(1) When the trustee has realised all the bankrupt’s estate or so much of it as can, in the trustee’s opinion, be realised without needlessly protracting the trusteeship, he shall give notice in the prescribed manner either—
(a) of his intention to declare a final dividend, or
(b) that no dividend, or further dividend, will be declared.
(1A) A notice under subsection (1)(b) need not be given to opted-out creditors.
(2) The notice under subsection (1) shall contain the prescribed particulars and shall require claims against the bankrupt’s estate to be established by a date (“the final date”) specified in the notice.
(3) The court may, on the application of any person, postpone the final date.
(4) After the final date, the trustee shall—
(a) defray any outstanding expenses of the bankruptcy out of the bankrupt’s estate, and
(b) if he intends to declare a final dividend, declare and distribute that dividend without regard to the claim of any person in respect of a debt not already proved in the bankruptcy.
(5) If a surplus remains after payment in full and with interest of all the bankrupt’s creditors and the payment of the expenses of the bankruptcy, the bankrupt is entitled to the surplus.
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) Subject as follows in this section and the next, this section applies where—
(a) it appears to the trustee that the administration of the bankrupt’s estate in accordance with this Chapter is for practical purposes complete, and
(b) the trustee is not the official receiver.
(2) The trustee must give the bankrupt's creditors (other than opted-out creditors) notice that it appears to the trustee that the administration of the bankrupt's estate is for practical purposes complete.
(2A) The notice must—
(a) be accompanied by a report of the trustee's administration of the bankrupt's estate;
(b) explain the effect of section 299(3)(d) and how the creditors may object to the trustee's release.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) This section applies where—
(a) there is comprised in the bankrupt’s estate property consisting of an interest in a dwelling house which is occupied by the bankrupt or by his spouse or former spouse or by his civil partner or former civil partner, and
(b) the trustee has been unable for any reason to realise that property.
(2) The trustee shall not give notice under section 331(2) unless either—
(a) the court has made an order under section 313 imposing a charge on that property for the benefit of the bankrupt’s estate, or
(b) the court has declined, on an application under that section, to make such an order, or
(c) the Secretary of State has issued a certificate to the trustee stating that it would be inappropriate or inexpedient for such an application to be made in the case in question.
(1) The bankrupt shall—
(a) give to the trustee such information as to his affairs,
(b) attend on the trustee at such times, and
(c) do all such other things,
as the trustee may for the purposes of carrying out his functions under any of this Group of Parts reasonably require.
(2) Where at any time after the commencement of the bankruptcy any property is acquired by, or devolves upon, the bankrupt or there is an increase of the bankrupt’s income, the bankrupt shall, within the prescribed period, give the trustee notice of the property or, as the case may be, of the increase.
(3) Subsection (1) applies to a bankrupt after his discharge.
(4) If the bankrupt without reasonable excuse fails to comply with any obligation imposed by this section, he is guilty of a contempt of court and liable to be punished accordingly (in addition to any other punishment to which he may be subject).
334 Stay of distribution in case of second bankruptcy.
(1) This section and the next apply where a bankruptcy order is made against an undischarged bankrupt; and in both sections—
(a) “the later bankruptcy” means the bankruptcy arising from that order,
(b) “the earlier bankruptcy” means the bankruptcy (or, as the case may be, most recent bankruptcy) from which the bankrupt has not been discharged at the commencement of the later bankruptcy, and
(c) “the existing trustee” means the trustee (if any) of the bankrupt’s estate for the purposes of the earlier bankruptcy.
(2) Where the existing trustee has been given the prescribed notice of the making of the application or (as the case may be) the presentation of the petition of the later bankruptcy, any distribution or other disposition by him of anything to which the next subsection applies, if made after the giving of the notice, is void except to the extent that it was made with the consent of the court or is or was subsequently ratified by the court.
This is without prejudice to section 284 (restrictions on dispositions of property following bankruptcy order).
(3) This subsection applies to—
(a) any property which is vested in the existing trustee under section 307(3) (after-acquired property);
(b) any money paid to the existing trustee in pursuance of an income payments order under section 310; and
(c) any property or money, which is, or in the hands of the existing trustee represents, the proceeds of sale or application of property or money falling within paragraph (a) or (b) of this subsection.
335 Adjustment between earlier and later bankruptcy estates.
(1) With effect from the commencement of the later bankruptcy anthing to which section 334(3) applies which, immediately before the commencement of that bankruptcy, is comprised in the bankrupt’s estate for the purposes of the earlier bankruptcy is to be treated as comprised in the bankrupt’s estate for the purposes of the later bankruptcy and, until there is a trustee of that estate, is to be dealt with by the existing trustee in accordance with the rules.
(2) Any sums which in pursuance of an income payments order under section 310 are payable after the commencement of the later bankruptcy to the existing trustee shall form part of the bankrupt’s estate for the purposes of the later bankruptcy; and the court may give such consequential directions for the modification of the order as it thinks fit.
(3) Anything comprised in a bankrupt’s estate by virtue of subsection (1) or (2) is so comprised subject to a first charge in favour of the existing trustee for any bankruptcy expenses incurred by him in relation thereto.
(4) Except as provided above and in section 334, property which is, or by virtue of section 308 (personal property of bankrupt exceeding reasonable replacement value) or section 308A (vesting in trustee of certain tenancies) is capable of being, comprised in the bankrupt’s estate for the purposes of the earlier bankruptcy, or of any bankruptcy prior to it, shall not be comprised in his estate for the purposes of the later bankruptcy.
(5) The creditors of the bankrupt in the earlier bankruptcy and the creditors of the bankrupt in any bankruptcy prior to the earlier one, are not to be creditors of his in the later bankruptcy in respect of the same debts; but the existing trustee may prove in the later bankruptcy for—
(a) the unsatisfied balance of the debts (including any debt under this subsection) provable against the bankrupt’s estate in the earlier bankruptcy;
(b) any interest payable on that balance; and
(c) any unpaid expenses of the earlier bankruptcy.
(6) Any amount provable under subsection (5) ranks in priority after all the other debts provable in the later bankruptcy and after interest on those debts and, accordingly, shall not be paid unless those debts and that interest have first been paid in full.
(1) Any application by a trustee of a bankrupt’s estate under section 14 of the Trusts of Land and Appointment of Trustees Act 1996 (powers of court in relation to trusts of land) for an order under that section for the sale of land shall be made to the court having jurisdiction in relation to the bankruptcy.
(2) On such an application the court shall make such order as it thinks just and reasonable having regard to—
(a) the interests of the bankrupt’s creditors;
(b) where the application is made in respect of land which includes a dwelling house which is or has been the home of the bankrupt or the bankrupt’s spouse or civil partner or former spouse or former civil partner—
(i) the conduct of the spouse, civil partner, former spouse or former civil partner, so far as contributing to the bankruptcy,
(ii) the needs and financial resources of the spouse, civil partner, former spouse or former civil partner, and
(iii) the needs of any children; and
(c) all the circumstances of the case other than the needs of the bankrupt.
