Browse an Act, find a provision and read each section in context.
Browse Acts ↓(1) If, in relation to property purchased by a bankrupt, the bankrupt has given to the seller a charge over the property within the two years immediately preceding the bankruptcy, section 200 does not affect the charge to the extent that it secures unpaid purchase money, but only if the charge was g…
(1) This section applies if the bankrupt has made a payment or payments to a secured creditor after the bankrupt has given a charge to which section 202 or 203 applies. (2) The bankruptcy trustee shall credit the bankrupt's payment or payments (as far as is necessary) towards— (a) repayment of the m…
A charge or a security right given by the bankrupt under an agreement to give the charge or create a security right that was made or made effective against third parties before the two years immediately before the bankruptcy is not liable to be cancelled under section section 200.
A gift made by a bankrupt to another person can be cancelled on the bankruptcy trustee's initiative if the bankrupt made the gift within the two years immediately preceding the commencement of the bankruptcy.
(1) A gift by a bankrupt to another person can be also cancelled on the bankruptcy trustee's initiative if — (a) the bankrupt made the gift during the period beginning five years and ending two years before the commencement of the bankruptcy; and (b) at the time when the gift was made, the bankrupt…
(1) The procedure set out in this section applies to the following irregular transactions— (a) an insolvent transaction; (b) an insolvent charge; (c) an insolvent gift; (d) any other transaction of a class prescribed by the insolvency regulations for the purposes of this section. (2) A bankruptcy tr…
(1) On the cancellation of an irregular transaction under which property of the bankrupt, or an interest in property of the bankrupt, was transferred, the Court may make an order— (a) for the retransfer to the bankruptcy trustee of the property or interest in the property; or (b) for payment to the…
The Court may not make an order under section 209 against a person if the person proves that when the person received the property or interest in the property— (a) the person acted in good faith; (b) a reasonable person in the same position would not have suspected that— (i) in the case of an insolv…
(1) Under section 212, the bankruptcy trustee may recover from a party to a transaction with the bankrupt an amount calculated in accordance with the following formula: A = B - C where— A is the amount to be calculated; B is the value that the party received from the bankrupt under the transaction;…
(1) The bankruptcy trustee may make an application to the Court for an order directing the recipient of a contribution by the bankrupt to the recipient's property to pay the value of the contribution to the bankruptcy trustee. (2) On the hearing on an application made under subsection (1), the Court…
(1) The Court may— (a) ascertain the value of the bankrupt's contribution for the purposes of section 212; and (b) order the recipient to pay an amount equal to that value to the bankruptcy trustee. (2) In subsection (1)(a), the bankrupt's contribution includes any payments for legal expenses, inter…
(1) The bankruptcy trustee shall apply— (a) the money repaid under section 212 by the recipient of a contribution by the bankrupt to property; or (b) the proceeds of sale of that property, by taking the steps specified in subsection (2) in the order specified in that subsection. (2) The steps to be…
(1) For the purposes of this Division, a creditor's claim is a document that a creditor submits to the bankruptcy trustee for the purpose of proving the debt. (2) A debt is proved when it is allowed by the bankruptcy trustee.
(1) For the purpose of this Division, a provable debt is a debt or liability that the bankrupt owes— (a) at the commencement of the bankruptcy; or (b) after that commencement but before discharge, because of an obligation incurred by the bankrupt before that commencement. (2) A fine, penalty or othe…
(1) A creditor (including a creditor who has a preferential claim) who wishes to claim in the bankruptcy shall submit a creditor's claim to the bankruptcy trustee before the deadline for submitting claims. (2) The bankruptcy trustee may accept such a claim only if it is in the form prescribed by the…
(1) The bankruptcy trustee shall examine each creditor's claim and the grounds of the debt, unless of the opinion that no dividend will be paid to creditors. (2) As soon as practicable after examining a claim, the bankruptcy trustee shall do one or more of the following— (a) wholly or partly allow t…
As soon as practicable after rejecting a creditor's claim, or a part of it, the bankruptcy trustee shall give the creditor a notice rejecting the claim or part and specifying the grounds for the rejection.
(1) The bankruptcy trustee may summon for examination, and examine (on oath or otherwise), any of the following persons— (a) a person who has submitted a creditor's claim; (b) a person who has made a declaration or statement as part of a creditor's claim; (c) a person who is capable of giving eviden…
(1) The bankrupt or any creditor may give the bankruptcy trustee notice to allow or reject a creditor's claim. (2) It the bankruptcy trustee has not made a decision allowing or rejecting the creditor's claim within fourteen days after receiving the claim, the creditor or the bankrupt may apply to th…
(1) The Official Receiver, the bankrupt or a creditor may make an application to the Court for an order under subsection (2) on the ground that the bankruptcy trustee improperly allowed a creditor's claim. (2) On the hearing of an application made under subsection (1), the Court may make an order ca…
(1)A creditor whose claim has been rejected by the bankruptcy trustee may apply to the Court to make an order under subsection (3). (2)An application can be made only within twenty-one days after the creditor receives the bankruptcy trustee's notice of rejection of the claim, or within such extended…
(1) This section applies to an application made under section 221, 222 or 223. (2) If the applicant is not the bankruptcy trustee, the applicant shall serve a copy of the application on the bankruptcy trustee as a party to the proceeding. (3) If the applicant is not the bankrupt or a creditor who is…
On the hearing of an application made under section 221, 222 or 223, the Court may, if it considers it appropriate to do so, make an order— (a) directing specified costs of a creditor to be added to the creditor's claim; (b) directing specified costs of a party to the proceeding to be paid out of th…
(1) If the property of a bankrupt is subject to a charge, the creditor who holds the charge may choose an option specified in subsection (2). (2) The options are as follows— (a) Option 1: to realise the property by having it sold (but only if the creditor is entitled to do so under the terms of the…
(1) If property of a bankrupt is subject to a security, the bankruptcy trustee may make an application to the Court for an order under subsection (2). (2) On the hearing of an application made under subsection (1), the Court may make an order enabling the bankruptcy trustee to dispose of the propert…
(1) A creditor who realises property that is subject to a charge may prove as an unsecured creditor for any balance due after deducting the net amount realised. (2) However, subsection (1) does not apply if the bankruptcy trustee has accepted a valuation and creditor's claim under section 231. (3) A…
This section applies if a creditor who holds a charge or security right over a bankrupt's property has the property valued and seeks to prove as an unsecured creditor for the balance due after deducting the amount of the valuation. The creditor shall ensure that the valuation and the claim for the b…
(1) A person who— (a) makes, or authorises the making of, a claim under section 229 (1) knowing it to be false or misleading; or (b) omits, or authorises the omission of, any matter from a claim under section 229 (1) knowing that the omission will make the claim false or misleading, commits an offen…
(1) If a creditor who holds a charge or security right over property of a bankrupt values the property and seeks to prove for the balance due, the bankruptcy trustee shall— (a) accept the valuation and the creditor's claim; or (b) reject the valuation and creditor's claim in whole or in part. (2) Wi…
(1) This section applies to a creditor who has surrendered a charge under option 3 in section 226(2) or is taken to have surrendered the charge under section 226(4). (2) The creditor may, with the approval of the Court or the bankruptcy trustee and subject to the terms that the Court or that trustee…