550
Table of Correspondence
BETWEEN
THE BILL, ORDINANCE No. 7 of 1891, AND THE BANKRUPTCY ACT, 1914,-Continued.
SUBJECT MATTER.
BILL.
Ordinance
No. 7 or
1891.
BANK-
RUPTCY
ACT, 1914.
Creditor's petition.
9
5
Debtor's petition.
10
6
Appearance of Offi-
cial Receiver on
petition.
Effect of receiving 12
order.
(2)
Power to appoint
13
II (1)
interim receiver.
Power to stay pend- 14
ing proceedings.
Power
to appoint 15 special manager.
12
10
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of 16
13
receiving order.
Majority of creditors
in Scotland or Ire- land.
9
REMARKS.
The clause prima facie requires as- sets sufficient to pay # dividend of 15%. The existing practice under section 7 (4) of Ordinance No. 7 of 1891 is to take 10% as the standard.
The clause prima facie requires as- sets sufficient to pay a dividend of 15%. The exist- ing practice under section 8 (1) of Ordinance No. 7 of 1891 is to take 10% as the standard. It also specifies certain things which will be "sufficient
"
cause for refus-
ing a
receiving
order, e.g.,
the
absence of material books of account.
New provision, but in accordance with present practice.
See also clause 14. Clause 12 (1) fol- lows the English section.
The present Ordi- nance is musatis- factory ON this point: See Re Yim Ka Yan, etc. (1927) 22 H.K. L.R. 118.
12
Unnecessary.