(3) Where such an application is made after the end of the period of one year beginning with the first vesting under Chapter IV of this Part of the bankrupt’s estate in a trustee, the court shall assume, unless the circumstances of the case are exceptional, that the interests of the bankrupt’s creditors outweigh all other considerations.
(4) The powers conferred on the court by this section are exercisable on an application whether it is made before or after the commencement of this section.
336 Rights of occupation etc. of bankrupt’s spouse or civil partner.
(1) Nothing occurring in the initial period of the bankruptcy (that is to say, the period beginning with the day of the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition and ending with the vesting of the bankrupt’s estate in a trustee) is to be taken as having given rise to any home rights under Part IV of the Family Law Act 1996 in relation to a dwelling house comprised in the bankrupt’s estate.
(2) Where a spouse’s or civil partner’s home rightsunder the Act of 1996 are a charge on the estate or interest of the other spouse or civil partner, or of trustees for the other spouse or civil partner, and the other spouse or civil partner is made bankrupt—
(a) the charge continues to subsist notwithstanding the bankruptcy and, subject to the provisions of that Act, binds the trustee of the bankrupts’s estate and persons deriving title under the trustee, and
(b) any application for an order under section 33 of that Act shall be made to the court having jurisdiction in relation to the bankruptcy.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) On such an application as is mentioned in subsection (2) . . . the court shall make such order under section 33 of the Act of 1996. . . as it thinks just and reasonable having regard to—
(a) the interests of the bankrupt’s creditors,
(b) the conduct of the spouse or former spouse or civil partner or former civil partner, so far as contributing to the bankruptcy,
(c) the needs and financial resources of the spouse or former spouse or civil partner or former civil partner,
(d) the needs of any children, and
(e) all the circumstances of the case other than the needs of the bankrupt.
(5) Where such an application is made after the end of the period of one year beginning with the first vesting under Chapter IV of this Part of the bankrupt’s estate in a trustee, the court shall assume, unless the circumstances of the case are exceptional, that the interests of the bankrupt’s creditors outweigh all other considerations.
(1) This section applies where—
(a) a person who is entitled to occupy a dwelling house by virtue of a beneficial estate or interest is made bankrupt, and
(b) any persons under the age of 18 with whom that person had at some time occupied that dwelling house had their home with that person at the time when the bankruptcy application was made or (as the case may be) the bankruptcy petition was presented and at the commencement of the bankruptcy.
(2) Whether or not the bankrupt’s spouse or civil partner (if any) has home rightsunder Part IV of the Family Law Act 1996—
(a) the bankrupt has the followng rights as against the trustee of his estate—
(i) if in occupation, a right not to be evicted or excluded from the dwelling house or any part of it, except with the leave of the court,
(ii) if not in occupation, a right with the leave of the court to enter into and occupy the dwelling house, and
(b) the bankrupt’s rights are a charge, having the like priority as an equitable interest created immediately before the commencement of the bankruptcy, on so much of his estate or interest in the dwelling house as vests in the trustee.
(3) The Act of 1996 has effect, with the necessary modifications, as if—
(a) the rights conferred by paragraph (a) of subsection (2) were home rights under that Act,
(b) any application for such leave as is mentioned in that paragraph were an application for an order under section 33 of that Act, and
(c) any charge under paragraph (b) of that subsection on the estate or interest of the trustee were a charge under that Act on the estate or interest of a spouse or civil partner.
(4) Any application for leave such as is mentioned in subsection (2)(a) or otherwise by virtue of this section for an order under section 33 of the Act of 1996 shall be made to the court having jurisdiction in relation to the bankruptcy.
(5) On such an application the court shall make such order under section 33 of the Act of 1996 as it thinks just and reasonable having regard to the interests of the creditors, to the bankrupt’s financial resources, to the needs of the children and to all the circumstances of the case other than the needs of the bankrupt.
(6) Where such an application is made after the end of the period of one year beginning with the first vesting (under Chapter IV of this Part) of the bankrupt’s estate in a trustee, the court shall assume, unless the circumstances of the case are exceptional, that the interests of the bankrupt’s creditors outweigh all other considerations.
338 Payments in respect of premises occupied by bankrupt.
Where any premises comprised in a bankrupt’s estate are occupied by him (whether by virtue of the preceding section or otherwise) on condition that he makes payments towards satisfying any liability arising under a mortgage of the premises or otherwise towards the outgoings of the premises, the bankrupt does not, by virtue of those payments, acquire any interest in the premises.
(1) Subject as follows in this section and sections 341 and 342, where an individual is made bankrupt and he has at a relevant time (defined in section 341) entered into a transaction with any person at an undervalue, the trustee of the bankrupt’s estate may apply to the court for an order under this section.
(2) The court shall, on such an application, make such order as it thinks fit for restoring the position to what it would have been if that individual had not entered into that transaction.
(3) For the purposes of this section and sections 341 and 342, an individual enters into a transaction with a person at an undervalue if—
(a) he makes a gift to that person or he otherwise enters into a transaction with that person on terms that provide for him to receive no consideration,
(b) he enters into a transaction with that person in consideration of marriage or the formation of a civil partnership, or
(c) he enters into a transaction with that person for a consideration the value of which, in money or money’s worth, is significantly less than the value, in money or money’s worth, of the consideration provided by the individual.
(1) Subject as follows in this and the next two sections, where an individual is made bankrupt and he has at a relevant time (defined in section 341) given a preference to any person, the trustee of the bankrupt’s estate may apply to the court for an order under this section.
(2) The court shall, on such an application, make such order as it thinks fit for restoring the position to what it would have been if that individual had not given that preference.
(3) For the purposes of this and the next two sections, an individual gives a preference to a person if—
(a) that person is one of the individual’s creditors or a surety or guarantor for any of his debts or other liabilities, and
(b) the individual does anything or suffers anything to be done which (in either case) has the effect of putting that person into a position which, in the event of the individual’s bankruptcy, will be better than the position he would have been in if that thing had not been done.
(4) The court shall not make an order under this section in respect of a preference given to any person unless the individual who gave the preference was influenced in deciding to give it by a desire to produce in relation to that person the effect mentioned in subsection (3)(b) above.
(5) An individual who has given a preference to a person who, at the time the preference was given, was an associate of his (otherwise than by reason only of being his employee) is presumed, unless the contrary is shown, to have been influenced in deciding to give it by such a desire as is mentioned in subsection (4).
(6) The fact that something has been done in pursuance of the order of a court does not, without more, prevent the doing or suffering of that thing from constituting the giving of a preference.
(1) Subject as follows, the time at which an individual enters into a transaction at an undervalue or gives a preference is a relevant time if the transaction is entered into or the preference given—
(a) in the case of a transaction at an undervalue, at a time in the period of 5 years ending with the day of the making of the bankruptcy application as a result of which, or (as the case may be) the presentation of the bankruptcy petition on which, the individual is made bankrupt,
(b) in the case of a preference which is not a transaction at an undervalue and is given to a person who is an associate of the individual (otherwise than by reason only of being his employee), at a time in the period of 2 years ending with that day, and
(c) in any other case of a preference which is not a transaction at an undervalue, at a time in the period of 6 months ending with that day.
