40/2019]
(3) Nothing in the Insolvency, Restructuring and Dissolution Act 2018 is to be taken as restricting, or enabling the restriction of, the exercise of those powers mentioned in subsection (2).
[40/2018]
(4) Subsection (2) does 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 the person 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 do not apply to property for the time being subject to the restraint order; and
(b)
any such property in the hands of the receiver must, subject to a lien for any expenses (including the receiver’s remuneration) properly incurred in respect of the property, be dealt with in such manner as the General Division of the High Court may direct.
[40/2018; 40/2019]
(6) For the purposes of section 397(2) of the Insolvency, Restructuring and Dissolution Act 2018, amounts payable under confiscation orders constitute debts due to the Government.
[23
[40/2018]
Informal Consolidation | Amended S 639/2023
Bankruptcy of defendant, etc.
26.—(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 the person bankrupt; and
(b)
any proceeds of property realised by virtue of section 19(6) or 22(6) or (7) for the time being in the hands of the Public Trustee or a receiver under section 19 or 22,
are excluded from the bankrupt’s estate for the purposes of the Insolvency, Restructuring and Dissolution Act 2018.
[40/2018]
(2) Where a person has been adjudged bankrupt, the powers conferred on the General Division of the High Court by sections 19 to 23 or on the Public Trustee or a receiver are not to 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;
(b)
property which is not comprised in the bankrupt’s estate by virtue of section 329(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 394(3)(c) of that Act.
[40/2018; 40/2019]
(3) Nothing in the Insolvency, Restructuring and Dissolution Act 2018 is to be taken as restricting, or enabling the restriction of, the exercise of those powers mentioned in subsection (2).
[40/2018]
(4) Subsection (2) does 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 the person 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 do not apply to property for the time being subject to the restraint order; and
(b)
any such property in the hands of the receiver must, subject to a lien for any expenses (including the receiver’s remuneration) properly incurred in respect of the property, be dealt with in such manner as the General Division of the High Court may direct.
[40/2018; 40/2019]
(6) For the purposes of section 397(2) of the Insolvency, Restructuring and Dissolution Act 2018, amounts payable under confiscation orders constitute debts due to the Government.