Money provided in lieu of sale
This section has no associated Explanatory Memorandum
10.107.—(1) The following applies where a third party proposes to the trustee that the third party should provide the bankrupt’s estate with a sum of money enabling the bankrupt to be left in possession of property which would otherwise be made to vest in the trustee under section 308.
(2) The trustee may accept that proposal, if satisfied that it is a reasonable one, and that the bankrupt’s estate will benefit to the extent of the value of the property in question less the cost of a reasonable replacement.