(2) Where an individual enters into a transaction at an undervalue or gives a preference at a time mentioned in paragraph (a), (b) or (c) of subsection (1) (not being, in the case of a transaction at an undervalue, a time less than 2 years before the end of the period mentioned in paragraph (a)), that time is not a relevant time for the purposes of sections 339 and 340 unless the individual—
(a) is insolvent at that time, or
(b) becomes insolvent in consequence of the transaction or preference;
but the requirements of this subsection are presumed to be satisfied, unless the contrary is shown, in relation to any transaction at an undervalue which is entered into by an individual with a person who is an associate of his (otherwise than by reason only of being his employee).
(3) For the purposes of subsection (2), an individual is insolvent if—
(a) he is unable to pay his debts as they fall due, or
(b) the value of his assets is less than the amount of his liabilities, taking into account his contingent and prospective liabilities.
(4) A transaction entered into or preference given by a person who is subsequently adjudged bankrupt on a petition under section 264(1)(d) (criminal bankruptcy) is to be treated as having been entered into or given at a relevant time for the purposes of sections 339 and 340 if it was entered into or given at any time on or after the date specified for the purposes of this subsection in the criminal bankruptcy order on which the petition was based.
(5) No order shall be made under section 339 or 340 by virtue of subsection (4) of this section where an appeal is pending (within the meaning of section 277) against the individual’s conviction of any offence by virtue of which the criminal bankruptcy order was made.
(1) Without prejudice to the generality of section 339(2) or 340(2), an order under either of those sections with respect to a transaction or preference entered into or given by an individual who is subsequently made bankrupt may (subject as follows)—
(a) require any property transferred as part of the transaction, or in connection with the giving of the preference, to be vested in the trustee of the bankrupt’s estate as part of that estate;
(b) require any property to be so vested it if represents in any person’s hands the application either of the proceeds of sale of property so transferred or of money so transferred;
(c) release or discharge (in whole or in part) any security given by the individual;
(d) require any person to pay, in respect of benefits received by him from the individual, such sums to the trustee of his estate as the court may direct;
(e) provide for any surety or guarantor whose obligations to any person were released or discharged (in whole or in part) under the transaction or by the giving of the preference to be under such new or revived obligations to that person as the court thinks appropriate;
(f) provide for security to be provided for the discharge of any obligation imposed by or arising under the order, for such an obligation to be charged on any property and for the security or charge to have the same priority as a security or charge released or discharged (in whole or in part) under the transaction or by the giving of the preference; and
(g) provide for the extent to which any person whose property is vested by the order in the trustee of the bankrupt’s estate, or on whom obligations are imposed by the order, is to be able to prove in the bankruptcy for debts or other liabilities which arose from, or were released or discharged (in whole or in part) under or by, the transaction or the giving of the preference.
(2) An order under section 339 or 340 may affect the property of, or impose any obligation on, any person whether or not he is the person with whom the individual in question entered into the transaction or, as the case may be the person to whom the preference was given; but such an order—
(a) shall not prejudice any interest in property which was acquired from a person other than that individual and was acquired in good faith and for value, or prejudice any interest deriving from such an interest, and
(b) shall not require a person who received a benefit from the transaction or preference in good faith and for value to pay a sum to the trustee of the bankrupt’s estate except where he was a party to the transaction or the payment is to be in respect of a preference given to that person at a time when he was a creditor of that individual.
(2A) Where a person has acquired an interest in property from a person other than the individual in question, or has received a benefit from the transaction or preference, and at the time of that acquisition or receipt—
(a) he had notice of the relevant surrounding circumstances and of the relevant proceedings, or
(b) he was an associate of, or was connected with, either the individual in question or the person with whom that individual entered into the transaction or to whom that individual gave the preference,
then, unless the contrary is shown, it shall be presumed for the purposes of paragraph (a) or (as the case may be) paragraph (b) of subsection (2) that the interest was acquired or the benefit was received otherwise than in good faith.
(3) Any sums required to be paid to the trustee in accordance with an order under section 339 or 340 shall be comprised in the bankrupt’s estate.
(4) For the purposes of subsection (2A)(a), the relevant surrounding circumstances are (as the case may require)—
(a) the fact that the individual in question entered into the transaction at an undervalue; or
(b) the circumstances which amounted to the giving of the preference by the individual in question.
(5) For the purposes of subsection (2A)(a), a person has notice of the relevant proceedings if he has notice—
(a) of the fact that the bankruptcy application as a result of which, or (as the case may be) the bankruptcy petition on which, the individual in question is made bankrupt has been made or presented; or
(b) of the fact that the individual in question has been made bankrupt.
(6) Section 249 in Part VII of this Act shall apply for the purposes of subsection (2A)(b) as it applies for the purposes of the first Group of Parts.
(1) Where an individual who is made bankrupt—
(a) has rights under an approved pension arrangement, or
(b) has excluded rights under an unapproved pension arrangement,
the trustee of the bankrupt’s estate may apply to the court for an order under this section.
(2) If the court is satisfied—
(a) that the rights under the arrangement are to any extent, and whether directly or indirectly, the fruits of relevant contributions, and
(b) that the making of any of the relevant contributions (“the excessive contributions”) has unfairly prejudiced the individual’s creditors,
the court may make such order as it thinks fit for restoring the position to what it would have been had the excessive contributions not been made.
(3) Subsection (4) applies where the court is satisfied that the value of the rights under the arrangement is, as a result of rights of the individual under the arrangement or any other pension arrangement having at any time become subject to a debit under section 29(1)(a) of the Welfare Reform and Pensions Act 1999 (debits giving effect to pension-sharing), less than it would otherwise have been.
(4) Where this subsection applies—
(a) any relevant contributions which were represented by the rights which became subject to the debit shall, for the purposes of subsection (2), be taken to be contributions of which the rights under the arrangement are the fruits, and
(b) where the relevant contributions represented by the rights under the arrangement (including those so represented by virtue of paragraph (a)) are not all excessive contributions, relevant contributions which are represented by the rights under the arrangement otherwise than by virtue of paragraph (a) shall be treated as excessive contributions before any which are so represented by virtue of that paragraph.
(5) In subsections (2) to (4) “relevant contributions” means contributions to the arrangement or any other pension arrangement—
(a) which the individual has at any time made on his own behalf, or
(b) which have at any time been made on his behalf.
(6) The court shall, in determining whether it is satisfied under subsection (2)(b), consider in particular—
(a) whether any of the contributions were made for the purpose of putting assets beyond the reach of the individual’s creditors or any of them, and
(b) whether the total amount of any contributions—
(i) made by or on behalf of the individual to pension arrangements, and
(ii) represented (whether directly or indirectly) by rights under approved pension arrangements or excluded rights under unapproved pension arrangements,
is an amount which is excessive in view of the individual’s circumstances when those contributions were made.
