29. Investment of surplus funds in Bankruptcy Estates Account and Debt Repayment Schemes Account

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 that, 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 15 (as the case may be) the Official Assignee must —

The Accountant-General may invest the sums paid over under subsection (1)(b), or any part of those sums, in trustee securities to be placed to the credit of the account mentioned 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 15 (as the case may be) the Official Assignee must notify the Accountant‑General of the amount so required.

The Accountant-General must 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) forms part of the Consolidated Fund, and regard is to 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 15.

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 are to be credited to the Consolidated Fund, and that Fund is liable to make good any loss arising out of the sale of those securities.