Commentary

168.2 Bankrupt’s duties in relation to after-acquired property

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

168.2 Bankrupt’s duties in relation to after-acquired property

| Commentary

168.2 Bankrupt’s duties in relation to after-acquired property

If, at any time after the commencement of the bankruptcy, the bankrupt acquires any property or there is an increase in his income, he must give notice of this to the trustee within 21 days of becoming aware of the fact1. If the bankrupt without reasonable excuse fails to comply with the above obligation, 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)2.

Having served such a notice, the bankrupt may not, without the trustee’s consent

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial