Section 89, The Bankruptcy Act, 2009

(1) The official receiver shall open in his name as officialreceiver an account at a bank and shall pay to the credit of the account all sums received by him as the official receiver or as trustee, and every trustee in a bankruptcy other than the official receiver, receiving money as trustee shall open an account at the bank in the name of the debtor’s estate and shall pay to the credit of the account all sums which may be received by him as a trustee (2) If a trustee at any time retains for more than ten days a sum exceeding Le100,000, or such other amount as the court may in any particular case authorise him to retain, then unless he explains the retention to the satisfaction of the court he shall- (a) pay interest on the amount so retained in excess at the rate of twenty per cent per annum; (b) have no claim to remuneration and may be removed from his office by the court; and Trustee etc. to furnish required list of creditors. Trustee to furnish statement of accounts. Trustee not to pay sums into private account. Payment of money into bank. Annual statement of proceedings. 62 63 (c) be liable to pay expenses occasioned by reason of his default. (3) Any trustee paying money into his private bank account or using it otherwise than in the administration of the estate may, without prejudice to any other liability be dismissed from office without remuneration and may be ordered by the court to make good all losses and expenses which the creditors may suffer in consequence of his conduct.