Bankruptcy.
parcels, and any transfer of a business of a bankrupt by the Official Receiver or trustee shall be deemed to be exempted from the provisions of the Fraudulent Transfers of Businesses Ordinance;
(b) give receipts for any money received by him, which receipts shall effectually discharge the person paying the money from all responsibility in respect of the application thereof;
(c) prove, rank, claim and draw a dividend in respect of any debt due to the bankrupt;
(d) exercise any powers the capacity to exercise which is vested in the trustee under this Ordinance and execute any powers of attorney, deeds and other instruments for the purpose of carrying into effect the provisions of this Ordinance.
[CAP. 6 (Cap. 49).
Powers exercisable with permission of committee of inspection.
61. The trustee may, with the permission of the committee of inspection, do all or any of the following things:
(a) carry on the business of the bankrupt so far as may be necessary for the beneficial winding up of the same;
(b) bring, institute or defend any action or other legal proceeding relating to the property of the bankrupt;
(c) employ a solicitor or other agent to take any proceedings or do any business which may be sanctioned by the committee of inspection;
(d) accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time subject to such stipulations as to security and otherwise as the committee think fit;
(e) mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts;
(f) refer any dispute to arbitration, or compromise any debts, claims and liabilities, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or supposed to subsist between the bankrupt and any person who may have incurred any liability to the bankrupt, on the receipt of such sums, payable at such times and generally on such terms as may be agreed on;
(g) make such compromise or other arrangement as may be thought expedient with creditors or persons claiming to be creditors in respect of any debts or liabilities, real or supposed to be owing to or by the bankrupt.
219
4 & 5 Geo. 5, c. 59, s. 56.