In force2020 Revised Edition

Contents

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

360. Provisions as to second or subsequent bankruptcy, etc.

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(1)

Where —

(a)

a second or subsequent bankruptcy order is made against a bankrupt; or

(b)

an order is made for the administration in bankruptcy of the estate of a deceased bankrupt, then for the purposes of any proceedings consequent upon any such order, the Official Assignee is deemed to be a creditor in respect of any unsatisfied balance of the debts provable in the last preceding bankruptcy against the property of the bankrupt in the second or subsequent bankruptcy or administration in bankruptcy, as the case may be.

(2)

For the purposes of subsection (1) —

(a)

any unsatisfied debts provable in the last preceding bankruptcy, which were under section 352(1) to be paid in priority to all other debts in that bankruptcy, continue to enjoy the same priority and the same rank in the order specified in section 352(1) in the second or subsequent bankruptcy or administration in bankruptcy; and

(b)

any unsatisfied debts of a class specified in section 352(1) in the last preceding bankruptcy rank equally with debts of the same class in the second or subsequent bankruptcy or administration in bankruptcy.

(3)

Where —

(a)

a second or subsequent bankruptcy order is made against a bankrupt; or

(b)

an order is made for the administration in bankruptcy of the estate of a deceased bankrupt, any property acquired by the bankrupt since the bankrupt was last adjudged bankrupt, which at the date when the subsequent application was made had not been distributed amongst the creditors in the last preceding bankruptcy, vests (subject to any disposition thereof made by the Official Assignee in that bankruptcy without knowledge of the making of the subsequent application) in the Official Assignee on account of the subsequent bankruptcy or administration in bankruptcy, as the case may be.

(4)

Where the Official Assignee in any bankruptcy receives notice of a subsequent application in bankruptcy against the bankrupt or after the bankrupt’s death of an application for the administration of the bankrupt’s estate in bankruptcy, the Official Assignee holds any property then in the Official Assignee’s possession which has been acquired by the bankrupt since the bankrupt was adjudged bankrupt until the subsequent application has been disposed of.

(5)

If on a subsequent application a bankruptcy order or an order for the administration of the estate in bankruptcy is made, the Official Assignee holds all the property or the proceeds of the property (after deducting the Official Assignee’s costs and expenses) to the account of the subsequent bankruptcy, or administration in bankruptcy, as the case may be.

(6)

Where a second or subsequent bankruptcy order is made against a bankrupt —

(a)

section 371(1) ceases to apply to the last preceding bankruptcy, with effect from the date of that order; and

(b)

section 395(2) does not apply to the last preceding bankruptcy for the duration of the second or subsequent bankruptcy.