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CHAPTER 5 (Act of Bankruptcy (Departing or remaining outside of the…
CHAPTER 5
Act of Bankruptcy
Departing or remaining outside of the country so as to defraud or delay paying the creditors. Leaving his residence or hiding also recognized as act of bankruptcy.
Fraudulent preference that is transfer of any of the debtor’s properties to particular creditor with the intention of paying that creditor in full in preference to other creditor
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He / She makes fraudulent conveyance, gift, delivery or transfer of his property or of any part thereof to prevent distribution according to bankruptcy laws.
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He / She makes a conveyance or assignment of his property to a trustee or trustees for the benefit of his creditors generally.
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properties involved
- Property over which the bankrupt has capacity to exercise all powers which he will exercise for his own benefit.
- Goods owned by the bankrupt.
- Property acquired by the bankrupt before his discharge and after the commencement of bankruptcy.
- Property that is transferred gratuitously (unnecessary) by the bankrupt to another person which is considered as “voluntary settlement”.
- Property belonging to the debtor at commencement of bankruptcy.
- Property used by the bankrupt to be given as fraudulent preference to a particular creditor within a specified time before bankrupt.
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What is bankruptcy
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It is commenced by the presentation of a bankruptcy petition to the court and after the adjudication and receiving order, the Official Assignee takes over the bankrupt's affairs.
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