ORDINANCE No. 5 of 1864.
Bankruptcy and Insolvency.
of its being so outstanding, and of all the receipts, and of all payments thereout, made 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.
Creditors'
152. If upon such examination it shall appear that any Assignee has kept in his hands at any time during the space of one week more than the sum of five 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 exceeding twenty-five per centum by the year, for the time such moneys were kept in his hands.
Assignee not to keep money in his hands.
Provision to be made for residing at a distance, and for pending claims.
153. In the calculation of a dividend it shall be imperative to make provision for debts which shall appear from the bankrupt's balance sheet or schedule to be due to persons resident in places so distant from the Court, that in the ordinary course of 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.
Separate dividend sittings.
154. In every case where joint and separate estates have to be administered and 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.
Dividend list to be prepared
155. Within ten days after such meeting or within such further time as the Court may allow, the Official Assignee shall prepare lists of creditors entitled to dividend, and shall calculate and set opposite to the name of each creditor the amount to which he is entitled.