### Bankruptcy Ordinance 《破產條例》

43. Definition of bankrupt’s estate
(1) Subject to this section and sections 43A to 43E, a bankrupt’s estate comprises—
(a) all property belonging to or vested in the bankrupt at the commencement of the bankruptcy; and
(b) any property which by virtue of any of the provisions of this Ordinance is comprised in that estate or is treated as falling within paragraph (a).
(2) Subsection (1) does not apply to—
(a) such tools, books, vehicles and other items of equipment as are necessary to the bankrupt for use personally by him in his employment, business or vocation;
(b) such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his family.
(3) Subsection (1) does not apply to property held by the bankrupt on trust for any other person.
(4) References in this Ordinance to property, in relation to a bankrupt, include references to any power exercisable by him over or in respect of property except in so far as the power is exercisable over or in respect of property not for the time being comprised in the bankrupt’s estate and cannot be so exercised for the benefit of the bankrupt; and a power exercisable over or in respect of property is deemed to vest in the person entitled to exercise it at the time of the transaction or event by virtue of which it is exercisable by that person (whether or not it becomes so exercisable at that time).
(5) For the purposes of any provision in this Ordinance, property comprised in a bankrupt’s estate is so comprised subject to the rights of any person other than the bankrupt (whether as a secured creditor of the bankrupt or otherwise) in relation thereto, but disregarding—
(a) any rights in relation to which a statement such as is required by section 6B(1)(a) was made in the petition on which the bankrupt was adjudged bankrupt; and
(b) any rights which have been otherwise given up in accordance with the rules.
(6) This section has effect subject to the provisions of any enactment not contained in this Ordinance under which any property is to be excluded from a bankrupt’s estate.
(Replaced 76 of 1996 s. 31)

### Bankruptcy Ordinance 《破產條例》

43A. After-acquired property
(1) Subject to this section, the trustee may by notice in writing claim for the bankrupt’s estate any property which has been acquired by, or has devolved upon, the bankrupt since the commencement of the bankruptcy.
(2) A notice under this section shall not be served in respect of—
(a) any property falling within section 43(2) or (3); or
(b) any property which is acquired by, or devolves upon, the bankrupt after his discharge.
(3) Subject to subsection (4), upon the service on the bankrupt of a notice under this section the property to which the notice relates shall vest in the trustee as part of the bankrupt’s estate; and the trustee’s title to that property has relation back to the time at which the property was acquired by, or devolved upon, the bankrupt.
(4) Where, whether before or after service of a notice under this section—
(a) a person acquires property in good faith, for value and without notice of the bankruptcy; or
(b) a banker enters into a transaction in good faith and without such notice,

the trustee is not in respect of that property or transaction entitled by virtue of this section to any remedy against that person or banker, or any person whose title to any property derives from that person or banker.
(5) References in this section to property do not include any property which, as part of the bankrupt’s income, may be the subject of an income payments order under section 43E.
(6) For the purposes of this section, an undischarged bankrupt shall submit to the trustee on each anniversary of the making of the bankruptcy order against him, a statement of his earnings during the preceding year and details of any property he acquired during that period.
(6A) For the purposes of subsection (6), if the trustee is the Official Receiver, the statement must be in the specified form. (Added 22 of 2023 s. 4)
(7) A bankrupt who fails or refuses to comply with subsection (6) is guilty of an offence and is liable to imprisonment for 6 months.
(8) The court may refuse to discharge a bankrupt who has not complied with subsection (6).
(Added 76 of 1996 s. 31)

### Bankruptcy Ordinance 《破產條例》

43B. Vesting in trustee of certain items of excess value
(1) Where—
(a) property is excluded by virtue of section 43(2) from the bankrupt’s estate; and
(b) it appears to the trustee that the realisable value of the whole or any part of that property exceeds the cost of a reasonable replacement for that property or that part of it,

the trustee may by notice in writing claim that property or, as the case may be, that part of it for the bankrupt’s estate.
(2) Upon the service on the bankrupt of a notice under this section, the property to which the notice relates vests in the trustee as part of the bankrupt’s estate; and, except against a purchaser in good faith, for value and without notice of the bankruptcy, the trustee’s title to that property has relation back to the commencement of the bankruptcy.
(3) The trustee shall apply funds comprised in the estate to the purchase by or on behalf of the bankrupt of a reasonable replacement for any property vested in the trustee under this section; and the duty imposed by this subsection has priority over the obligation of the trustee to distribute the estate.
(4) For the purposes of this section, property is a reasonable replacement for other property if it is reasonably adequate for meeting the needs met by the other property.
(Added 76 of 1996 s. 31)

43C. Time-limit for notice under section 43A or 43B
(1) Except with the leave of the court, a notice shall not be served—
(a) under section 43A, after the end of the period of 42 days beginning with the day on which it first came to the knowledge of the trustee that the property in question had been acquired by, or had devolved upon, the bankrupt;
(b) under section 43B, after the end of the period of 42 days beginning with the day on which the property in question first came to the knowledge of the trustee.
(2) For the purposes of this section—
(a) anything which comes to the knowledge of the trustee is deemed in relation to any successor of his as trustee to have come to the knowledge of the successor at the same time; and
(b) anything which comes, otherwise than under paragraph (a), to the knowledge of a person before he is the trustee is deemed to come to his knowledge on his appointment taking effect or, in the case of the Official Receiver, on his becoming trustee.
(Added 76 of 1996 s. 31)

### Bankruptcy Ordinance 《破產條例》

43D. Application by bankrupt or creditor to include or exclude items from the bankrupt’s estate
(1) Notwithstanding sections 43 to 43B—
(a) the bankrupt; or
(b) one of the creditors,

may apply to the trustee for the inclusion in or exclusion from the estate of a particular item and the trustee may grant the application or refuse it.
(2) Where the bankrupt or any of the creditors objects to the trustee’s decision under subsection (1), he may apply to the court and the court may affirm the trustee’s decision or reverse it or attach conditions to the original decision.
(Added 76 of 1996 s. 31)

43E. Income payments orders
(1) The court may, on the application of the trustee, make an order (an income payments order

43F. Continuing occupation of family home
(1) Notwithstanding anything in this Ordinance, where a bankrupt normally resides in premises which comprise part of his estate, he shall be entitled to continue residing in such premises for a period of 6 months after the making of the bankruptcy order and the court may, on application before the expiry of the 6 month period, make an order extending the entitlement for a further period not exceeding 6 months.
(2) Where the bankrupt makes an application for an extension, the court shall assume, unless the circumstances of the case are exceptional, that the interests of the bankrupt’s creditors outweigh all other considerations.
(Added 76 of 1996 s. 31)