Section 88: Payment of moneys into bank (As amemended by Section 8 of Bankruptcy (Amendment) Act 1992.)

(1) The Official Receiver shall open in his name as Official Receiver, an account at a bank and shall pay to the credit thereof all sums received by him as such Official Receiver or as trustee, and every trustee in a bankruptcy, other than the Official Receiver, receiving money as such trustee shall open an account at such bank in the name of the debtor's estate and shall pay to the credit of such account all sums which may from time to time be received by him as such trustee.
(2) If a trustee at any time retains for more than ten days a sum exceeding N500, or such other amount as the Court in any particular case may authorise him to retain, then unless he explains the retention to the satisfaction of the Court, he shall pay interest on the amount so retained in excess at the rate of five per cent per above the inter-bank lending rate and shall have no claim to remuneration and may be removed from his office by the Court and shall be liable to pay expenses occasioned by reason of his default.
[1992 No. 109.]
(3) Any trustee paying money into his private banking 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.