THE HONGKONG GOVERNMENT GAZETTE, 30TH APRIL, 1864.
in the Hongkong Government Gazette and in such other Newspapers as the Court may direct, a statement of the whole estate of the Bankrupt, as then ascertained, of the pro- perty recovered, and of the property outstanding, specifying the cause of its being so outstanding, and of all the receipts, and of all payments thereout, inade or to be made; and the Official Assignee shall, and any Creditor who has proved may, attend and examine such statement, and compare the receipts with the payments; and upon ascertaining what balance is then standing to the credit of the estate, the meeting shall by resolution, declare whether any and what part of the net produce of the estate, after making a reasonable deduction for future contingencies, shall be divided amongst the Creditors. At the same meeting the majority in value of the Creditors present shall determine whether
any,
and what, allowance shall be made to the Bankrupt out of his
estate, if he has obtained or shall obtain his discharge.
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CLII. If upon such examination it shall appear that any Creditors' Assignee has Assignee not to keep kept in his hands at any time during the space of one week more than the sum of Five money in his hands. hundred Dollars belonging to the estate, the Creditors may upon establishing such fact
to the satisfaction of the Court, and if the Assignee shall not show cause to the contrary, debit such Assignee with interest for the amount so kept, at any rate not exceed- ing twenty-five per centum by the year, for the time such moneys were kept in his hands.
at a distance, and for
CLIII. In the calculation of a dividend it shall be imperative to make provision Provision to be made for debts which shall appear from the Bankrupt's balance sheet or schedule to be due for Creditors residing to persons resident in places so distant from the Court, that in the ordinary course of pending claims. communication, they have not had sufficient time to tender their proofs, or to establish them if disputed: and also for debts the subject of claims not yet determined by the Court.
dividend sittings.
CLIV. In every case where joint and separate estates have to be administered and Joint and separate where the Court shall not otherwise direct, dividends of the joint and separate estates shall be declared at one and the same sitting, and notice of the time appointed for such dividends when advertised, shall be given in one and the same advertisement and the costs, charges, and expenses of and incident to the sitting shall be apportioned by the Assignee between the joint and separate estates as may appear to be fair and reasonable, having regard to the work done for, and the benefit received by each estate.
Assignee.
CLV. Within ten days after such meeting or within such further time as the Dividend list to be Court may allow, the Official Assignee shall prepare lists of Creditors entitled to divi- prepared by Official dend, and shall calculate and set opposite to the name of each Creditor who has proved under the estate (subject to the provision herein contained as to dividends reserved) the dividend to which he is entitled out of the net produce of the estate so set apart for a dividend, and shall forward by post to every such Creditor a statement of the dividend to which he is so entitled and such dividends shall be paid in such manner as General Orders shall direct.
until the whole of the
CLVI. Proceedings for the making up and auditing of the accounts of the estate Proceedings for pay- and the declaration and payment of a dividend shall continue to be had until the whole ing dividends to be had of the estate is divided amongst the Creditors and a dividend is declared to be final; estate is divided. provided that it shall be lawful for the majority in value of the Creditors present at any meeting as aforesaid to postpone the period of declaring a dividend, or at any time in declaring a second dividend to declare also that such second dividend shall be final unless any action at Law or suit in Equity be depending, or any part of the estate be standing out not sold or disposed of, or unless some other estate or effects of the Bankrupt shall afterwards come to the Assignee, in which case he shall, as soon as may be, convert such estate and effects into money, and within two months after the same shall be so con- verted, the same shall also be divided in manner aforesaid.
Certificate.
CLVII. When a final dividend shall have been paid the Creditors' Assignee may Effect of Assignee apply to the Court for a certificate and if the Court shall grant such certificate it shall operate to release the Creditors' Assignee from all claims and demands of the Creditors or of any person who might have proved under the bankruptey, subject nevertheless to such conditions if any as shall be expressed in such certificate.
the Treasury.
CLVIII. Every Creditors' Assignee shall, before he shall have obtained his certifi- Unclaimed dividends, cate, transmit to the Official Assignee a list of unclaimed dividends on the estate, and &c., to be paid into of all debts remaining due to the estate, under his hand, and shall pay all moneys and other estate of the Bankrupt then in his hands into the Colonial Treasury to the credit of the estate.