489. Effect of bankruptcy on creditors' rights.

After the making of a bankruptcy order1 no person who is a creditor of the bankrupt in respect of a debt provable in the bankruptcy2:

  1.  

    (1)     has any remedy against the property or person of the bankrupt in respect of that debt; or

  2.  

    (2)     may, before the discharge of the bankrupt, commence any action or other legal proceedings against the bankrupt except with the permission of the court and on such terms as the court may impose3.

In place of their rights to enforce their claims against the bankrupt and the bankrupt's property, the creditors acquire a right to share