Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 43A

After-acquired property

(1) Subject to this section, the trustee may by notice in writing claim for
the bankrupt's estate any property which has been acquired by, or has devolved
upon, the bankrupt since the commencement of the bankruptcy.

(2) A notice under this section shall not be served in respect of-

   (a)  any property falling within section 43(2) or (3); or

   (b)  any property which is acquired by, or devolves upon, the bankrupt
        after his discharge.

(3) Subject to subsection (4), upon the service on the bankrupt of a notice
under this section the property to which the notice relates shall vest in the
trustee as part of the bankrupt's estate; and the trustee's title to that
property has relation back to the time at which the property was acquired by,
or devolved upon, the bankrupt.

(4) Where, whether before or after service of a notice under this section-

   (a)  a person acquires property in good faith, for value and without notice
        of the bankruptcy; or

   (b)  a banker enters into a transaction in good faith and without such
        notice, the trustee is not in respect of that property or transaction
        entitled by virtue of this section to any remedy against that person
        or banker, or any person whose title to any property derives from that
        person or banker.

(5) References in this section to property do not include any property which,
as part of the bankrupt's income, may be the subject of an 
income payments order under section 43E.

(6) For the purposes of this section, an undischarged bankrupt shall submit to
the trustee on each anniversary of the making of the bankruptcy order against
him, a statement of his earnings during the preceding year and details of any
property he acquired during that period.

(7) A bankrupt who fails or refuses to comply with subsection (6) is guilty of
an offence and is liable to imprisonment for 6 months.

(8) The court may refuse to discharge a bankrupt who has not complied with
subsection (6). (Added 76 of 1996 s. 31)