—(1) This section shall apply where a person engaged in any business makes a general assignment to another person of his existing or future book debts, or any class of them, and is subsequently adjudged bankrupt.
(2) The assignment shall be void against the Official Assignee as regards book debts which were not paid before the making of the bankruptcy application, unless the assignment has been registered under the Bills of Sale Act (Cap. 24).
(3) For the purposes of this section —
“assignment” includes an assignment by way of security or charge on book debts;
“general assignment” does not include —
an assignment of book debts due at the date of the assignment from specified debtors or of debts becoming due under specified contracts; or
an assignment of book debts included either in a transfer of a business made in good faith and for value or in an assignment of assets for the benefit of creditors generally.
(4) For the purposes of registration under the Bills of Sale Act (Cap. 24), an assignment of book debts shall be treated as if it were a bill of sale given otherwise than by way of security for the payment of a sum of money.