BANKRUPTCY (IRELAND) AMENDMENT ACT 1872

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BANKRUPTCY (IRELAND) AMENDMENT ACT 1872 - SECT 104

1980 NI 14

104.(1) The trustee shall, in such manner and at such times as may be
prescribed by regulations made under Article 34 of the Bankruptcy Amendment
(Northern Ireland) Order 1980, pay the money received by him as trustee to
the Department, which shall lodge that money into the Insolvency Account.

(2) If the committee of inspection satisfy the Department that for any reason
it is for the advantage of the creditors that the trustee should pay the money
received by him as trustee or part of that money into a bank account other
than the Insolvency Account, the Department shall, on the application of the
committee of inspection, authorise the trustee to make payments into and out
of such other account as the committee may select, and thereupon those
payments shall be made in such manner and at such times as the Department may
direct.

(3) If the trustee at any time retains for more than 10 days a sum exceeding
#100 or such other amount as the Department in any particular case authorises
him to retain, then, unless he explains the retention to the satisfaction of
the Department,

(a)he shall pay interest on the amount so retained in excess at the rate of 20
per annum, and

(b)he shall be liable to disallowance of all his remuneration or such part of
it as the Department may think just, and

(c)he shall be liable to be removed from his office by the Court on the
application of the Department, and

(d)he shall be liable to pay any expenses occasioned by reason of his default.

(4) The trustee shall not pay any sums received by him as trustee into his
private banking account.

(5) Where any dividends declared by the trustee have remained unclaimed for
six months

(a)where payments into an account other than the Insolvency Account have not
been authorised under paragraph (2), the trustee shall notify and vouch the
dividends to the Department, which shall cause the sums payable in respect of
the dividends to be credited to the Insolvency Account;

(b)where payments into some other account have been so authorised, and the
dividends have been debited to that account, the trustee shall cause the sums
payable in respect of the dividends to be credited to that account.][

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Northern Irish Legislation

BANKRUPTCY (IRELAND) AMENDMENT ACT 1872 - SECT 104