(1) Where a person who holds realisable property is adjudicated bankrupt -
(a) property for the time being subject to a freezing co-operation order made before the order adjudicating the person bankrupt, and
(b) any proceeds of property realised by virtue of section 36, for the time being in the hands of a receiver,
is excluded from the property of the bankrupt for the purposes of the Bankruptcy Act 1988.
(2) Where a person has been adjudicated bankrupt, the powers of the High Court under section 36 or of a receiver appointed under that section shall not be exercised in relation to property of the bankrupt for the purposes of the said Act of 1988.
(3) Where a person is adjudicated bankrupt and has directly or indirectly made a gift -
(a) no decision as to whether the gift is void shall be made under section 57, 58 or 59 of the said Act of 1988 in respect of the making of the gift at any time when property of the person to whom the gift was made is subject to a freezing co-operation ord
…