Section 49
Bankruptcy
(1)
Where a party to an arbitration agreement is a bankrupt and the person having jurisdiction to administer the property of the bankrupt adopts the agreement, the arbitration agreement shall be enforceable by or against that person.
(2)
The High Court may direct any matter in connection with or for the purpose of bankruptcy proceedings to be referred to arbitration if—
(a)
the matter is one to which the arbitration agreement applies;
(b)
the arbitration agreement was made by a person who has been adjudged a bankrupt before the commencement of the bankruptcy proceedings; and
(c)
the person having jurisdiction to administer the property does not adopt the agreement.
Arbitration 45
(3)
An application under subsection (2) may be made by—
(a)
any other party to the arbitration agreement; or
(b)
any person having jurisdiction to administer the property of the bankrupt.