A 42
[Subsidiary]
Removal for
failing to keep up or increase
security.
R331.
Removal by
court.
R332.
Notice of resignation.
R333.
Limit of remuneration.
R335. (Cap. 6.)
Trustee carrying on business. R337.
Forms 147 to 149.
Application for release.
R338.
Forms 137, 152, 153.
(Cap. 6.)
Gazetting of release. R339.
Delivery of books, etc.,
on release of trustee. R340.
CAP. 6
Bankruptcy Rules
[1977 Ed.
failed or neglected, without good cause shown by him, to render his accounts for audit for 2 months after the date by which the same should have been rendered.
164. Where a trustee or special manager has given security in the prescribed manner but fails to keep up such security or, if called upon to do so, to increase such security, the court may remove him from his office.
165. Where a trustee is removed by the court, the order removing him shall at once be filed with the proceedings in the matter and shall also be gazetted by the Official Receiver.
166. A trustee intending to resign his office shall call a meeting of creditors to consider whether his resignation shall be accepted or not, and shall give not less than 7 days' notice of the meeting to the Official Receiver.
167. Except as provided by the Ordinance or any rules thereunder, no trustee shall be entitled to receive out of the estate any remuneration for services rendered to the estate except the remuneration to which under the Ordinance and such rules he is entitled as trustee.
168. (1) Where the trustee or special manager carries on the business of the debtor, he shall keep a distinct account of the trading and shall incorporate in the cash book the total weekly amount of the receipts and payments on such trading account.
(2) The trading account shall from time to time, and not less than once in 3 months, be verified by affidavit and the trustee shall thereupon submit such account to the committee of inspection (if any), or such member thereof as may be appointed by the committee for that purpose, who shall examine and certify the same.
169. A trustee before making application to the court for his release shall give notice of his intention so to do to the Official Receiver, to all the creditors of the debtor who have proved their debts and to the debtor, and shall send with such notice a summary of his receipts and payments as trustee:
Provided that, where such application is made upon the trustee ceasing to act by reason of a composition having been approved under section 25 of the Ordinance, such notice and summary shall be sent to the debtor only.
170. Where the court has granted to a trustee his release, a notice of the order granting such release shall be gazetted. The fees shall be charged to the estate.
171. The release of a trustee shall not take effect unless and until he has duly delivered over all the books, papers, documents and accounts which by these rules he is required to deliver over on his release.