(7) For the purposes of this section and sections 342B and 342C (“the recovery provisions”), rights of an individual under an unapproved pension arrangement are excluded rights if they are rights which are excluded from his estate by virtue of regulations under section 12 of the Welfare Reform and Pensions Act 1999.
(8) In the recovery provisions—
“approved pension arrangement” has the same meaning as in section 11 of the Welfare Reform and Pensions Act 1999;
“unapproved pension arrangement” has the same meaning as in section 12 of that Act.
(1) Without prejudice to the generality of section 342A(2), an order under section 342A may include provision—
(a) requiring the person responsible for the arrangement to pay an amount to the individual’s trustee in bankruptcy,
(b) adjusting the liabilities of the arrangement in respect of the individual,
(c) adjusting any liabilities of the arrangement in respect of any other person that derive, directly or indirectly, from rights of the individual under the arrangement,
(d) for the recovery by the person responsible for the arrangement (whether by deduction from any amount which that person is ordered to pay or otherwise) of costs incurred by that person in complying in the bankrupt’s case with any requirement under section 342C(1) or in giving effect to the order.
(2) In subsection (1), references to adjusting the liabilities of the arrangement in respect of a person include (in particular) reducing the amount of any benefit or future benefit to which that person is entitled under the arrangement.
(3) In subsection (1)(c), the reference to liabilities of the arrangement does not include liabilities in respect of a person which result from giving effect to an order or provision falling within section 28(1) of the Welfare Reform and Pensions Act 1999 (pension sharing orders and agreements).
(4) The maximum amount which the person responsible for an arrangement may be required to pay by an order under section 342A is the lesser of—
(a) the amount of the excessive contributions, and
(b) the value of the individual’s rights under the arrangement (if the arrangement is an approved pension arrangement) or of his excluded rights under the arrangement (if the arrangement is an unapproved pension arrangement).
(5) An order under section 342A which requires the person responsible for an arrangement to pay an amount (“the restoration amount”) to the individual’s trustee in bankruptcy must provide for the liabilities of the arrangement to be correspondingly reduced.
(6) For the purposes of subsection (5), liabilities are correspondingly reduced if the difference between—
(a) the amount of the liabilities immediately before the reduction, and
(b) the amount of the liabilities immediately after the reduction,
is equal to the restoration amount.
(7) An order under section 342A in respect of an arrangement—
(a) shall be binding on the person responsible for the arrangement, and
(b) overrides provisions of the arrangement to the extent that they conflict with the provisions of the order.
(1) The person responsible for—
(a) an approved pension arrangement under which a bankrupt has rights,
(b) an unapproved pension arrangement under which a bankrupt has excluded rights, or
(c) a pension arrangement under which a bankrupt has at any time had rights,
shall, on the bankrupt’s trustee in bankruptcy making a written request, provide the trustee with such information about the arrangement and rights as the trustee may reasonably require for, or in connection with, the making of applications under section 342A.
(2) Nothing in—
(a) any provision of section 159 of the Pension Schemes Act 1993 or section 91 of the Pensions Act 1995 (which prevent assignment and the making of orders that restrain a person from receiving anything which he is prevented from assigning),
(b) any provision of any enactment (whether passed or made before or after the passing of the Welfare Reform and Pensions Act 1999) corresponding to any of the provisions mentioned in paragraph (a), or
(c) any provision of the arrangement in question corresponding to any of those provisions,
applies to a court exercising its powers under section 342A.
(3) Where any sum is required by an order under section 342A to be paid to the trustee in bankruptcy, that sum shall be comprised in the bankrupt’s estate.
(4) Regulations may, for the purposes of the recovery provisions, make provision about the calculation and verification of—
(a) any such value as is mentioned in section 342B(4)(b);
(b) any such amounts as are mentioned in section 342B(6)(a) and (b).
(5) The power conferred by subsection (4) includes power to provide for calculation or verification—
(a) in such manner as may, in the particular case, be approved by a prescribed person; or
(b) in accordance with guidance from time to time prepared by a prescribed person.
(6) References in the recovery provisions to the person responsible for a pension arrangement are to—
(a) the trustees, managers or provider of the arrangement, or
(b) the person having functions in relation to the arrangement corresponding to those of a trustee, manager or provider.
(7) In this section and sections 342A and 342B—
“prescribed” means prescribed by regulations;
“the recovery provisions” means this section and sections 342A and 342B;
“regulations” means regulations made by the Secretary of State.
(8) Regulations under the recovery provisions may—
(a) make different provision for different cases;
(b) contain such incidental, supplemental and transitional provisions as appear to the Secretary of State necessary or expedient.
(9) Regulations under the recovery provisions shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
342D Recovery of excessive contributions in pension-sharing cases.
(1) For the purposes of sections 339, 341 and 342, a pension-sharing transaction shall be taken—
(a) to be a transaction, entered into by the transferor with the transferee, by which the appropriate amount is transferred by the transferor to the transferee; and
(b) to be capable of being a transaction entered into at an undervalue only so far as it is a transfer of so much of the appropriate amount as is recoverable.
(2) For the purposes of sections 340 to 342, a pension-sharing transaction shall be taken—
(a) to be something (namely a transfer of the appropriate amount to the transferee) done by the transferor; and
(b) to be capable of being a preference given to the transferee only so far as it is a transfer of so much of the appropriate amount as is recoverable.
(3) If on an application under section 339 or 340 any question arises as to whether, or the extent to which, the appropriate amount in the case of a pension-sharing transaction is recoverable, the question shall be determined in accordance with subsections (4) to (8).
(4) The court shall first determine the extent (if any) to which the transferor’s rights under the shared arrangement at the time of the transaction appear to have been (whether directly or indirectly) the fruits of contributions (“personal contributions”)—
(a) which the transferor has at any time made on his own behalf, or
(b) which have at any time been made on the transferor’s behalf,
to the shared arrangement or any other pension arrangement.
(5) Where it appears that those rights were to any extent the fruits of personal contributions, the court shall then determine the extent (if any) to which those rights appear to have been the fruits of personal contributions whose making has unfairly prejudiced the transferor’s creditors (“the unfair contributions”).
(6) If it appears to the court that the extent to which those rights were the fruits of the unfair contributions is such that the transfer of the appropriate amount could have been made out of rights under the shared arrangement which were not the fruits of the unfair contributions, then the appropriate amount is not recoverable.
(7) If it appears to the court that the transfer could not have been wholly so made, then the appropriate amount is recoverable to the extent to which it appears to the court that the transfer could not have been so made.
(8) In making the determination mentioned in subsection (5) the court shall consider in particular—
(a) whether any of the personal contributions were made for the purpose of putting assets beyond the reach of the transferor’s creditors or any of them, and
(b) whether the total amount of any personal contributions represented, at the time the pension-sharing transaction was made, by rights under pension arrangements is an amount which is excessive in view of the transferor’s circumstances when those contributions were made.
