AD 1891.]
BANKRUPTCY.
[No. 7.
33
(4) The value of any debt or liability provable as aforesaid which, by reason of its being subject to any contingency or contingencies or for any other reason, does not bear a certain value may be estimated by the Court, on the application of the Trustee. The amount so estimated shall be deemed a debt provable in bankruptcy, but if the Court is of opinion that the debt or liability cannot be fairly estimated, it shall not be deemed provable in bankruptcy.
(5) "Liability" shall, for the purposes of this Ordinance, include any compensation for work or labour done, any obligation or probability of obligation to pay money or money's worth on the breach of any express or implied covenant, contract, agreement, or undertaking, whether the breach does or does not occur, or is or is not likely to occur or capable of occurring, before the discharge of the debtor, and generally shall include any express or implied engagement, agreement, or undertaking to pay, or capable of resulting in the payment of, money or money's worth, whether the payment is, as respects amount, fixed or unliquidated; as respects time, present or future, certain or dependent on any one contingency or on two or more contingencies; or as to mode of valuation, capable of being ascertained by fixed rules or as matter of opinion.
32. Where there have been mutual credits, mutual debts, or other mutual dealings between the debtor against whom a receiving order has been made and a creditor, the sum due from the one party shall be set against any sum due from the other party, and the balance of the account and no more shall be claimed or paid on either side respectively: Provided that a creditor shall have no set-off in respect of any credit given to the debtor after the creditor has had notice of an act of bankruptcy committed by the debtor and available against him for adjudication.
Mutual credit and set-off.
46 & 47 Vict. c. 52 s. 38.
Appropriation of Assets.
33.—(1) 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, namely,
(a) the actual expenses incurred by the Official Receiver in protecting the property or assets 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;
(b) fees, percentages, and charges payable to, or costs, charges, expenses incurred or authorized by, the Official Receiver;
(c) the remuneration of the special manager, if any; and
Page 20
Page 21