Section 17
Bankruptcy of defendant etc.
of Drug Trafficking (Recovery of Proceeds) Act
(1)
Where a person who holds realisable property is adjudged bankrupt —
(a)
property for the time being subject to a restraint order made before the order adjudging him bankrupt; and
Drug Trafficking
(Recovery of Proceeds)
(b)
any proceeds of property realised by virtue of subsection (7)
of section 11 or of subsections (6) or (7) of section 13 for the time being in the hands of a receiver appointed under sections 11 or 13, is excluded from the property of the bankrupt for the purpose of the
Bankruptcy Act (Chapter 67).
(2)
Where a person has been adjudged bankrupt, the powers conferred on the High Court by sections 11 to 14 or on a receiver so appointed shall not be exercised in relation to —
(a)
property for the time being comprised in the bankrupt's estate for the purpose of the Bankruptcy Act (Chapter 67); and
(b)
property which is to be applied for the benefit of creditors of the bankrupt by virtue of a condition imposed under subsection (3) of section 30 of that Act.
(3)
Nothing in the Bankruptcy Act (Chapter 67) shall be taken as restricting, or enabling the restriction of, the exercise of those powers.
(4)
Subsection (2) does not affect the enforcement of a charging order —
(a)
made before the order adjudging the person bankrupt; or
(b)
on property which was subject to a restraint order when the order adjudging him bankrupt was made.
(5)
Where, in the case of a debtor, an interim receiver has been appointed under section 13 of the Bankruptcy Act (Chapter 67) or, where a receiving order has been made, a receiver has been constituted under section 12 of that Act, and any property of the debtor is subject to a restraint order, the powers conferred on the receiver by virtue of that Act do not apply to property for the time being subject to the restraint order.
(6)
Where a person is adjudged bankrupt and has directly or indirectly made a gift caught by this Act —
(a)
no order shall be made under sections 31 or 47 of the
Bankruptcy Act (Chapter 67) in respect of the making of the gift at any time when proceedings for a drug trafficking offence have been instituted against him and have not been concluded or when property
Drug Trafficking
(Recovery of Proceeds)
B.L.R.O. 1/2000 27
of the person to whom the gift was made is subject to a restraint order or charging order; and
(b)
any order made under either of those sections after the conclusion of the proceedings shall take into account any realisation under this Act of property held by the person to whom the gift was made.
Winding up of company holding realisable property.