604 ORDINANCE No. 5 OF 1864 .
Bankruptcy and Insolvency.
necessarily retained for current expenses, and all bills, notes , and negotiable
instruments belonging to the estate, at such time and in such manner as a
General Order shall on that behalf direct .
Creditors' 79. The Creditors ' Assignee shall from time to time and so often as
Assignee to
render any General Order shall direct , render to the Official Assignee a debtor
accounts to
Official and creditor account of all monies received and paid by him on account
Assignee.
of the bankrupt or his estate verified on oath as a full, true and faithful
account of his receipts and payments as such Creditors' Assignee and the
Court may examine any account which may be made by or may come
into the hands of the Official Assignee .
Assignee may
80. The Assignees may with the approbation of the Court appoint
appoint ,
bankrupt to the bankrupt himself to superintendent the management of the estate, or
manage
estate.
to carry on trade for behoof of the creditors , and in all or any other respects
they may think fit to aid them in administering the bankrupt's estate and
effects in such manner and on such terms as they may think best for the
benefit of the persons interested in the estate.
Power for 81. At any time after the expiration of twelve months from
assignees to
sell bank adjudication , or at any earlier period with the approbation of the Court
rupt's book
debts. the Assignee may sell by auction or tender , or with the sanction of the
Court by private contract, all or any of the book debts due, or growing
due to the bankrupt, and with the sanction of the Court the books relating
thereto, and the goodwill of his trade or business , and assign the same to
the purchaser and such purchaser shall by virtue of the assignment have
power to sue in his own name for the debts assigned to him as effectually,
and with the same privileges concerning proof of the requisites of bank
ruptcy and other matters, as the assignee himself.
Disposal of 82. When the affairs of the bankrupt are fully wound up, the Court
bankrupt's
books , after may, subject to the directions of any General Order, make from time to
his affairs are
wound up. time such orders as in each case seems fit respecting the disposal or custody
of any books , papers or documents relating to property or affairs in the
possession or under the control of the Official Assignee or any other person .
On removal 83. If the Creditors ' Assignee shall wilfully fail to observe any of
of Creditors'
Assignee, the directions herein contained or shall be guilty of any neglect in the
Official
Assignee may performance of his duty , or it shall be made to appear to the Court on
be appointed.
the application of any two or more creditors that it would be for the
benefit of the estate that such Creditors ' Assignee should not continue to
have the management and administration of the bankrupt's estate, the