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Powers exercisable by Official Assignee subject to orders of court

Bankruptcy Act

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The Official Assignee, subject to any general or special orders of the court, may —(a)carry on the business of the bankrupt so far as is necessary for the beneficial winding up of the same;(b)bring, institute or defend any action or other legal proceeding relating to the property of the bankrupt;(c)employ, with the permission in writing of the Minister, a solicitor to take any proceedings or do any business;(d)accept, as the consideration for the sale of any property of the bankrupt, a sum of money payable at a future time, subject to such stipulations as to security and otherwise as he thinks fit;(e)mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts;(f)refer any dispute to arbitration, compromise all debts, claims and liabilities, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or supposed to subsist, between the bankrupt and any person who may have incurred any liability to the bankrupt, on the receipt of such sums payable at such times, and generally on such terms as are agreed on;(g)make such compromise or other arrangement as is thought expedient with creditors or persons claiming to be creditors in respect of any debts provable under the bankruptcy;(h)make such compromise, or other arrangement, as is thought expedient, with respect to any claim arising out of or incidental to the property of the bankrupt, made or capable of being made on the Official Assignee by any person or by the Official Assignee on any person;(i)divide in its existing form, amongst the creditors according to its estimated value, any property which from its peculiar nature or other special circumstances cannot be readily or advantageously sold.

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