Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
369. Possession of property by Official Assignee
Feedback & supportThe Official Assignee must forthwith after the bankruptcy order, take possession of —
Official Assignee
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
the deeds, books and documents which relate to the bankrupt’s estate or affairs and which belong to the bankrupt or are under the bankrupt’s control (including any which would be privileged from disclosure in any proceedings); and
all other parts of the bankrupt’s property capable of manual delivery.
The Official Assignee is, in relation to and for the purpose of acquiring or retaining possession of the property of the bankrupt, in the same position as if the Official Assignee were a receiver of the property appointed by the Court, and the Court may on the Official Assignee’s application enforce the acquisition or retention accordingly.
property
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
Where any part of the property of the bankrupt consists of stock, shares in ships, shares or any other property transferable in the books of any company, office or person, the Official Assignee may exercise the right to transfer the property to the same extent as the bankrupt might have exercised it if the bankrupt had not become bankrupt.
bankrupt
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
Where any part of the property of the bankrupt consists of things in action, those things are deemed to have been duly assigned to the Official Assignee.
Any banker or agent of the bankrupt or any other person who holds any property to the account of, or for, the bankrupt must pay and deliver to the Official Assignee all moneys and securities in the possession or under the control of the banker, agent or other person which the banker, agent or other person (as the case may be) is not by law entitled to retain as against the bankrupt or the Official Assignee.
Any person who fails to comply with subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.