-1182
THE HONGKONG GOVERNMENT GAZETTE, 29тu NOVEMBER, 1890.
Preliminary
expenses.
Priority of payment.
Distress for rent.
Relation back of Trustee,s title.
33. The assets remaining after payment of the actual expenses incurred in realizing any of the assets of the debtor shall subject to any order of the Court be liable to the following payments which shall be made in the following order of priority, viz.:-
(a.) The actual expenses incurred by the Official Receiver in protecting the property or assots of the debtor or any part thereof and any expenses or outlay incurred by him or by his authority in carrying on the business of the debtor. (.) The fees percentages and charges payable to or costs charges and expenses incurred or author- ised by the Official Receiver.
(e.) The remuneration of the special manager, if any. (d) The taxed costs of the Petitioner so far as the same may not have been disallowed by the Court. 34. (1.) In the distribution of the property of a bank- rupt there shall be paid in priority to all other debts--
(7.) All local rates due from the bankrupt at the date of the receiving orler having first become due and payable within twelve months next before such date.
(4.) The wages or salary of any clerk or servant in respect of services rendered to the bankrupt during the four months next preceding the date of the receiving order and not exceeding $250. (c.) The wages of any labourer or workman not ex- ceeding $100 whether payable for time or piece- work in respect of services rendered to the bankrupt during the four months immediately preceding the receiving order.
(d) Such part of any premium paid by or on behalf of any apprentice or articled clerk under service to the bankrupt as the Court may order. (2.) The foregoing debts shall rank equally between themselves and shall be paid in full unless the property of the bankrupt is insufficient to meet them in which case they shall abate in equal proportions between themselves.
(3.) The joint estate of partners shall be applicable in the first instance in payment of their joint debts and the separate cstate of each partner shall be applicable in the first instance in payment of his separate debts. If there is a surplus of the separate estates it shall be dealt with as part of the joint estate. If there is a surplus of the joint estate it shall be dealt with as part of the respective sepa- rate estates in proportion to the right and interest of each partner in the joint estate.
(4.) Subject to the provisions of this Ordinance all debts proved in the bankruptcy shall be paid pari passu.
(5.) If there is any surplus after payment of the debts it shall be applied in payment of interest from the date of the receiving order at the rate of eight dollars per centum per annum on all debts proved in the bankruptcy.
35. The landlord or other person to whom any rent is due from the bankrupt may subject to the provisions of Ordinance No. 1 of 1883 at any time either before or after the commencement of the bankruptcy distrain upon the goods and chattels of the bankrupt for the rent due pro- vided that if such distress be levied after the commence- ment of the bankruptcy it shall be available only for one year's rent accrued due prior to the date of the order of adjudication but the landlord or other person to whom the rent may be due may prove under the bankruptcy for the surplus due for which the distress may not have been available.
Property available for the Payment of Debts.
36. The bankruptcy of a debtor shall be deemed to have relation back to and to commence at the time of the act of bankruptcy being committed on which the receiving order was made or if the bankrupt is proved to have committed more acts of bankruptcy than one to have relation back to and to commence at the time of the first of the acts of bankruptcy proved to have been committed by the bankrupt within four months next preceding the presentation of the bankruptcy petition.
37. The property of the bankrupt divisible amongst his creditors and in this Ordinance referred to as the property of the bankrupt shall not comprise the following particulars:----
(a.) Property held by the bankrupt ca trust, for any
other person.