Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 53

Possession of property by trustee

Realization of property

(1) The trustee shall as soon as may be take possession of the deeds, books
and documents of the bankrupt and all other parts of his property capable of
manual delivery.

(2) The trustee shall, in relation to and for the purpose of acquiring or
retaining possession of the property of the bankrupt, be in the same position
as if he were a receiver of the property appointed by the court, and the court
may on his application enforce such acquisition or retention accordingly.

(3) Where any part of the property of the bankrupt consists of stock, shares
in ships, shares, or any other property transferable in the books of any
company, office or person, the trustee may exercise the right to transfer the
property to the same extent as the bankrupt might have exercised it if he had
not become bankrupt.

(4) Where any part of the property of the bankrupt consists of things in
action, such things shall be deemed to have been duly assigned to the trustee.

(5) Subject to the provisions of this Ordinance with respect to property
acquired by a bankrupt after adjudication, any treasurer or other officer, or
any banker, attorney, clerk, servant, comprador, employer or agent, of a
bankrupt, shall pay and deliver to the trustee all money and securities in his
possession or power, which he is not by law entitled to retain as against the
bankrupt or the trustee. If he does not, he shall be guilty of a contempt of
court and may be punished accordingly on the application of the trustee. [cf.
1914 c. 59 s. 48 U.K.]