No. 7.] THE ORDINANCES OF HONGKONG [A.D. 1891
creditor or the Court, and he does not, within eight days after service of the notice, in case service is effected in the Colony or, in case service is effected elsewhere, within the time limited in that behalf by the order giving leave to effect service elsewhere, either comply with the requirements of the notice or satisfy the Court that he has a counter-claim, set-off, or cross demand which equals or exceeds the amount of the judgment debt and which he could not set up in the action in which the judgment was obtained; or
if he gives notice to any of his creditors that he has suspended or that he is about to suspend payment of his debts." (2.) A bankruptcy notice under this Ordinance shall be issued in Form No. 5. judgment creditor by the Registrar on the filing of a request for that purpose in Form No. 4;
Jurisdiction to make receiving order.
Receiving Order and Official Receiver.
4. Subject to the conditions hereinafter specified, if a debtor commits an act of bankruptcy the Court may, on a bankruptcy petition being presented either by a creditor or by the debtor, make an order called a "receiving order," for the protection of the estate. 46 & 47 Vict. c. 52 s. 53
First Schedule: Form No. 8.
Conditions on which creditor may petition.
5.-(1.) Subject to the provisions of the next succeeding section, a creditor shall not be entitled to present a bankruptcy petition against a debtor unless——
(a) the debt owing by the debtor to the petitioning creditor, if two or more creditors join in the petition, the aggregate amount of debts owing to the several petitioning creditors amounts to three hundred dollars; and
(b) the debt is a liquidated sum payable either immediately or at some certain future time; and
(c) the act of bankruptcy on which the petition is grounded has occurred within four months before the presentation of the petition; and
(d) the debtor is domiciled in the Colony or, within a year before the date of the presentation of the petition, has ordinarily resided or had a dwelling house or place of business in the Colony.
(2.) If the petitioning creditor is a secured creditor, he must in his petition either state that he is willing to give up his security for the benefit of the creditors in the event of the debtor being adjudged bankrupt or give an estimate of the value of his security. In the latter case he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him, after deducting the value so estimated, in the same manner as if he were an unsecured creditor.