FIRST SCHEDULE—continued
Bankruptcy of defendant, etc.
13.—(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 paragraph 7 (7) or 10 (6) or (7) for the time being in the hands of the Public Trustee or a receiver pursuant to paragraph 7 or 10,
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 paragraphs 7 to 11 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.
(3) Nothing in the Bankruptcy Act shall be taken as restricting, or enabling the restriction of, the exercise of those powers referred to in sub-paragraph (2).
(4) Sub-paragraph (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 that 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.
(6) For the purposes of section 127 (2) of the Bankruptcy Act, amounts payable under foreign confiscation orders shall be deemed to be debts due to the Government.
