Bankruptcy of defendant

(1) Where a person who holds realisable property is adjudged bankrupt, there shall be excluded from his estate for the purposes of section 4, 45 or 46 of the Bankruptcy ActCAP. 244. (a) property for the time being subject to a restraint order made before the order adjudging him bankrupt; and (b) any proceeds of property realised by virtue of section 39(6) or 40(4)(b) for the time being in the hands of a receiver appointed under section 39 or 40. (2) Where a person has been adjudged bankrupt, the powers conferred on the court by sections 39 to 42 or on a receiver appointed under section 39 or 40 shall not be exercised in relation toCAP. 244. 64 (a) property for the time being comprised in the bankrupt’s estate for the purposes of the Bankruptcy Act; and (b) property which is to be applied for the benefit of creditors of the bankrupt by virtue of a condition imposed under the Bankruptcy Act. CAP. 244. realisable