AD 1891.1
BANKRUPTCY.
(No. 7.
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but shall only be a permission to do the particular thing or things for which permission is sought.
Distribution of Property.
tion of divi-
61 (1.) Subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the Trustee shall, with all convenient speed, declare and distribute dividends among the creditors who have proved their debts.
(2.) The first dividend, if any, shall be declared within four months of the conclusion of the first meeting of creditors, unless there is a sufficient reason, approved by the Court, for postponing the declaration to a later date, and subsequent dividends shall, in the absence of sufficient reasons to the contrary, be declared and distributed at intervals of not more than six months.
(3) At least one month before declaring a dividend, the Trustee shall cause notice of his intention to do so to be gazetted, and shall also post notice in writing to each creditor mentioned in the bankrupt's statement who has not proved his debt.
-46 & 47 Vict. c. 52 s. 58.
First Schedule: Form No. 19: Form No. 20
(4) When the Trustee has declared a dividend, he shall cause a notice to be gazetted showing the amount of the dividend and when and how it is payable.
Form No. 21.
dividends.
52. Where one partner of a firm is adjudged bankrupt, a creditor to whom the bankrupt is indebted jointly with the other partners of the firm or any of them shall not receive any dividend out of the separate property of the bankrupt until all the separate creditors have received the full amount of their respective debts.
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63(1.) In the calculation and distribution of a dividend the Trustee shall make provision for debts provable in bankruptcy appearing from the bankrupt's statements or otherwise to be due to persons resident in places so distant from the place where the Trustee is acting 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 provable in bankruptcy the subject of claims not yet determined.
(2) He shall also make provision for any disputed proofs or claims and for the expenses necessary for the administration of the estate or otherwise, and, subject to the preceding provisions, he shall distribute dividend all money in hand.
Provision for creditors residing at a distance, etc.
Right of creditor proving after dividend.
A creditor who has not proved his debt before the declaration of dividend or dividends shall be entitled to be paid, out of any money for the time being in the hands of the Trustee, any dividend or dividends which he may have failed to receive before that money is distributed.
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