232. Security; failure to keep up security.

A special manager must give such security as may be prescribed1; and the appointment of the special manager2 does not take effect until the person appointed has given, or, if the court allows, undertaken to give, security to the applicant for the appointment3. A person appointed as special manager may give security either specifically for a particular bankruptcy, or generally for any bankruptcy in relation to which that person may be appointed as special manager4.

The amount of the security must be not less than the value of the bankrupt's estate, property or business in relation to which the special