Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 23

Provisions where person other than Official Receiver is appointed trustee

(Past version on 01/04/1998).
(Past version on 30/06/1997).

(1) Where in a bankruptcy a person other than the Official Receiver is
appointed trustee, that person-

   (a)  shall not be capable of acting as trustee until he has notified his
        appointment to the Official Receiver and given security as provided in
        subsection (2)(a) to the satisfaction of the Official Receiver;

   (b)  shall give the Official Receiver such information and such access to
        and facilities for inspecting the books and documents of the bankrupt,
        and generally such aid as may be requisite for enabling the
        Official Receiver to perform his duties under this Ordinance. (Amended
        18 of 2005 s. 10)

(2) In the case of a trustee other than the Official Receiver, the following
provisions as to security shall have effect, namely-

   (a)  the security shall be given to the Official Receiver in such manner as
        he may from time to time direct;

   (b)  it shall not be necessary that security shall be given in each
        separate bankruptcy; but security may be given either specially in a
        particular bankruptcy, or generally, to be available for any
        bankruptcy in which the person giving security may be appointed, as
        trustee;

   (c)  the Official Receiver shall fix the amount and nature of such
        security, and may from time to time, as he thinks fit, either increase
        or diminish the amount of special or general security which any person
        has given;

   (d)  the cost of furnishing the required security by a trustee, including
        any premiums which he may pay to a guarantee society, shall be borne
        by him personally, and shall not be charged against the assets of the
        estate as an expense incurred in the bankruptcy. (Replaced 76 of 1996
        s. 14)