Cap. 13 ст. 486The bankrupt is relieved of ownership of property.

(1) Upon the appointment of a bankruptcy trustee in accordance with article 488, the bankrupt shall be ipso jure relieved of his existing title to all assets other than those assets referred to in article 492, whether corporeal or incorporeal, and whether relating to his business or not. The ownership of such assets shall, by operation of law, devolve upon and vest in the bankruptcy trustee who shall receive and hold such assets for the benefit of the body of creditors. All debts, including the debts referred to in article 487, shall, by operation of law, become due and payable by the bankruptcy estate as vested in the bankruptcy trustee:

Provided that, notwithstanding anything stated in any other law, no charge, levy or other dues shall become payable in Malta by way of tax, duty or other government tariff or levy, notwithstanding the manner in which it is described, upon, or as a result of the transfers contemplated in terms of this article.

(2) Everything that devolves on the bankrupt after the bankruptcy but prior to the occurrence of the events referred to in articles 524(1) or 534(1), as the case may be, shall, by operation of law, when and as the same so devolves, vest in the bankruptcy trustee who shall receive and hold the thing for the benefit of the body of creditors:

Provided that, notwithstanding anything stated in any other law, no charge, levy or other dues shall become payable in Malta by way of tax, duty or other government tariff or levy, notwithstanding the manner in which it is described, upon, or as a result of the transfer contemplated in terms of this article.

(3) Any assets that shall devolve upon the bankruptcy trustee by operation of sub-articles (1) and (2) shall be received by the bankruptcy trustee subject to any third-party rights, whether real or personal, in existence at the time, which rights shall be preserved and shall not be prejudiced thereby.