4 & 5 Geo. 5, c. 59,
s 30 (4)
4 & 5 Geo. 5, c. 59,
8. 30 (5).
4 & 5 Geo. 5, c. 59, s. 30 (6).
4 & 5 Geo. 5, c.. 59, s. 30 (7)
4 & 5 Geo. 5, c. 59,
s. 30 (8).
Mutual credit and set-off.
c. 59, s. 31.
388
by reason of any obligation incurred before the date of the receiving order, shall be deemed to be debis provable in bankruptcy.
(4) An estimate shall be made by the trustee of the value of any debt or liability provable as aforesaid, which by reason of its being subject to any contin- gency or contingencies, or for any other reason, does not bear a certain value.
(5) Any person aggrieved by any estimate made by the trustee as aforesaid may appeal to the court.
(6) If, in the opinion of the court, the value of the debt or liability is incapable of being fairly estimated, the court may make an order to that effect, and thereupon the debt or liability shall, for the purposes of this Ordinance, be deemed to be a debt not pro- vable in bankruptcy.
(7) If, in the opinion of the court, the value of the debt or liability is capable of being fairly estimated, the court may direct the value to be assessed before the court itself without the intervention of a jury, and may give all necessary directions for this pur- pose, and the amount of the value when assessed shall be deemed to be a debt provable in bankruptcy.
(8) "Liability shall, for the purposes of this Ordinance, include-
(a) any compensation for work or labour done; (b) any obligation or possibility of an obligation to pay money or money's worth on the breach of any express or implied covenant, contract, agreement, or undertaking, whether the breach does or does not occur, or is or is not likely to occur or capable of occurring, before the discharge of the debtor;
(c) generally, any express or implied engage- ment, agreement, or undertaking, to pay, or capable of resulting in the payment of, money or money's worth, whether the payment is, as respects amount, fixed or unliquidated, as respects time, present or future, certain or dependent on any one contingency or on two or more contingencies, or, as to mode of valua- tion, capable of being ascertained by fixed rules or as matter of opinion.
35. Where there have been mutual credits, mutual debts or other mutual dealings, between a debtor against whom a receiving order shall be made under 4 & 5 Geo. 5, this Ordinance and any other person proving or claim- ing to prove a debt under the receiving order, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings, and the sum due from the one party shall be set off against any sum due from the other party, and the balance of the account, and no more, shall be claimed or paid on either side respectively; but a person shall not be entitled under this section to claim the benefit of any set-off against the property of a debtor in any case where he had, at the time of giving credit to the debtor, notice of an act of bankruptcy committed by the debtor and available against him.
Rules as to proof
of debts.
36. With respect to the mode of proving debts, the right of proof by secured and other creditors, the admission and rejection of proofs, and the other mat- 4 & 5 Geo. 5, ters referred to in the Second Schedule, the rules in
that Schedule shall be observed.
c. 59, s. 32.
Second
Schedule,
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