Bankruptcy Ordinance

(1)
Subject to this section and
sections 43A to 43E
, a bankrupt’s estate
comprises—
(a)
all property belonging to or vested in the bankrupt at the commencement of
                    the bankruptcy; and
(b)
any property which by virtue of any of the provisions of this Ordinance is
                    comprised in that estate or is treated as falling within paragraph
                    (a).
(2)
Subsection (1) does not apply
to—
(a)
such tools, books, vehicles and other items of equipment as are necessary
                    to the bankrupt for use personally by him in his employment, business or
                    vocation;
(b)
such clothing, bedding, furniture, household equipment and provisions as
                    are necessary for satisfying the basic domestic needs of the bankrupt and his
                    family.
(3)
Subsection (1) does not apply to property held by the bankrupt on trust for any
                other person.
(4)
References in this Ordinance to property, in relation to a bankrupt, include
                references to any power exercisable by him over or in respect of property except in
                so far as the power is exercisable over or in respect of property not for the time
                being comprised in the bankrupt’s estate and cannot be so exercised for the benefit
                of the bankrupt; and a power exercisable over or in respect of property is deemed to
                vest in the person entitled to exercise it at the time of the transaction or event
                by virtue of which it is exercisable by that person (whether or not it becomes so
                exercisable at that time).
(5)
For the purposes of any provision in this Ordinance, property comprised in a
                bankrupt’s estate is so comprised subject to the rights of any person other than the
                bankrupt (whether as a secured creditor of the bankrupt or otherwise) in relation
                thereto, but
disregarding—
(a)
any rights in relation to which a statement such as is required by
section 6B(1
)(
a)
was made in the petition on which the bankrupt
                    was adjudged bankrupt; and
(b)
any rights which have been otherwise given up in accordance with the
                    rules.
(6)
This section has effect subject to the provisions of any enactment not
                contained in this Ordinance under which any property is to be excluded from a
                bankrupt’s estate.