The Insolvency and Bankruptcy Code

Functions of bankruptcy trustee

Duties of bankrupt towards bankruptcy trustee

Rights of bankruptcy trustee

General powers of bankruptcy trustee

Approval of creditors for certain acts

Vesting of estate of bankrupt in bankruptcy trustee

Estate of bankrupt

Delivery of property and documents to bankruptcy trustee

Acquisition of control by bankruptcy trustee

Restrictions on disposition of property

After-acquired property of bankrupt

Onerous property of bankrupt

Notice to disclaim onerous property

Disclaimer of leaseholds

Challenge against disclaimed property

Undervalued transactions

Preference transactions

Effect of order

Extortionate credit transactions

Obligations under contracts

Continuance of proceedings on death of bankrupt

Administration of estate of deceased bankrupt

Proof of debt

Proof of debt by secured creditors

Mutual credit and set-off

Distribution of interim dividend

Distribution of property

Final dividend

Claims of creditors

Priority of payment of debts


CHAPTER V ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT


(1) The bankruptcy trustee shall take
possession and control of all property, books, papers and other records relating to the estate of the
bankrupt or affairs of the bankrupt which belong to him or are in his possession or under his control.

(2) Where any part of the estate of the bankrupt consists of things in actionable claims, they shall be
deemed to have been assigned to the bankruptcy trustee without any notice of the assignment.


LAWGIST

# 157 Acquisition of control by bankruptcy trustee