Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 43

Definition of bankrupt's estate

(Past version on 30/06/1997).

(1) Subject to this section and sections 43A to 43E, a bankrupt's estate
comprises- <* Note - Exp. X-Ref.: Sections 43A, 43B, 43C, 43D, 43E 


*>

   (a)  all property belonging to or vested in the bankrupt at the
        commencement of the bankruptcy; and

   (b)  any property which by virtue of any of the provisions of this
        Ordinance is comprised in that estate or is treated as falling within
        paragraph (a).

(2) Subsection (1) does not apply to-

   (a)  such tools, books, vehicles and other items of equipment as are
        necessary to the bankrupt for use personally by him in his employment,
        business or vocation;

   (b)  such clothing, bedding, furniture, household equipment and provisions
        as are necessary for satisfying the basic domestic needs of the
        bankrupt and his family.

(3) Subsection (1) does not apply to property held by the bankrupt on trust
for any other person.

(4) References in this Ordinance to property, in relation to a bankrupt,
include references to any power exercisable by him over or in respect of
property except in so far as the power is exercisable over or in respect of
property not for the time being comprised in the bankrupt's estate and cannot
be so exercised for the benefit of the bankrupt; and a power exercisable over
or in respect of property is deemed to vest in the person entitled to exercise
it at the time of the transaction or event by virtue of which it is
exercisable by that person (whether or not it becomes so exercisable at that
time).

(5) For the purposes of any provision in this Ordinance, property comprised in
a bankrupt's estate is so comprised subject to the rights of any person other
than the bankrupt (whether as a secured creditor of the bankrupt or otherwise)
in relation thereto, but disregarding-

   (a)  any rights in relation to which a statement such as is required by
        section 6B(1)(a) was made in the petition on which the bankrupt was
        adjudged bankrupt; and

   (b)  any rights which have been otherwise given up in accordance with the
        rules.

(6) This section has effect subject to the provisions of any enactment not
contained in this Ordinance under which any property is to be excluded from a
bankrupt's estate. (Replaced 76 of 1996 s. 31)