Section 28

Whenever the cash balance standing to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account is in excess of the amount which, in the opinion of the Official Assignee, is required for the time being to meet demands in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall —

The Accountant-General may invest the sums paid over under subsection (1)(b) or any part thereof in trustee securities to be placed to the credit of the account referred to in subsection (1)(b).

Where, in the opinion of the Official Assignee, any part of the money paid over from the Bankruptcy Estates Account or the Debt Repayment Schemes Account under subsection (1)(b) and invested under subsection (2) is required to meet any demand in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall notify the Accountant-General of the amount so required.

The Accountant-General shall repay the Official Assignee such sum as may be required under subsection (3) to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account, as the case may be, and for that purpose the Accountant-General may direct the sale of such part of the securities as may be necessary.

The income derived from any investment under subsection (2) shall form part of the Consolidated Fund and regard shall be had to the amount thus derived in fixing the fees payable in respect of proceedings in bankruptcy and the administration of debt repayment schemes under Part VA.

Any profits on the sale of any of the securities placed to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account shall be credited to the Consolidated Fund and that Fund shall be liable to make good any loss arising out of the sale of those securities.