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Section 132 of Insolvency Act CAP 53: Restrictions on creditor dealing with goods

    

(1) If a bankrupt acquired goods under a credit purchase transaction before the bankruptcy commenced and the creditor either—
(a) took possession of the goods within the twenty-one days immediately before the time when the bankruptcy commenced, and after that time still possesses them; or
(b) takes possession of the goods after that time, the creditor may not sell or dispose of the goods or part with possession of them until the expiry of thirty days from and including the date when the creditor serves a post-possession notice on the bankruptcy trustee.
(2) Subsection (1) does not apply if the creditor, with the consent of the bankruptcy trustee, sells or parts with possession of the goods before the end of the thirty-day period.
(3) A sale or disposal in contravention of subsection (1) is void as against the bankruptcy trustee.

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

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