Section 37: Transfer of shares and other securities

37. Transfer of shares and other securities (1) The Official Receiver may transfer the following property belonging to the bankrupt in the same way as the bankrupt could have transferred it if the bankrupt had not been adjudicated bankrupt— (a) securities in a company; (b) securities of the Government; (c) securities issued by a local authority; (d) shares in ships; and (e) any other property transferable in the records of a company, office or person. (2) A person whose act or consent is necessary for the transfer of the property must, on the Official Receiver’s request, do whatever is necessary for the transfer to be completed. I14 – 29 [Issue 3] Insolvency Act (3) In the case of the transfer by the Official Receiver of securities in a company, a shareholder to whom the securities must be offered for sale under the constitution of the company and who agrees to purchase must pay a reasonable price for the securities, whether or not the constitution provides a procedure for fixing the price. (4) The Official Receiver may disclaim any liability under shares owned by the bankrupt in any company by disclaiming the shares in accordance with sections 311 and 312.