If, prior to the opening of insolvency proceedings by the debtor or subsequent to the opening, an object for which separation could have been claimed has been sold by the insolvency administrator without entitlement, then anyone with a right to separation may claim assignment of the right to its consideration as long as such consideration has not been paid. That person may claim such consideration from the insolvency estate to the extent to which such consideration continues to exist in a distinct form among the insolvency estate.
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Part 2 · Opening of insolvency proceedings. Recognised assets and parties to proceedings › Division 2 · Insolvency estate. Classification of creditors › Section 48
Right to separation extending to consideration received as substitute for object of separation
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