PART 8Administration of estate by trustee
Contractual powers and money received
I1110Contractual powers of trustee
1
The trustee in the sequestration may, as respects any contract entered into by the debtor before the date of sequestration—
a
adopt it (except where adoption is precluded by its express or implied terms) if the trustee considers that its adoption would be beneficial to the administration of the debtor's estate, or
b
refuse to adopt it.
2
But subsection (1) is subject to subsections (3) and (10).
3
The trustee must, within 28 days after the receipt by the trustee of a request in writing from any party to a contract entered into by the debtor, adopt or refuse to adopt the contract.
4
The 28 days mentioned in subsection (3) may be extended—
a
in a case where AiB is the trustee, by the sheriff on the application of AiB, and
b
in any other case, by AiB on the application of the trustee.
5
The trustee may, within 14 days beginning with the day of the decision, apply to AiB for a review of a decision of AiB under subsection (4)(b).
6
If an application for a review under subsection (5) is made, AiB must—
a
take into account any representations made by an interested party within 21 days beginning with the day on which the application is made, and
b
confirm, amend or revoke the decision within 28 days beginning with that day.
7
The trustee may, within 14 days beginning with the day of the decision, appeal to the sheriff against a decision by AiB under subsection (6)(b).
8
AiB may refer a case to the sheriff for a direction before—
a
making a decision under subsection (4)(b), or
b
undertaking any review under this section.
9
An application for a review under subsection (5) may not be made in relation to a matter on which AiB has applied to the sheriff for a direction under subsection (8).
10
If, within the 28 days mentioned in subsection (3) or as the case may be within the longer period allowed by virtue of subsection (4), the trustee does not reply in writing to a request under subsection (3), the trustee is deemed to have refused to adopt the contract.
11
The trustee may enter into any contract where the trustee considers that to do so would be beneficial for the administration of the debtor's estate.