(9) In this section and sections 342E and 342F—
“appropriate amount”, in relation to a pension-sharing transaction, means the appropriate amount in relation to that transaction for the purposes of section 29(1) of the Welfare Reform and Pensions Act 1999 (creation of pension credits and debits);
“pension-sharing transaction” means an order or provision falling within section 28(1) of the Welfare Reform and Pensions Act 1999 (orders and agreements which activate pension-sharing);
“shared arrangement”, in relation to a pension-sharing transaction, means the pension arrangement to which the transaction relates;
“transferee”, in relation to a pension-sharing transaction, means the person for whose benefit the transaction is made;
“transferor”, in relation to a pension-sharing transaction, means the person to whose rights the transaction relates.
342E Orders under section 339 or 340 in respect of pension-sharing transactions.
(1) This section and section 342F apply if the court is making an order under section 339 or 340 in a case where—
(a) the transaction or preference is, or is any part of, a pension-sharing transaction, and
(b) the transferee has rights under a pension arrangement (“the destination arrangement”, which may be the shared arrangement or any other pension arrangement) that are derived, directly or indirectly, from the pension-sharing transaction.
(2) Without prejudice to the generality of section 339(2) or 340(2), or of section 342, the order may include provision—
(a) requiring the person responsible for the destination arrangement to pay an amount to the transferor’s trustee in bankruptcy,
(b) adjusting the liabilities of the destination arrangement in respect of the transferee,
(c) adjusting any liabilities of the destination arrangement in respect of any other person that derive, directly or indirectly, from rights of the transferee under the destination arrangement,
(d) for the recovery by the person responsible for the destination arrangement (whether by deduction from any amount which that person is ordered to pay or otherwise) of costs incurred by that person in complying in the transferor’s case with any requirement under section 342F(1) or in giving effect to the order,
(e) for the recovery, from the transferor’s trustee in bankruptcy, by the person responsible for a pension arrangement, of costs incurred by that person in complying in the transferor’s case with any requirement under section 342F(2) or (3).
(3) In subsection (2), references to adjusting the liabilities of the destination arrangement in respect of a person include (in particular) reducing the amount of any benefit or future benefit to which that person is entitled under the arrangement.
(4) The maximum amount which the person responsible for the destination arrangement may be required to pay by the order is the smallest of—
(a) so much of the appropriate amount as, in accordance with section 342D, is recoverable,
(b) so much (if any) of the amount of the unfair contributions (within the meaning given by section 342D(5)) as is not recoverable by way of an order under section 342A containing provision such as is mentioned in section 342B(1)(a), and
(c) the value of the transferee’s rights under the destination arrangement so far as they are derived, directly or indirectly, from the pension-sharing transaction.
(5) If the order requires the person responsible for the destination arrangement to pay an amount (“the restoration amount”) to the transferor’s trustee in bankruptcy it must provide for the liabilities of the arrangement to be correspondingly reduced.
(6) For the purposes of subsection (5), liabilities are correspondingly reduced if the difference between—
(a) the amount of the liabilities immediately before the reduction, and
(b) the amount of the liabilities immediately after the reduction,
is equal to the restoration amount.
(7) The order—
(a) shall be binding on the person responsible for the destination arrangement, and
(b) overrides provisions of the destination arrangement to the extent that they conflict with the provisions of the order.
342F Orders under section 339 or 340 in pension-sharing cases: supplementary.
(1) On the transferor’s trustee in bankruptcy making a written request to the person responsible for the destination arrangement, that person shall provide the trustee with such information about—
(a) the arrangement,
(b) the transferee’s rights under it, and
(c) where the destination arrangement is the shared arrangement, the transferor’s rights under it,
as the trustee may reasonably require for, or in connection with, the making of applications under sections 339 and 340.
(2) Where the shared arrangement is not the destination arrangement, the person responsible for the shared arrangement shall, on the transferor’s trustee in bankruptcy making a written request to that person, provide the trustee with such information about—
(a) the arrangement, and
(b) the transferor’s rights under it,
as the trustee may reasonably require for, or in connection with, the making of applications under sections 339 and 340.
(3) On the transferor’s trustee in bankruptcy making a written request to the person responsible for any intermediate arrangement, that person shall provide the trustee with such information about—
(a) the arrangement, and
(b) the transferee’s rights under it,
as the trustee may reasonably require for, or in connection with, the making of applications under sections 339 and 340.
(4) In subsection (3) “intermediate arrangement” means a pension arrangement, other than the shared arrangement or the destination arrangement, in relation to which the following conditions are fulfilled—
(a) there was a time when the transferee had rights under the arrangement that were derived (directly or indirectly) from the pension-sharing transaction, and
(b) the transferee’s rights under the destination arrangement (so far as derived from the pension-sharing transaction) are to any extent derived (directly or indirectly) from the rights mentioned in paragraph (a).
(5) Nothing in—
(a) any provision of section 159 of the Pension Schemes Act 1993 or section 91 of the Pensions Act 1995 (which prevent assignment and the making of orders which restrain a person from receiving anything which he is prevented from assigning),
(b) any provision of any enactment (whether passed or made before or after the passing of the Welfare Reform and Pensions Act 1999) corresponding to any of the provisions mentioned in paragraph (a), or
(c) any provision of the destination arrangement corresponding to any of those provisions,
applies to a court exercising its powers under section 339 or 340.
(6) Regulations may, for the purposes of sections 339 to 342, sections 342D and 342E and this section, make provision about the calculation and verification of—
(a) any such value as is mentioned in section 342E(4)(c);
(b) any such amounts as are mentioned in section 342E(6)(a) and (b).
(7) The power conferred by subsection (6) includes power to provide for calculation or verification—
(a) in such manner as may, in the particular case, be approved by a prescribed person; or
(b) in accordance with guidance from time to time prepared by a prescribed person.
(8) In section 342E and this section, references to the person responsible for a pension arrangement are to—
(a) the trustees, managers or provider of the arrangement, or
(b) the person having functions in relation to the arrangement corresponding to those of a trustee, manager or provider.
(9) In this section—
“prescribed” means prescribed by regulations;
“regulations” means regulations made by the Secretary of State.
(10) Regulations under this section may—
(a) make different provision for different cases;
(b) contain such incidental, supplemental and transitional provisions as appear to the Secretary of State necessary or expedient.
(11) Regulations under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
(1) This section applies where a person is made bankrupt who is or has been a party to a transaction for, or involving, the provision to him of credit.
(2) The court may, on the application of the trustee of the bankrupt’s estate, make an order with respect to the transaction if the transaction is or was extortionate and was not entered into more than 3 years before the commencement of the bankruptcy.
(3) For the purposes of this section a transaction is extortionate if, having regard to the risk accepted by the person providing the credit—
(a) the terms of it are or were such as to require grossly exorbitant payments to be made (whether unconditionally or in certain contingencies) in respect of the provision of the credit, or
(b) it otherwise grossly contravened ordinary principles of fair dealing;
and it shall be presumed, unless the contrary is proved, that a transaction, with respect to which an application is made under this section is or, as the case may be, was extortionate.
