Section 92 Trustees in bankruptcyI1

Before Article 265 insert—

“First trustee in bankruptcy

264A.

(1)

On the making of a bankruptcy order the official receiver becomes trustee of the bankrupt’s estate, unless the High Court appoints another person under paragraph (2) or (3).

(2)

If an insolvency practitioner’s report has been submitted to the High Court under Article 248, the Court may on making the order appoint the person who made the report as trustee.

(3)

If when the order is made there is a supervisor of a voluntary arrangement approved in relation to the bankrupt under Chapter 2 of Part 8, the High Court may on making the order appoint the supervisor of the arrangement as the trustee.

(4)

Where a person becomes trustee of a bankrupt’s estate under this Article, the person must give notice of that fact to the bankrupt’s creditors (or, if the High Court so allows, advertise it in accordance with the Court’s directions).

(5)

A notice or advertisement given by a trustee appointed under paragraph (2) or (3) must explain the procedure for establishing a creditors’ committee under Article 274.”.

Schedule 2 to this Act makes amendments in consequence of subsection (1).