Insolvency Act 1986

307 After-acquired property.E+W

(1)Subject to this section and section 309, 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 subsection (2) or (3) of section 283 in Chapter II,

[F1(aa)any property vesting in the bankrupt by virtue of section 283A in Chapter II,]

(b)any property which by virtue of any other enactment is excluded from the bankrupt’s estate, or

(c)without prejudice to section 280(2)(c) (order of court on application for discharge), any property which is acquired by, or devolves upon, the bankrupt after his discharge.

(3)[F2Subject to subsections (4) and (4A)] , 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 [F3on the bankrupt] of a notice under this section—

(a)a person acquires property in good faith, for value and without notice of the bankruptcy, F4...

F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the trustee is not in respect of that property F5... entitled by virtue of this section to any remedy against that person F6..., or any person whose title to any property derives from that person F6....

[F7(4A)Where a banker enters into a transaction before service on the banker of a notice under this section (and whether before or after service on the bankrupt of a notice under this section) the trustee is not in respect of that transaction entitled by virtue of this section to any remedy against the banker.

This subsection applies whether or not the banker has notice of the bankruptcy.]

(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 310.