Effect of sequestration order.Effect of sequestration order.

### Effect of sequestration order. N.S.W., s. 10. Vic., s. 166. Q., ss. 75, 86. S.A., s. 126. Cf. E.B.A., ss. 7, 18. W.A., s. 9. Tas., s. 11. 60.—(1.) Upon sequestration the property of the bankrupt shall vest in the official receiver named in the order, and shall be divisible among the creditors of the bankrupt in accordance with the provisions of this Act. (2.) After sequestration, except as directed by this Act, no creditor to whom the bankrupt is indebted in respect of any debt provable in bankruptcy shall have any remedy against the property or person of the bankrupt in respect of the debt, or shall commence or take any fresh step in any action or other legal proceeding, unless with the leave of the Court and on such terms as the Court imposes. (3.) This section shall not affect the power of any secured creditor to realize or otherwise deal with his security.