Section 350 — Property Law Act 2007: Person in or to whom order under section 348 vests property or makes compensation for it payable

350 Person in or to whom order under section 348 vests property or makes compensation for it payable (1) Property vested, or compensation to be paid, by or under an order under section 348 , vests in, or is payable to, the following person: (a) the Official Assignee, if the debtor is a bankrupt; or (b) the debtor, if the debtor is a company in liquidation or an overseas company being liquidated under section 342 of the Companies Act 1993; or (c) in every other case, the person directed by the court under subsection (2). (2) A direction under this subsection must specify that the property vests in, or the compensation is payable to, the following person (for the following purpose, if any): (a) a trustee for the debtor’s creditors; or (b) the debtor (for the purpose only of enabling the carrying out of any execution or similar process against the debtor or the administration of a future bankruptcy or liquidation of the debtor or arrangement with the debtor’s creditors). (3) On or after making a direction under subsection (2)(a) the court may, on its own initiative or on an application for the purpose, make any further orders it thinks fit concerning all or any of the following: (a) the administration of the property or amounts paid by way of compensation; and (b) proofs of debt; and (c) the distribution of assets available to the trustee; and (d) any other relevant matters. (4) This section overrides the Land Transfer Act 1952 . Compare: 1952 No 51 s 60