Effect of bankruptcy order
327.—(1)  On the making of a bankruptcy order —
(a)the property of the bankrupt —
(i)vests in the Official Assignee without any further conveyance, assignment or transfer; and
(ii)becomes divisible among the bankrupt’s creditors;
(b)the Official Assignee is constituted the receiver of the bankrupt’s property; and
(c)unless otherwise provided by Parts 3 and 13 to 22 —
(i)no creditor to whom the bankrupt is indebted in respect of any debt provable in bankruptcy has any remedy against the person or property of the bankrupt in respect of that debt; and
(ii)no action or proceedings may be proceeded with or commenced against the bankrupt in respect of that debt,
except by the leave of the Court and in accordance with such terms as the Court may impose.
(2)  Where a bankruptcy order is made against a firm, the order operates as if it were a bankruptcy order made against each of the persons who, at the time of the order, is a partner in the firm.
(3)  This section does not affect the right of any secured creditor to realise or otherwise deal with the secured creditor’s security in the same manner as the secured creditor would have been entitled to realise or deal with it if this section had not been enacted.
(4)  Despite subsection (3) and section 356, a secured creditor is not entitled to any interest in respect of the secured creditor’s debt after the making of a bankruptcy order unless the secured creditor —
(a)notifies the Official Assignee within 30 days after the date of the bankruptcy order of the secured creditor’s intention to claim such interest; and
(b)realises the secured creditor’s security within —
(i)12 months after the date of the bankruptcy order (called in this section the realisation period); or
(ii)such further period as the Official Assignee may determine on the application of the secured creditor made at least 30 days (or such shorter period as the Official Assignee may allow) before the expiry of the realisation period.