1446
order con-firming reduction. [sec. 11.]
Creditors may object to reduction, and list of objecting creditors to be settled by the Court. [sec. 13.]
Court may dispense with consent of creditor on security being given for his debt. [sec. 14.]
ORDINANCE No. 1 OF 1877.
Companies.
the reduction, and on the hearing of the petition-the Court, if satisfied that with respect to every creditor of the company who, under the provisions of this Ordinance, is entitled to object to the reduction, either his consent to the reduction has been obtained, or his debt or claim has been discharged or has determined, or has been secured as hereinafter provided, may make an order confirming the reduction on such terms and subject to such conditions as it deems fit.
12. Where a company proposes to reduce its capital, every creditor of the company who-at the date fixed by the Court-is entitled to any debt or claim which, if that date were the commencement of the winding-up of the company, would be admissible in proof against the company shall be entitled to object to the proposed reduction, and to be entered in the list of creditors who are so entitled to object.
The Court shall settle a list of such creditors, and for that purpose shall ascertain-as far as possible, without requiring an application from any creditor-the names of such creditors and the nature and amount of their debts or claims, and may publish notices fixing a certain day or days within which creditors of the company who are not entered on the list are to claim to be so entered or to be excluded from the right of objecting to the proposed reduction.
13. Where a creditor whose name is entered on the list of creditors, and whose debt or claim is not discharged or determined, does not consent to the proposed reduction, the Court may (if it think fit) dispense with such consent on the company securing the payment of the debt or claim of such creditor by setting apart and appropriating in such manner as the Court may direct, a sum of such amount as is hereinafter mentioned; that is to say,
(1.) If the full amount of the debt or claim of the creditor is admitted by the company, or, though not admitted, is such as the company are willing to set apart and appropriate, then the full amount of the debt or claim shall be set apart and appropriated:
(2.) If the full amount of the debt or claim of the creditor is not admitted by the company, and is not such as the company are willing to set apart and appropriate, or if the amount is contingent or not ascertained, then the Court may, if it think fit, inquire into and adjudicate