Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 44

Provisions as to second bankruptcy

(Past version on 30/06/1997).

(1) Where a second or subsequent bankruptcy order is made against a bankrupt,
or where an order is made for the administration in bankruptcy of the estate
of a deceased bankrupt, then for the purposes of any proceedings consequent
upon any such order the trustee in the last preceding bankruptcy shall be
deemed to be a creditor in respect of any unsatisfied balance of the debts
provable against the property of the bankrupt in that bankruptcy. (Amended 76
of 1996 s. 73)

(2) In the event of a second or subsequent bankruptcy order being made against
a bankrupt, or in the event of an order being made for the administration in
bankruptcy of the estate of a deceased bankrupt, any property acquired by him
since he was last adjudged bankrupt, which at the date when the subsequent
petition was presented had not been distributed amongst the creditors in such
last preceding bankruptcy, shall subject to any disposition thereof made by
the Official Receiver or trustee in that bankruptcy, without knowledge of the
presentation of the subsequent petition, and subject to the provisions of
section 52, vest in the trustee in the subsequent bankruptcy or administration
in bankruptcy as the case may be. (Amended 76 of 1996 ss. 32 and 73)

(3) Where the trustee in any bankruptcy receives notice of a subsequent
petition in bankruptcy against the bankrupt or after his decease of a petition
for the administration of his estate in bankruptcy, the trustee shall hold any
property then in his possession which has been acquired by the bankrupt since
he was adjudged bankrupt until the subsequent petition has been disposed of,
and if on the subsequent petition an order of adjudication or an order for the
administration of the estate in bankruptcy is made, he shall transfer all such
property or the proceeds thereof (after deducting his costs and expenses) to
the trustee in the subsequent bankruptcy or administration in bankruptcy, as
the case may be. [cf. 1926 c. 7 s. 3 U.K.]