ORDINANCE No. 5 OF 1864. 627
Bankruptcy and Insolvency.
rupt, if made liable to the creditors under the conditions of discharge,
represent the estate in all respects as the sole assignee thereof, and shall
have and exercise all the rights , duties, powers and authorities , conferred
by this Ordinance upon Official and Creditors ' Assignees .
160. In all joint petitions for adjudication under which any partner One partner
may receive
shall have obtained his discharge, if a sufficient dividend shall have been allowance
although
paid upon the joint estate and upon the separate estate of such partner, other not
entitled .
he shall be entitled to his allowance, although the other partner may not
be entitled to any allowance.
161. If the produce of the estate of any bankrupt shall be sufficient If produce of
estate pay in
to pay in full, and interest as hereinafter mentioned, and to leave a full and leave
surplus, such
surplus, the Court may order such surplus to be paid to such bankrupt, surplus to be
paid to bank
his exccutors , administrators or assigns ; and every such bankrupt shall rupt after
payment of
be entitled to recover the remainder if any of the debts due to him ; but interest on
debts .
such surplus shall not be paid until all the creditors who have proved ,
shall have received interest upon their debts to be calculated and paid at
the rate and in the order following ; viz .: all creditors whose debts are by
law entitled to carry interest in the event of a surplus , shall first receive
interest on such debts at the rate of interest reserved or by law payable
or provable thereon , to be calculated from the date of the filing of the
petition for adjudication ; and after such interest shall have been paid :
all other creditors who have proved shall receive interest on their debt
from the date of such petition at the rate of twelve per centum per
annum.
As to trust deeds for the benefit of Creditors.
162. If any person shall execute any conveyance or assignment by
months con
deed of all his estate and effects to a trustee or trustees for the benefit ofall veyance of
all debtors'
the creditors of such person, the execution of such deed shall not be deemed property not
an act of
an act of bankruptcy unless a petition for adjudication be filed within bankruptcy,
provided
three months from the execution thereof, provided that the conditions certain
formalities
which are herein ordained to be observed with regard to every deed or are complied
with.
instrument made or entered into between a debtor and his creditors or
any of them as trustee for the rest or a trustce on their behalf, have been
observed in any such conveyance or assignment by deed.
163. Every deed or instrument made or entered into between a What deeds
to be valid
debtor and his creditors or any of them, as trustees for the rest, or a and upon