592 ORDINANCE No. 5 OF 1864 .
Bankruptcy and Insolvency.
Court to have shall have full power and authority to take such order and directions
power over
body and pro with the body of the debtor as is mentioned in this Ordinance , as also
perty of
debtor. with all his lands, tenements and hereditaments, which he shall have in
his own right before adjudication , as also with all such interest in any
such lands, tenements and hereditaments as such debtor may lawfully
depart withal and with all his monies, fees , offices, annuities, goods,
chattels, wares , merchandize and debts and to make or order sale thereof
in manner herein mentioned , or otherwise order the same for satisfaction
and payment of the creditors of the bankrupt.
Amount of 41. To entitle any creditor to petition for adjudication against a
petitioning
creditors debtor, the amount of the debt of such creditor shall be as follows , that
debts.
is to say :
The debt of a single creditor or of two or more persons , being
partners, shall amount to three hundred dollars or upwards.
The debt of two creditors shall amount to four hundred dollars or
upwards.
The debt of three or more creditors shall amount to five hundred
dollars or upwards.
Every person who has given credit to any debtor upon valuable
consideration for money payable at a certain time, which time shall not
have arrived when such debtor committed an act of bankruptcy, may so
petition or join in petitioning, whether he shall have any security for
such sum or not.
If petition 42. If the debt , stated by the petitioning creditor in his affidavit ,
filed fraudu
lently or mali or in his petition for adjudication , to be due to him from any debtor, shall
ciously, how
to be dealt not be really due, or, if after a petition for adjudication be filed , it shall
with.
not have been proved that the person against whom such petition has
been filed, was liable to an adjudication at the time of the filing of such
petition , and it shall also appear that such petition was filed fraudulently
or maliciously, the Court shall and may, upon petition of any person
aggrieved by such petition , examine into the same, and order satisfaction
to be made to him for the damages by him sustained .
Computation 43. In the computation of debts for the purposes of any petition
of debts.
under this Ordinance there shall be reckoned as debts
( 1. ) Sums due to creditors holding mortgages , or other available
securities, or liens , after deducting the value of the property comprised
in such mortgages , securities or liens .