Rule 10.75 Hand-over of bankrupt's estate by official receiver to trustee

(1)

This rule applies where a trustee is appointed in succession to the official receiver acting as trustee.

(2)

When the trustee's appointment takes effect, the official receiver must as soon as reasonably practicable do all that is required for putting the trustee into possession of the bankrupt's estate.

(3)

On taking possession of the bankrupt's estate, the trustee must discharge any balance due to the official receiver on account of—

(a)

expenses properly incurred by the official receiver and payable under the Act or these Rules; and

(b)

any advances made by the official receiver in respect of the bankrupt's estate, together with interest on such advances at the rate specified in section 17 of the Judgments Act 1838 M1 on the date of the bankruptcy order.

(4)

Alternatively, the trustee may (before taking office) deliver to the official receiver a written undertaking to discharge any such balance out of the first realisation of assets.

(5)

The official receiver has a charge on the bankrupt's estate in respect of any sums due under paragraph (3) until they have been discharged, subject only to the deduction from realisations by the trustee of the costs and expenses of such realisations.

(6)

The trustee must from time to time out of the realisation of assets discharge all guarantees properly given by the official receiver for the benefit of the bankrupt's estate, and must pay all the official receiver's expenses.

(7)

The official receiver must give to the trustee all the information relating to the affairs of the bankrupt and the course of the bankruptcy which the official receiver considers to be reasonably required for the effective discharge by the trustee of the trustee's duties in relation to the bankrupt's estate.

(8)

The official receiver must also deliver to the trustee any report of the official receiver under rule 10.66.

Annotations

Marginal citations

M1: Section 17 is amended by the Statute Law Revision (No 2) Act 1888 (c.57), article 2 of S.I. 1993/564, article 3 of S.I. 1998/2940 , Part 1 of the Schedule to the Civil Procedure Acts Repeal Act 1879 (c.59) and article 3(c) of S.I. 1998/3132.