Section 143 of Insolvency Act CAP 53: Court may impose charge on bankrupt's property
(1) If—
(a) any property consisting of an interest in a dwelling house that is occupied by the bankrupt or by the bankrupt's spouse or former spouse is comprised in the bankrupt's estate; and
(b) the bankruptcy trustee is, for any reason, unable for the time being to realise that property, that trustee may apply to the Court for an order imposing a charge on the property for the benefit of the bankrupt's estate.
(2) lf, on the hearing of an application under this section the Court imposes a charge on any property—
(a) the benefit of that charge is included in the bankrupt's estate; and
(b) is enforceable up to the charged value from time to time, for the payment of any amount that is payable otherwise than to the bankrupt out of the estate and of interest on that amount at the rate prescribed by the insolvency regulations for the purposes of this section.
(3) In subsection (2), the charged value means the—
(a) the amount specified in the charging order as the value of the bankrupt's interest in the property at the date of the order; and
(b) interest on that amount from the date of the charging order at the prescribed rate.
(4) In determining the value of an interest for the purposes of this section, the Court shall disregard any matter that it is required to disregard by the insolvency regulations.
(5) In making an order under this section in respect of property vested in the bankruptcy trustee, the
Court shall provide, in accordance with the insolvency regulations, for the property—
(a) to cease to be included in the bankrupt's estate; and
(b) to vest in the bankrupt subject to the charge and any prior charge.
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