Section 114 of Insolvency Act CAP 53: Transaction in good faith and for value after bankruptcy
(1) This section applies to a transaction between a person and the bankrupt in relation to property that the bankrupt has acquired, or that has passed to the bankrupt, after the bankruptcy has commenced.
(2) The transaction is valid as against the bankruptcy trustee if—
(a) the person concerned deals with the bankrupt in good faith and for value; and
(b) the transaction is completed without an intervention by the bankruptcy trustee.
(3) If the person concerned is a bank of which the bankrupt is a client, a transaction by that person dealing with the bankrupt for value includes—
(a) the receipt by that person of any money, charge, or negotiable instrument from the bankrupt or by the bankrupt's order or direction;
(b) a payment by that person to the bankrupt or by the bankrupt's order or direction; and
(c) the delivery by that person of a charge or negotiable instrument to the bankrupt or by the bankrupt's order or direction.
(4) A payment of money or delivery of property by a legal personal representative to, or by the direction of, the bankrupt is a transaction for value.
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