Report No. 20
23. Insolvency of hirer.-
(1) Where, during the continuance of the hire-purchase agreement, the hirer is adjudged insolvent under any law relating to insolvency for the time being in force, the Official Receiver shall have, in respect of the goods which are in the pcssession of the hirer under the agreement, the same rights and obligations as the hirer had in relation thereto.
(2) The Official Receiver may, with the permission of the Insolvency Court, and notwithstanding anything to the contrary contained in the hire-purchase agreement, assign the rights of the hirer under the agreement, to any other person, and the assignee shall have all the rights and be subject to all the obligations of the hirer under the agreement.
Explanation.-In this section, "Official Receiver" means an Official Receiver appointed under the Provincial Insolvency Act, 1920 (5 of 1920), and includes any person holding a similar office under any other law relating to insolvency for the time being in force.