68
CAP. 61
Bankruptcy
[1986 Ed.
Adjudication.
Trustee.
Committee of inspection.
agree to accept a composition, the composition shall be deemed to be duly accepted by the creditors, and when approved by the court shall be binding on all the creditors.
(5) For the purposes of this section and section 100C, "composition" means any proposal for a composition in satisfaction of the debts of the debtor or for any scheme of arrangement of the affairs of the debtor.
(Added, 21 of 1965, s. 2)
100C. (1) The court shall on application being made by the Official Receiver adjudge the debtor bankrupt unless-
(a) within 1 month of the date of the receiving order the debtor
submits a proposal under section 20 which-
(i) in the opinion of the Official Receiver appears to be reasonable and calculated to benefit the general body of creditors; and
(ii) is one which the court is not bound to refuse to approve; and
(b) the court approves the composition.
(2) On the adjudication the property of the bankrupt shall become divisible among his creditors and shall vest in a trustee.
(3) The provisions of this section shall be in substitution for section 22 (1).
(Added, 21 of 1965, s. 2)
100D. (1) The court may on application being made by the Official Receiver by order appoint the Official Receiver or such other person recommended by him trustee of the property of the bankrupt, remove any trustee and fill any vacancy. Upon making any order for the appointment or removal of a trustee or for filling any vacancy the provisions of section 23(1) and (4), 81(1), (2) and (3) or 96(1), as the case may be, shall cease to apply to the bankruptcy and any action taken under such provisions in respect of any appointment or removal of a trustee or filling of any vacancy shall cease to have effect.
(2) The court may by order give such directions to a trustee as it shall think fit. Such directions shall be deemed to be the directions of creditors for the purposes of section 82. Neither a trustee nor the Official Receiver shall be required to summon any meetings of creditors save where the court so orders.
(Added, 21 of 1965, s. 2)
100E. (1) The court may on application being made by the Official Receiver or trustee by order appoint such qualified persons as it thinks fit as a committee of inspection for the purpose of superintending the administration of the property of the bankrupt by the trustee, remove any member thereof and fill any vacancy therein.