Section 14: Non-application of provisions of bankruptcy and company liquidation

14. Non-application of provisions of bankruptcy and company liquidation (1) Subject to subsection (2), where by virtue of the Companies Act, or the Bankruptcy Act, or any other enactment relating to bankruptcy or company liquidation, it is provided that— (a) a disposition of the property of a company after the commencement of a winding up shall be void, unless the Court orders otherwise; or S8 – 9 [Issue 1] Securities (Central Depository, Clearing and Settlement) Act (b) a disposition of the property of a person who is adjudged bankrupt after presentation of the petition for a bankruptcy order and before vesting of the bankrupt’s estate in the Official Receiver shall be void unless done with the consent or ratification of the Court, those provisions shall not apply to a disposition of deposited securities. (2) Where the Court is satisfied that a party to a disposition, being a party other than the CDS, had notice that a petition had been presented for the winding up or bankruptcy of the other party to the disposition, it may award damages against that party on such terms as it thinks equitable, or make such other order as the Court thinks fit, including an order for the transfer of deposited securities by that party, but not an order for the rectification of the Depository Register.