(4) An order under this section with respect to any transaction may contain such one or more of the following as the court thinks fit, that is to say—
(a) provision setting aside the whole or part of any obligation created by the transaction;
(b) provision otherwise varying the terms of the transaction or varying the terms on which any security for the purposes of the transaction is held;
(c) provision requiring any person who is or was party to the transaction to pay to the trustee any sums paid to that person, by virtue of the transaction, by the bankrupt;
(d) provision requiring any person to surrender to the trustee any property held by him as security for the purposes of the transaction;
(e) provision directing accounts to be taken between any persons.
(5) Any sums or property required to be paid or surrendered to the trustee in accordance with an order under this section shall be comprised in the bankrupt’s estate.
(6) . . .
. . . the powers conferred by this section are exercisable in relation to any transaction concurrently with any powers exerciseable under this Act in relation to that transaction as a transaction at an undervalue.
344 Avoidance of general assignment of book debts.
(1) The following applies where a person engaged in any business makes a general assignment to another person of his existing or future book debts, or any class of them, and is subsequently made bankrupt.
(2) The assignment is void against the trustee of the bankrupt’s estate as regards book debts which were not paid before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition, unless the assignment has been registered under the Bills of Sale Act 1878.
(3) For the purposes of subsections (1) and (2)—
(a) “assignment” includes an assignment by way of security or charge on book debts, and
(b) “general assignment” does not include—
(i) an assignment of book debts due at the date of the assignment from specified debtors or of debts becoming due under specified contracts, or
(ii) an assignment of book debts included either in a transfer of a business made in good faith and for value or in an assignment of assets for the benefit of creditors generally.
(4) For the purposes of registration under the Act of 1878 an assignment of book debts is to be treated as if it were a bill of sale given otherwise than by way of security for the payment of a sum of money; and the provisions of that Act with respect to the registration of bills of sale apply accordingly with such necessary modifications as may be made by rules under that Act.
(1) The following applies where a contract has been made with a person who is subsequently made bankrupt.
(2) The court may, on the application of any other paty to the contract, make an order discharging obligations under the contract on such terms as to payment by the applicant or the bankrupt of damages for non-performance or otherwise as appear to the court to be equitable.
(3) Any damages payable by the bankrupt by virtue of an order of the court under this section are provable as a bankruptcy debt.
(4) Where an undischarged bankrupt is a contractor in respect of any contract jointly with any person, that person may sue or be sued in respect of the contract without the joinder of the bankrupt.
(1) Subject to section 285 in Chapter II (restriction on proceedings and remedies) and to the following provisions of this section, where the creditor of any person who is made bankrupt has, before the commencement of the bankruptcy—
(a) issued execution against the goods or land of that person, or
(b) attached a debt due to that person from another person,
that creditor is not entitled, as against the official reciever or trustee of the bankrupt’s estate, to retain the benefit of the execution or attachment, or any sums paid to avoid it, unless the execution or attachment was completed, or the sums were paid, before the commencement of the bankruptcy.
(1A) For the purposes of this section, Her Majesty's Revenue and Customs is to be regarded as having attached a debt due to a person if it has taken action under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement by deduction from accounts) as a result of which an amount standing to the credit of an account held by that person is—
(a) subject to arrangements made under paragraph 6(3) of that Schedule, or
(b) the subject of a deduction notice under paragraph 13 of that Schedule.
(2) Subject as follows, where any goods of a person have been taken in execution, then, if before the completion of the execution notice is given to the enforcement officer or other officer charged with the execution that that person has been made bankrupt—
(a) the enforcement officer or other officer shall on request deliver to the official receiver or trustee of the bankrupt’s estate the goods and any money seized or recovered in part satisfaction of the execution, but
(b) the costs of the execution are a first charge on the goods or money so delivered and the official receiver or trustee may sell the goods or a sufficient part of them for the purpose of satisfying the charge.
(3) Subject to subsection (6) below, where—
(a) under an execution in respect of a judgment for a sum exceeding such sum as may be prescribed for the purposes of this subsection, the goods of any person are sold or money is paid in order to avoid a sale, and
(b) before the end of the period of 14 days beginning with the day of the sale or payment the enforcement officer or other officer charged with the execution is given notice that a bankruptcy application has been made or a bankruptcy petition has been presented in relation to that person, and
(c) a bankruptcy order is or has been made as a result of that application or on that petition,
the balance of the proceeds of sale or money paid, after deducting the costs of execution, shall (in priority to the claim of the execution creditor) be comprised in the bankrupt’s estate.
(4) Accordingly, in the case of an execution in respect of a judgment for a sum exceeding the sum prescribed for the purposes of subsection (3), the enforcement officer or other officer charged with the execution—
(a) shall not dispose of the balance mentioned in subsection (3) at any time within the period of 14 days so mentioned or while proceedings on a bankruptcy application are ongoing or (as the case may be) there is pending a bankruptcy petition of which he has been given notice under that subsection, and
(b) shall pay that balance, where by virtue of that subsection it is comprised, in the bankrupt’s estate, to the official receiver or (if there is one) to the trustee or that estate.
(5) For the purposes of this section—
(a) an execution against goods is completed by seizure and sale or by the making of a charging order under section 1 of the Charging Orders Act 1979;
(b) an execution against land is completed by seizure, by the appointment of a receiver or by the making of a charging order under that section;
(c) an attachment of a debt is completed by the receipt of the debt.
(6) The rights conferred by subsections (1) to (3) on the official receiver or the trustee may, to such extent and on such terms as it thinks fit, be set aside by the court in favour of the creditor who has issued the execution or attached the debt.
(7) Nothing in this section entitles the trustee of a bankrupt’s estate to claim goods from a person who has acquired them in good faith under a sale by an enforcement officer or other officer charged with an execution.
(8) Neither subsection (2) nor subsection (3) applies in relation to any execution against property which has been acquired by or has devolved upon the bankrupt since the commencement of the bankruptcy, unless, at the time the execution is issued or before it is completed—
(a) the property has been or is claimed for the bankrupt’s estate under section 307 (after-acquired property), and
(b) a copy of the notice given under that section has been or is served on the enforcement officer or other officer charged with the execution.
(9) In this section “enforcement officer” means an individual who is authorised to act as an enforcement officer under the Courts Act 2003.
(1) CRAR (the power of commercial rent arrears recovery under section 72(1) of the Tribunals, Courts and Enforcement Act 2007) is exercisable where the tenant is an undischarged bankrupt (subject to sections 252(2)(b) and 254(1) above and subsection (5) below) against goods and effects comprised in the bankrupt’s estate, but only for 6 months’ rent accrued due before the commencement of the bankruptcy.
(2) Where CRAR has been exercised to recover rent from an individual to whom a bankruptcy application or a bankruptcy petition relates and a bankruptcy order is subsequently made as a result of that application or on that petition, any amount recovered by way of CRAR which—
(a) is in excess of the amount which by virtue of subsection (1) would have been recoverable after the commencement of the bankruptcy, or
(b) is in respect of rent for a period or part of a period after goods were taken control of under CRAR ,
shall be held for the bankrupt as apart of his estate.
