There shall not be treated as part of a bankrupt’s estate or claimed for his estate under Article 280 or 283 of the Insolvency (Northern Ireland) Order 198914 any sums to which this paragraph applies and which he receives or is entitled to receive after the commencement of the bankruptcy.

No debt or liability to which a bankrupt is or may become subject in respect of any such sum shall be included in his bankruptcy debts.

This paragraph applies to any sum by way of loan under the arrangements payable to the bankrupt pursuant to an agreement entered into by him before or after the commencement of the bankruptcy.