Bankruptcy Act 1988

Receipt of property of bankrupt.

( cf. 1857, ss. 60, 61)

69

69. (1) The Official Assignee shall be assignee of each bankrupt’s estate and act with the creditors’ assignee, if any.

(2) Except where otherwise directed by the Court, the property of every bankrupt, and the income and proceeds thereof, shall be possessed and received by the Official Assignee.

F61 [ (3) All money and securities received by the Official Assignee, being part of a bankrupt s estate, shall be forthwith lodged by him in an account in the Central Bank of Ireland or a bank authorised to carry on business in the State and shall be kept there to the credit of the Official Assignee subject to the provisions of this Act, any regulations made under subsection (6) and the directions of the Court. ]

(4) Subject to section 84 , all money and securities which, immediately before the commencement of this Act, stood to the credit of bank accounts in bankruptcy or arrangement matters shall be dealt with pursuant to rules of court.

(5) The Official Assignee, with the leave of the Court, may from time to time invest the whole or any part of any money referred to in this section, and any interest thereon shall be paid into the appropriate bank accounts.

F62 [ (6) The Minister may, following consultation with the Insolvency Service, by regulations make provision for the manner in which the Official Assignee shall maintain accounts referred to in subsection (3) and for matters relating to the keeping of such accounts. ]

Annotations:

Amendments:

F61

Substituted (3.12.2013) by Courts and Civil Law (Miscellaneous Provisions) Act 2013 (32/2013), s. 31(a), S.I. No. 463 of 2013.

F62

Inserted (3.12.2013) by Courts and Civil Law (Miscellaneous Provisions) Act 2013 (32/2013), s. 31(b), S.I. No. 463 of 2013.

Editorial Notes:

E21

Power pursuant to subs. (6) exercised (3.12.2013) by Bankruptcy Act 1988 (Official Assignee Accounts and Related Matters) Regulations 2013 (S.I. No. 464 of 2013).