Description of bankrupt’s property divisDescription of bankrupt’s property divisible amongst creditors.

### Description of bankrupt’s property divisible amongst creditors. E.B.A., ss. 38, 43. N.S.W., s. 52. Vic., s. 141. S.A., ss. 156–170. W.A., s. 42. Q., s. 87. Tas., s. 14. 91. The property of the bankrupt divisible amongst his creditors, and in this Act referred to as “the property of the bankrupt”, shall not include— N.S.W., 1902, No. 49, ss. 4–6. Vic., No. 2631, s. 476. S.A., No. 417, 1887, ss. 3, 4. W.A., 1905, No. 12, s. 2. (a) property held by the bankrupt on trust for any other person; (b) policies of life assurance or endowment, except to the extent of a charge on the policies in respect of the amount of the premiums paid on the policies during the two years next preceding the date of the order of sequestration; (c) policies for annuities, the payments made on behalf of which have extended for six years, or which were purchased at least six years prior to the commencement of the annuity, to the extent to which they do not provide for payment of an annuity of more than Two hundred and eight pounds in the aggregate; (d) the tools implements and instruments of trade of the bankrupt not exceeding in the whole Fifty pounds in value, and the necessary wearing apparel, beds, bedsteads, and bedding of himself, his wife, and children, and any sewing machine used for domestic purposes by the bankrupt or his wife or children, and such other household property as the creditors by resolution determine; (e) goods hired under a valid contract for letting and hiring, chattels in respect of which a bill of sale has been filed or registered under any Act or State Act or law of a Territory, stock, crops, and wool in respect of which mortgages or liens have been registered under any Act or State Act or law of a Territory and book debts in respect of which an assignment has been registered under any Act or State Act or law of a Territory; and (f) subject to section one hundred and two of this Act, the separate property of a married woman the income of which is subject to a restraint on anticipation; But, subject to this Act, it shall include— (i) all property which belongs to or is vested in the bankrupt at the commencement of bankruptcy, or is acquired by or devolves on him before his discharge; (ii) the capacity to exercise, and to take proceedings for exercising, all such powers in or over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of the bankruptcy or before his discharge; and (iii) all goods being, at the commencement of the bankruptcy, in the possession, order, or disposition of the bankrupt, with the consent and permission of the true owner, under such circumstances that he is the reputed owner thereof: Provided that things in action, other than debts due or growing due to the bankrupt in the course of his trade or business, shall not be deemed goods within the meaning of this paragraph. Division 4.—Effect of Bankruptcy on Antecedent Transactions.