|
(1) Subject as follows, a bankrupts
estate for the purposes of any of this Group of Parts comprises-
(a) all property belonging to or vested
in the bankrupt at the commencement of the bankruptcy, and
(b) any property which by virtue of any
of the following provision of this Part is comprised in that
estate or is treated as falling within the preceding paragraph.
(2) Subsection (1) does not apply to-
(a) such tools, books, vehicles and other
items of equipment as are necessary to the bankrupt for use
personally by him in his employment, business or vocation;
(b) such clothing, bedding, furniture,
household equipment and provisions as are necessary for satisfying
the basic domestic needs of the bankrupt and his family.
This subsection is subject to section
308 (certain excluded property reclaimable by trustee). To
read section 308 of the Insolvency Act 1986
click here
(3) Subsection (1) does not apply to
(a) property held by the bankrupt on
trust for any other person or
(b) the right of nomination to a vacant
ecclesiastical benefice.
(4) References in any of this Group
of Parts to property, in relation to a bankrupt, include references
to any power exercisable by him over or in respect of property
except in so far as the power is exercisable over or in respect
of property not for the time being comprised in the bankrupt's
estate and
(a) is so exercisable at a time after
either the Official Receiver has had his release in respect
of that estate under section 299 (2) in Chapter III or a meeting
summoned by the trustee of that estate under section 331 in
Chapter IV has been held, or
(b) cannot be so exercised for the benefit
of the bankrupt;
and a power exercisable over or in respect
of property is deemed for the purposes of any of this Group
of Parts to vest in the person entitled to exercise it at
the time of the transaction or event by virtue of which it
is exercisable by that person (whether or not it becomes so
exercisable at that time).
(5) For the purposes of any such provision
in this Group of Parts, property comprised in a bankrupt's
estate is so comprised subject to the rights of any person
other than the bankrupt (whether as a secured creditor of
the bankrupt or otherwise) in relation thereto, but disregarding-
(a) any rights in relation to which a
statement such as is required by section 269 (1) (a) was made
in the petition on which the bankrupt was adjudged bankrupt,
and
(b) any rights which have been otherwise
given up in accordance with the rules.
(6) This section has effect subject to
the provisions of any enactment not contained in this Act
under which any property is to be excluded from a bankrupt's
estate.
|
