In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy

329. Description of bankrupt’s property divisible amongst creditors

(1)

The property of the bankrupt divisible among the bankrupt’s creditors (called in Parts 3 and 13 to 22 the bankrupt’s estate) comprises —

(a)

all such property as belongs to or is vested in the bankrupt at the commencement of his or her bankruptcy or is acquired by or devolves on him or her before his or her discharge; and

(b)

the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his or her own benefit at the commencement of his or her bankruptcy or before his or her discharge.

(2)

Subsection (1) does not apply to —

(a)

property held by the bankrupt on trust for any other person;

(b)

such tools, books, vehicles and other items of equipment as are needed by the bankrupt for the bankrupt’s personal use in the bankrupt’s employment, business or vocation;

(c)

such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and the bankrupt’s family;

(d)

property of the bankrupt which is excluded under any other written law;

(e)

the remainder of the bankrupt’s monthly income after deducting the bankrupt’s monthly contribution; and

(f)

any annual bonus or annual wage supplement paid as part of the bankrupt’s income.