Suspension of insolvency professional registration prevents continued Resolution Professional appointments and restricts interim stays that effectivel...
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From the commencement of personal bankruptcy, money standing to the bankrupt's credit in a bank account constitutes property vested by law in the Bankruptcy Trustee. Post-commencement withdrawals are therefore unauthorised dealings and must be returned, irrespective of claimed lack of knowledge where prior notice and creditor-meeting participation exist. Statutory exclusion for unencumbered personal ornaments is limited by prescribed conditions and a value cap; it does not extend to sale proceeds deposited in a bank account, particularly where the claimed proceeds exceed that cap. Recall of an ex parte return order requires demonstrated prejudice, which was not established. Both appeals were dismissed.
From the commencement of personal bankruptcy, money standing to the bankrupt's credit in a bank account constitutes property vested by law in the Bankruptcy Trustee. Post-commencement withdrawals are therefore unauthorised dealings and must be returned, irrespective of claimed lack of knowledge where prior notice and creditor-meeting participation exist. Statutory exclusion for unencumbered personal ornaments is limited by prescribed conditions and a value cap; it does not extend to sale proceeds deposited in a bank account, particularly where the claimed proceeds exceed that cap. Recall of an ex parte return order requires demonstrated prejudice, which was not established. Both appeals were dismissed.
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