(3) Subsection (3A) applies where—
(a) any person (whether or not a landlord or person entitled to rent) has distrained upon the goods or effects of an individual who is made bankrupt before the end of the period of 3 months beginning with the distraint, or
(b) Her Majesty's Revenue and Customs has been paid any amount from an account of an individual under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement by deduction from accounts) and the individual is adjudged bankrupt before the end of the period of 3 months beginning with the payment.
(3A) Where this subsection applies—
(a) in a case within subsection (3)(a), the goods or effects, or the proceeds of their sale, and
(b) in a case within subsection (3)(b), the amount in question,
is charged for the benefit of the bankrupt's estate with the preferential debts of the bankrupt to the extent that the bankrupt's estate is for the time being insufficient for meeting them.
(4) Where by virtue of any charge under subsection (3A) any person surrenders any goods or effects to the trustee of a bankrupt’s estate or makes a payment to such a trustee, that person ranks, in respect of the amount of the proceeds of the sale of those goods or effects by the trustee or, as the case may be, the amount of the payment, as a preferential creditor of the bankrupt, except as against so much of the bankrupt’s estate as is available for the payment of preferential creditors by virtue of the surrender or payment.
(5) CRAR is not exercisable at any time after the discharge of a bankrupt against any goods or effects comprised in the bankrupt’s estate.
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) Subject to sections 252(2)(b) and 254(1) above nothing in this Group of Parts affects any right to distrain otherwise than for rent; and any such right is at any time exerciseable without restriction against property comprised in a bankrupt’s estate, even if that right is expressed by any enactment to be exerciseable in like manner as a right to distrain for rent.
(9) Any right to distrain against property comprised in a bankrupt’s estate is exerciseable notwithstanding that the propety has vested in the trustee.
(10) The provisions of this section are without prejudice to a landlord’s right in a bankruptcy to prove for any bankruptcy debt in respect of rent.
(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) This section applies where—
(a) a bankruptcy order is made in respect of an individual to whom another individual was an apprentice or articled clerk at the time when the application for the order was made or (as the case may be) the petition for the order was presented, and
(b) the bankrupt or the apprentice or clerk gives notice to the trustee terminating the apprenticeship or articles.
(2) Subject to subsection (6) below, the indenture of apprenticeship or, as the case may be, the articles of agreement shall be discharged with effect from the commencement of the bankruptcy.
(3) If any money has been paid by or on behalf of the apprentice or clerk to the bankrupt as a fee, the trustee may, on an application made by or on behalf of the apprentice or clerk, pay such sum to the apprentice or clerk as to the trustee thinks reasonable, having regard to—
(a) the amount of the fee,
(b) the proportion of the period in respect of which the fee was paid that has been served by the apprentice or clerk before the commencement of the bankruptcy, and
(c) the other circumstances of the case.
(4) The power of the trustee to make a payment under subsection (3) has priority over his obligation to distribute the bankrupt’s estate.
(5) Instead of making a payment under subsection (3), the trustee may, if it appears to him expedient to do so on an application made by or on behalf of the apprentice or clerk, transfer the indenture or articles to a person other than the bankrupt.
(6) Where a transfer is made under subsection (5), subsection (2) has effect only as between the apprentice or clerk and the bankrupt.
(1) Subject as follows, a lien or other right to retain possession of any of the books, papers or other records of a bankrupt is unenforceable to the extent that its enforcement would deny possession of any books, papers or other records to the official receiver or the trustee of the bankrupt’s estate.
(2) Subsection (1) does not apply to a lien on documents which give a title to property and are held as such.
349A Arbitration agreements to which bankrupt is party.
(1) This section applies where a bankrupt had become party to a contract containing an arbitration agreement before the commencement of his bankruptcy.
(2) If the trustee in bankruptcy adopts the contract, the arbitration agreement is enforceable by or against the trustee in relation to matters arising from or connected with the contract.
(3) If the trustee in bankruptcy does not adopt the contract and a matter to which the arbitration agreement applies requires to be determined in connection with or for the purposes of the bankruptcy proceedings—
(a) the trustee with the consent of the creditors’ committee, or
(b) any other party to the agreement,
may apply to the court which may, if it thinks fit in all the circumstances of the case, order that the matter be referred to arbitration in accordance with the arbitration agreement.
(4) In this section—
“arbitration agreement” has the same meaning as in Part I of the Arbitration Act 1996; and
“the court” means the court which has jurisdiction in the bankruptcy proceedings.
(1) Subject to section 360(3) below, this Chapter applies —
(a) where an adjudicator has made a bankruptcy order as a result of a bankruptcy application, or
(b) where the court has made a bankruptcy order on a bankruptcy petition.
(2) This Chapter applies whether or not the bankruptcy order is annulled, but proceedings for an offence under this Chapter shall not be instituted after the annulment.
(3) Without prejudice to his liability in respect of a subsequent bankruptcy, the bankrupt is not guilty of an offence under this Chapter in respect of anything done after his discharge; but nothing in this Group of Parts prevents the institution of proceedings against a discharged bankrupt for an offence committed before his discharge.
(3A) Subsection (3) is without prejudice to any provision of this Chapter which applies to a person in respect of whom a bankruptcy restrictions order is in force.
(4) It is not a defence in proceedings for an offence under this Chapter that anything relied on, in whole or in part, as constituting that offence was done outside England and Wales.
(5) Proceedings for an offence under this Chapter or under the rules shall not be instituted except by the Secretary of State or by or with the consent of the Director of Public Prosecutions.
(6) A person guilty of any offence under this Chapter is liable to imprisonment or a fine, or both.
In the following provisions of this Chapter—
(a) references to property comprised in the bankrupt’s estate or to property possession of which is required to be delivered up to the official receiver or the trustee of the bankrupt’s estate include any property which would be such property if a notice in respect of it were given under section 307 (after-acquired property) , section 308 (personal property and effects of bankrupt having more than replacement value) or section 308A (vesting in trustee of certain tenancies);
(b) “the initial period” means the period between the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition and the commencement of the bankruptcy; ...
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Where in the case of an offence under any provision of this Chapter it is stated that this section applies, a person is not guilty of the offence if he proves that, at the time of the conduct constituting the offence, he had no intent to defraud or to conceal the state of his affairs.
(1) The bankrupt is guilty of an offence if—
(a) he does not to the best of his knowledge and belief disclose all the property comprised in his estate to the official receiver or the trustee, or
(b) he does not inform the official receiver or the trustee of any disposal of any property which but for the disposal would be so comprised, stating how, when, to whom and for what consideration the property was disposed of.
(2) Subsection (1)(b) does not apply to any disposal in the ordinary course of a business carried on by the bankrupt or to any payment of the ordinary expenses of the bankrupt or his family.
(3) Section 352 applies to this offence.
