E
379
(20) The acceptance by a creditor of a composition 4 & 5 Geo. 5, or scheme shall not release any person who under c. 59, this Ordinance would not be released by an order of s. 16,20). discharge if the debtor had been adjudged bankrupt.
or scheme.
c. 59, s. 17.
21. Notwithstanding the acceptance and approval Effect of of a composition or scheme, the composition or composition scheme shall not be binding on any creditor so far as 4 & 5 Geo. 5, regards a debt or liability from which, under the provisions of this Ordinance the debtor would not be released by an order of discharge in bankruptcy, unless the creditor assents to the composition or scheme.
Adjudication of Bankruptcy.
22.-(1) Where a receiving order is made against Adjudication
of bank- a debtor, then, if the creditors at the first meeting or any adjournment thereof by ordinary resolution resolve ruptcy where
composition that the debtor be adjudged bankrupt, or pass ao not accepted resolution, or if the creditors do not meet, or if a or not composition or scheme is not approved in pursuance approved.
4 & 5 Geo, 5, of this Ordinance within fourteen days after the con- c. 59, clusion of the examination of the debtor or such s. 18 (1) further time as the court may allow, the court shall adjudge the debtor bankrupt; and thereupon the pro- perty of the bankrupt shall become divisible among his creditors and shall vest in a trustee.
(2) Notice of every order adjudging a debtor 4 & 5 Geo. 5. bankrupt, stating the name, address and description c. 59, of the bankrupt, the date of the adjudication, and the s. 18 (2). name of the trustee, shall be gazetted, and shall be advertised in at least two local newspapers, one of which shall be Chinese, or as may be prescribed, and the date of the order shall for the purposes of this Ordinance be the date of the adjudication.
(8) It shall be sufficient that an adjudication order Ordinance against a firm be made in the firm name, without No. 7 of mentioning the names of the partners, and such 1891, s. 6, para. (2), adjudication order shall affect the joint and separate property of all the partners.
23.-(1) Where a debtor is adjudged bankrupt, or Appoint- the creditors have resolved that he be adjudged ment of bankrupt, the creditors may by ordinary resolution trustee,
4 & 5 Geo. 5, appoint the Official Receiver or some other fit person, c. 59, whether a creditor or not, to fill the office of trustee s. 19 (1). of the property of the bankrupt, or they may resolve to leave his appointment to the committee of inspec tion hereinafter mentioned. A
person shall deemed not fit to act as trustee of the property of a bankrupt where he has been previously removed from the office of trustee of a bankrupt's property for mis- conduct or neglect of duty.
be
(2) The person appointed shall, unless he is the 4 & 5 Geo. 5,
c 59, Official Receiver, give such security as the Court may direct or as may be prescribed, and the Court, if satis- s. 19 (2). fied with the security, shall certify under the hand of the Registrar that his appointment has been duly made, unless the appointment is disapproved by the court on the ground that it has not been made in good faith by a majority in value of the creditors voting, or that the person appointed is not fit to act as trustee, or that his connexion with or rela- tion to the bankrupt or his estate or any particular creditor makes it difficult for him to act with im- partiality in the interests of the creditors generally.
(3) The appointment of a trustee shall take effect 4 & 5 Geo. 5, as from the date of the certificate
s. 19 (4).
c. 59,
(4) When a debtor is adjudged bankrupt after the 4 & 5 Geo. 5, first meeting of creditors has been held, and a trustee c. 59,
40 701