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Insolvency (Amendment) Act (Northern Ireland) 2016

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This is the original version (as it was originally enacted).

After-acquired property of bankrupt

This section has no associated Explanatory Notes

13.—(1) Article 280 of the Insolvency Order (power of trustee in bankruptcy to claim, for the bankrupt’s estate, property which has been acquired by, or has devolved upon, the bankrupt after commencement of the bankruptcy) is amended as follows.

(2) In paragraph (3) (property to vest in trustee on service of notice on bankrupt), for “paragraph 4” substitute “paragraphs (4) and (4A)”.

(3) In paragraph (4) (trustee not entitled to remedy against certain persons and certain bankers)—

(a)in the words before sub-paragraph (a), after “service” insert “on the bankrupt”;

(b)omit sub-paragraph (b) (provision about bankers) and the preceding “or”;

(c)in the words after sub-paragraph (b)—

(i)omit “or transaction”;

(ii)omit “or banker” (in both places where the words occur).

(4) After paragraph (4) insert—

(4A) Where a banker enters into a transaction beforeservice on the banker of a notice under this Article (and whether before or after service on the bankrupt of a notice under this Article) the trustee is not in respect of that transaction entitled by virtue of this Article to any remedy against the banker.

This paragraph applies whether or not the banker has notice of the bankruptcy..

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