(1) The bankrupt is guilty of an offence if—
(a) he does not deliver up possession to the official receiver or trustee, or as the official receiver or trustee may direct, of such part of the property comprised in his estate as is in his possession or under his control and possession of which he is required by law so to deliver up,
(b) he conceals any debt due to or from him or conceals any property the value of which is not less than the prescribed amount and possession of which he is required to deliver up to the official receiver or trustee, or
(c) in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition, or in the initial period, he did anything which would have been an offence under paragraph (b) above if the bankruptcy order had been made immediately before he did it.
Section 352 applies to this offence.
(2) The bankrupt is guilty of an offence if he removes, or in the initial period removed, any property the value of which was not less than the prescribed amount and possession of which he has or would have been required to deliver up to the official receiver or the trustee.
Section 352 applies to this offence.
(3) The bankrupt is guilty of an offence if he without reasonable excuse fails, on being required to do so by the official receiver , the trustee or the court—
(a) to account for the loss of any substantial part of his property incurred in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition or in the initial period, or
(b) to give a satisfactory explanation of the manner in which such a loss was incurred.
355 Concealment of books and papers; falsification.
(1) The bankrupt is guilty of an offence if he does not deliver up possession to the official receiver or the trustee, or as the official receiver or trustee may direct, of all books, papers and other records of which he has possession or control and which relate to his estate or his affairs.
Section 352 applies to this offence.
(2) The bankrupt is guilty of an offence if—
(a) he prevents, or in the initial period prevented, the production of any books, papers or records relating to his estate or affairs;
(b) he conceals destroys, mutilates or falsifies, or causes or permits the concealment, destruction, mutilation or falsification of, any books, papers or other records relating to his estate or affairs;
(c) he makes, or causes or permits the making of, any false entries in any book, document or record relating to his estate or affairs; or
(d) in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition, or in the initial period, he did anything which would have been an offence under paragraph (b) or (c) above if the bankruptcy order had been made before he did it.
Section 352 applies to this offence.
(3) The bankrupt is guilty of an offence if—
(a) he disposes of, or alters or makes any omission in, or causes or permits the disposal, altering or making of any omission in, any book, document or record relating to his estate or affairs, or
(b) in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition, or in the initial period, he did anything which would have been an offence under paragraph (a) if the bankruptcy order had been made before he did it.
Section 352 applies to this offence.
(4) In their application to a trading record subsections (2)(d) and (3)(b) shall have effect as if the reference to 12 months were a reference to two years.
(5) In subsection (4) “trading record” means a book, document or record which shows or explains the transactions or financial position of a person’s business, including—
(a) a periodic record of cash paid and received,
(b) a statement of periodic stock-taking, and
(c) except in the case of goods sold by way of retail trade, a record of goods sold and purchased which identifies the buyer and seller or enables them to be identified.
(1) The bankrupt is guilty of an offence if he makes or has made any material omission in any statement made under any provision in this Group of Parts and relating to his affairs.
Section 352 applies to this offence.
(2) The bankrupt is guilty of an offence if—
(a) knowing or believing that a false debt has been proved by any person under the bankruptcy, he fails to inform the trustee as soon as practicable; or
(b) he attempts to account for any part of his property by fictitious losses or expenses; or
(c) in connection with any creditors' decision procedure or deemed consent procedure in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition or (whether or not in connection with such a procedure) at any time in the intial period, he did anything which would have been an offence under paragraph (b) if the bankruptcy order had been made before he did it; or
(d) he is, or at any time has been, guilty of any false representation or other fraud for the purpose of obtaining the consent of his creditors, or any of them, to an agreement with reference to his affairs or to his bankruptcy.
(1) The bankrupt is guilty of an offence if he makes or causes to be made, or has in the period of 5 years ending with the commencement of the bankruptcy made or caused to be made, any gift or transfer of, or any charge on,his property.
Section 352 applies to this offence.
(2) The reference to making a transfer of or charge on any property includes causing or conniving at the levying of any execution against that property.
(3) The bankrupt is guilty of an offence if he conceals or removes, or has at any time before the commencement of the bankruptcy concealed or removed, any part of his property after, or within 2 months before, the date on which a judgment or order for the payment of money has been obtained against him, being a judgment or order which was not satisfied before the commencement of the bankruptcy.
Section 352 applies to this offence.
The bankrupt is guilty of an offence if—
(a) he leaves, or attempts or makes preparations to leave, England and Wales with any property the value of whichis not less than the prescribed amount and possession of which he is required to deliver up to the official receiver or the trustee, or
(b) in the 6 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition, or in the initial period, he did anything which would have been an offence under paragraph (a) if the bankruptcy order had been made immediately before he did it.
Section 352 applies to this offence.
359 Fraudulent dealing with property obtained on credit.
(1) The bankrupt is guilty of an offence if, in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition, or in the initial period, he disposed of any property which he had obtained on credit and, at the time he disposed of it, had not paid for.
Section 352 applies to this offence.
(2) A person is guilty of an offence if, in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the bankruptcy petition or in the initial period, he acquired or received property from the bankrupt knowing or believing—
(a) that the bankrupt owed money in respect of the property, and
(b) that the bankrupt did not intend, or was unlikely to be able, to pay the money he so owed.
(3) A person is not guilty of an offence under subsection (1) or (2) if the disposal, acquisition or receipt of the property was in the ordinary course of a business carried on by the bankrupt at the time of the disposal, acquisition or receipt.
(4) In determining for the purposes of this section whether any property is disposed of, acquired or received in the ordinary course of a business carried on by the bankrupt, regard may be had, in particular, to the price paid for the property.
(5) In this section references to disposing of property include pawning or pledging it; and references to acquiring or receiving property shall be read accordingly.
(1) The bankrupt is guilty of an offence if—
(a) either alone or jointly with any other person, he obtains credit to the extent of the prescribed amount or more without giving the person from whom he obtains it the relevant information about his status; or
(b) he engages (whether directly or indirectly) in any business under a name other than that in which he was made bankrupt without disclosing to all persons with whom he enters into any business transaction the name in which he was so adjudged.
(2) The reference to the bankrupt obtaining credit includes the following cases—
(a) where goods are bailed to him under a hire-purchase agreement, or agreed to be sold to him under a conditional sale agreement, and
(b) where he is paid in advance (whether in money or otherwise) for the supply of goods or services.
(3) A person whose estate has been sequestrated in Scotland, or who has been adjudged bankrupt in Northern Ireland, is guilty of an offence if, before his discharge, he does anything in England and Wales which would be an offence under subsection (1) if he were an undischarged bankrupt and the sequestration of his estate or the adjudication in Northern Ireland were an adjudication under this Part.
(4) For the purposes of subsection (1)(a), the relevant information about the status of the person in question is the information that he is an undischarged bankrupt or, as the case may be, that his estate has been sequestrated in Scotland and that he has not been discharged.
(5) This section applies to the bankrupt after discharge while a bankruptcy restrictions order is in force in respect of him.
(6) For the purposes of subsection (1)(a) as it applies by virtue of subsection (5), the relevant information about the status of the person in question is the information that a bankruptcy restrictions order is in force in respect of him.