122. Goods on hire purchase

the bankrupt debtor acquired possession of goods under a hire-purchase agreement before commencement of the Bankruptcy; and

a creditor –

took possession of the goods within twenty one days before commencement of the

takes possession of the goods after commencement, the creditor shall not sell or dispose of the goods or part with possession of them (except for storage or repair), until twenty eight days after the date of commencement of the

within a period of twenty eight days from the date of the commencement of the Bankruptcy introduce a buyer for the goods and the bankrupt debtor’s indebtedness to the creditor shall be reduced to the extent of the amount paid by the buyer to the creditor for the goods; or

at any time before the creditor sells or agrees to sell the goods following the expiry of that period, settle the bankrupt debtor’s obligations as debtor and retain the goods as part of the debtor’s estate.

a creditor has taken possession of goods purchased under a hire purchase agreement, whether before or after the commencement of the bankrupt debtor’s Bankruptcy; and

the Bankruptcy Trustee has not taken any action under subsection (2), the creditor may prove in the Bankruptcy for the amount that the creditor was entitled to recover from the bankrupt debtor.

the bankrupt debtor purchased goods under a hire purchase agreement, before commencement of the Bankruptcy; and

at the date of commencement of the Bankruptcy the creditor –

has not taken possession of the goods; or

has taken possession of them and has not sold or disposed of or parted with possession of them, the creditor may assign the goods to the Bankruptcy Trustee, and, if it does so, may prove in the Bankruptcy for the net balance due to the creditor under the agreement.