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Section 63 of Insolvency Act CAP 53: Powers of bankruptcy trustee

    

(1) A bankruptcy trustee may—
(a) with the approval of the creditor's committee, exercise of any of the powers specified in Part 1 of the First Schedule; and
(b) without that approval, exercise any of the general powers specified in Part 2 of that Schedule.
(2) With the approval of the creditors' committee or the Court, a bankruptcy trustee may appoint the bankrupt—
(a) to superintend the management of the bankrupt's estate or any part of it;
(b) to carry on the bankrupt's business (if any) for the benefit of the bankrupt's creditors; or
(c) in any other respect to assist in administering the estate in such manner and on such terms as the bankruptcy trustee may direct.
(3) An approval given for the purposes of subsection (1)(a) or (2) is required to be a specific one and to relate to a particular exercise of the relevant power.
(4) A person dealing with the bankruptcy trustee in good faith and for value is not required to ascertain whether an approval required by subsection (1)(a) or (2) has been given.
(5) If a bankruptcy trustee has done anything without the approval required by subsection (1)(a) or (2), the Court or the creditor's committee (if any) may, for the purpose of enabling the bankruptcy trustee to meet the bankruptcy trustee's expenses out of the bankrupt's estate, ratify what that trustee has done.
(6) Part 3 of the First Schedule has effect with respect to the things that the bankruptcy trustee is able to do for the purposes of, or in connection with, the exercise of any of the bankruptcy trustee's powers under this Act.
(7) If, in exercising a power conferred by this Act, a bankruptcy trustee who is not the Official Receiver
—
(a) disposes of property comprised in the bankrupt's estate to an associate of the bankrupt; or
(b) employs an advocate, the bankruptcy trustee shall, if there is a creditor's committee, give notice to the committee of that exercise of that power.
(8) A bankruptcy trustee may use his or her discretion in administering a bankrupt's property, but, in doing so, is required to have regard to the resolutions passed by the creditors at creditors' meetings.

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Disclaimer: This document is not to be taken as legal advise.

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