THE HONGKONG GOVERNMENT GAZETTE, 29тп NOVEMBER, 1890.
elect whether he will or will not exercise his power of redeeming the security or requiring it to be realized and if the Official Assignee does not within six months after receiving the notice signify in writing to the creditor his election to exercise the power he shall not be entitled to exercise it; and the equity of redemption or other inter- est in the property comprised in the security which is vested in the Official Assignee shall vest in the creditor and the amount of his debt shall be reduced by the amount at which the security has been valued.
(6.) By leave of the Court a valuation as above provided for may be amended on such terms as the Court thinks just on proof that it was made bonâ fide on a mistaken estimate or that the security has increased or diminished in value since the prior valuation,
(7.) If a creditor's security is realized after valuation the net amount realized shall for the purposes of proof be sub- stituted for the amount of the valuation.
(8.) Where a creditor seeks to prove in respect of a bill of exchange promissory note or other negotiable instrument or security on which the debtor is liable such bill of exchange note instrument or security must subject to any special order of the Court be produced to the Official As- signee before the proof can be admitted either for voting or for dividend and the amount of any dividend paid must be endorsed on the instrument.
(9.) Subject to the power of the Court to extend the time the Trustee or Official Receiver shall within fourteen days after receiving a proof either admit it or reject it wholly or in part or require further evidence in support of it and shall notify his decision to the creditors at the next general meeting. Au appeal to the Court from the admis- sion or rejection of a proof shall not lie after the expiration of one month from the date of the decision unless the Court allow it for special reasons shown.
31. (1.) Demands in the nature of unliquidated-damages arising otherwise than by reason of a contract promise or breach of trust shall not be provable in bankruptcy.
(2.) A person having notice of any act of bankruptcy available against the debtor shall not prove for any debt or liability contracted by the debtor subsequently to the date of his so having notice.
(3.) Save as aforesaid all debts and liabilities present or future certain or contingent to which the debtor is subject at the date of the receiving order or to which he may become subject before his discharge by reason of any obli- gation incurred before the date of the receiving order shall be deemed to be debts provable in bankruptcy.
(4.) The value of any debt or liability provable as afore- said which by reason of its being subject to any contin- gency or contingencies or for any other reason does not bear a certain value may be estimated by the Court on reference by the Trustee. The amount so estimated shall be deemed a debt provable in bankruptcy but if the Court is of opinion that the debt or liability cannot be fairly esti- mated it shall not be deemed provable in bankruptcy.
(5.) "Liability" shall for the purposes of this Ordinance include any compensation for work or labour done any obligation or probability 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 and generally it shall include any express or implied engage- ment agreement or undertaking to pay or capable of result- ing 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 or any contingency or contingencies as to mode of valuation capable of being ascertained by fixed rules or as matter of opinion.
32. Where there have been mutual credits mutual debts or other mutual dealings between the debtor against whom a receiving order has been made and a creditor 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. Provided that, a creditor shall have no set off in respect of any credit given to the debtor after the creditor has had notice of an act of bankruptcy committed by the debtor and available against him for adjudication.
Description
of debts provable.
Set-off.
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