Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 12

Effect of bankruptcy order

Caution: This is a past version. See the current version here.

(1) On the making of a bankruptcy order the Official Receiver shall be thereby
constituted receiver of the property of the bankrupt, and thereafter, except
as directed by this Ordinance, no creditor to whom the bankrupt is indebted in
respect of any debt provable in bankruptcy shall have any remedy against the
property or person of the bankrupt in respect of the debt, nor shall proceed
with or commence any action or other legal proceedings, unless with the leave
of the court and on such terms as the court may impose. (Amended 76 of 1996
ss. 8 and 72)

(2) This section shall not affect the power of any secured creditor to realize
or otherwise deal with his security. [cf. 1914 c. 59 s. 7 U.K.]