75. The bankruptcy of any person who has been adjudged bankrupt by a bankruptcy order (whether made against him or against the firm in which he is a partner) shall —
commence on the day when the bankruptcy order is made; and
continue until he is discharged under Part VIII.
—(1) On the making of a bankruptcy order —
the property of the bankrupt shall —
vest in the Official Assignee without any further conveyance, assignment or transfer; and
become divisible among his creditors;
the Official Assignee shall be constituted receiver of the bankrupt’s property; and
unless otherwise provided by this Act —
no creditor to whom the bankrupt is indebted in respect of any debt provable in bankruptcy shall have any remedy against the person or property of the bankrupt in respect of that debt; and
no action or proceedings shall be proceeded with or commenced against the bankrupt in respect of that debt,
except by leave of the court and in accordance with such terms as the court may impose.
(2) Where a bankruptcy order is made against a firm, the order shall operate as if it were a bankruptcy order made against each of the persons who, at the time of the order, is a partner in the firm.
(3) This section shall not affect the right of any secured creditor to realise or otherwise deal with his security in the same manner as he would have been entitled to realise or deal with it if this section had not been enacted.
(4) Notwithstanding subsection (3) and section 94, no secured creditor shall be entitled to any interest in respect of his debt after the making of a bankruptcy order if he does not realise his security within 6 months from the date of the bankruptcy order or such further period as the Official Assignee may determine.
—(1) Where a person is adjudged bankrupt, any disposition of property made by him during the period beginning with the day of the making of the bankruptcy application and ending with the making of the bankruptcy order shall be void except to the extent that such disposition has been made with the consent of, or been subsequently ratified by, the court.
(2) For the purpose of this section, a disposition of property shall include any payment (whether in cash or otherwise) made to any person by the bankrupt and accordingly, where any payment is void by virtue of this section, the person to whom the payment was made shall hold the sum paid for the bankrupt as part of his estate.
(3) Nothing in this section shall give a remedy against any person in respect of —
any property or payment which he received from the bankrupt before the commencement of the bankruptcy in good faith, for value and without notice that the bankruptcy application had been made; or
any interest in property which derives from an interest in respect of which there is, by virtue of this subsection, no remedy.
(4) Where, after the commencement of his bankruptcy, the bankrupt has incurred a debt to a banker or any other person by reason of the making of a payment which is void under this section, that debt shall be deemed for the purposes of this Act to have been incurred before the commencement of the bankruptcy unless —
that banker or person had notice of the bankruptcy before the debt was incurred; or
it is not reasonably practicable for the amount of the payment to be recovered from the person to whom it was made.
(5) A disposition of property shall be 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 shall affect any disposition made by a person of property held by him on trust for any other person.
—(1) The property of the bankrupt divisible among his creditors (referred to in this Act as the bankrupt’s estate) shall comprise —
all such property as belongs to or is vested in the bankrupt at the commencement of his bankruptcy or is acquired by or devolves on him before his discharge; and
the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of his bankruptcy or before his discharge.
(2) Subsection (1) shall not apply to —
property held by the bankrupt on trust for any other person;
the tools, if any, of his trade;
such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his family; and
property of the bankrupt which is excluded under any other written law.