Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 45

Restriction of rights of creditor under execution or attachment

(Past version on 01/04/1998).
(Past version on 01/07/1997).
(Past version on 30/06/1997).

Effect of bankruptcy on antecedent and other transactions

(1) Where a creditor has issued execution against the property of a bankrupt
or has attached any debt due to him, he shall not be entitled to retain the
benefit of the execution or attachment against the trustee of the bankrupt
unless he had completed the execution or attachment before the date of the
bankruptcy order and before notice of the presentation of any bankruptcy
petition by or against the bankrupt. (Amended 76 of 1996 ss. 33 and 73; 18 of
2005 s. 13)

(2) For the purposes of this Ordinance-

   (a)  an execution against goods is completed by seizure and sale or by the
        making of a charging order under section 20 of the High Court 
        Ordinance ( Cap 4); (Amended 25 of 1998 s. 2)

   (b)  an attachment of a debt is completed by the receipt of the debt; and

   (c)  an execution against land is completed by seizure, by the appointment
        of a receiver, or by the making of a charging order under the said
        section 20. (Replaced 52 of 1987 s. 44)

(3) (Repealed 76 of 1996 s. 33)

(4) The rights conferred by this section on the trustee in relation to
executions against the property of the bankrupt and attachment of debts due to
the bankrupt may be set aside by the court in favour of the creditor to such
extent and subject to such terms as the court may think fit. (Added 47 of 1984
s. 6. Amended 76 of 1996 s. 33) [cf. 1914 c. 59 s. 40 U.K.]