Bankruptcy Ordinance

(1)
Where a person is adjudged bankrupt, any disposition of property made by that
                person in the period to which this section applies is void except to the extent that
                it is or was made with the consent of the court, or is or was subsequently ratified
                by the court.
(2)
Subsection (1) applies to a payment (whether in cash or otherwise) as it
                applies to a disposition of property and, accordingly, where any payment is void by
                virtue of that subsection, the person paid shall hold the sum paid for the bankrupt
                as part of his estate.
(3)
This section applies to the period beginning with the day of the presentation
                of the petition for the bankruptcy order and ending with the vesting of the
                bankrupt’s estate in a trustee.
(4)
This section does not give a remedy against any
person—
(a)
in respect of any property or payment which he received before the
                    commencement of the bankruptcy in good faith, for value and without notice that
                    the petition had been presented; or
(b)
in respect of any interest in property which derives from an interest in
                    property referred to in paragraph (a).
(5)
Where after the commencement of the bankruptcy the bankrupt has incurred a debt
                to any person by reason of the making of a payment which is void under this section,
                that debt is deemed for the purposes of this Ordinance to have been incurred before
                the commencement of the bankruptcy
unless—
(a)
that person had notice of the bankruptcy before the debt was incurred;
                    or
(b)
it is not reasonably practicable for the amount of the payment to be
                    recovered from the person to whom it was made.
(6)
A disposition of property is void under this section notwithstanding that the
                property is not or, as the case may be, would not be comprised in the bankrupt’s
                estate; but nothing in this section affects any disposition made by a person of
                property held by him on trust for any other person.