CHAPTER 31.8
AFTER-ACQUIRED PROPERTY
March 2009
INTRODUCTION
This chapter gives general advice and guidance relating to after-acquired property, including an overview of what does, and does not, constitute after-acquired property and the procedure for laying claim to after-acquired property.
In the context of insolvency legislation, after-acquired property refers to property (but not income) which is acquired by, or devolves upon, the bankrupt after the making of the bankruptcy order and before he/she is discharged. Even if the trustee only becomes aware of such property after the bankrupt’s discharge, it may be claimed for the estate providing it was acquired by, or devolved upon, the bankrupt between the date of the bankruptcy order and the date of discharge.
The Act requires that the bankrupt provide the trustee with information relating to any property which comes into his/her possession during the period of bankruptcy and, in turn, gives the trustee the power to claim such property where it is appropriate to do so.
The chapter is divided into the following parts:
Part 1 – After-acquired property - general (paragraphs 31.8.3 to 31.8.8)
Part 2 – Claiming after-acquired property (paragraphs 31.8.9 to 31.8.31C)
Part 3 – Considering claiming after-acquired property (paragraphs 31.8.32 to 31.8.62)
[On to Part 1 – After-acquired property - general]
Further Information
Case Help Manual – After-acquired property