1446 ORDINANCE No. 1 OF 1877.
Companies.
order con
the reduction, and on the hearing of the petition -the Court, if satisfied
firming
reduction . that with respect to every creditor of the company who, under the
[sec. 11.]
provisions of this Ordinance, is entitled to object to the reduction , either
his consent to the reduction has been obtained , or his debt or claim has
been discharged or has determined , or has been secured as hereinafter
provided, may make an order confirming the reduction on such terms
and subject to such conditions as it deems fit .
Creditors 12. Where a company proposes to reduce its capital, every creditor
may object
-
to reduction, of the company who at the date fixed by the Court - is entitled to any
and list of
objecting debt or claim which, if that date were the commencement of the winding
creditors to
be settled by up of the company, would be admissible in proof against the company
the Court.
[sec. 13. ] shall be entitled to object to the proposed reduction , and to be entered
in the list of creditors who are so entitled to object.
The Court shall settle a list of such creditors, and for that purpose
shall ascertain- as far as possible, without requiring an application from
any creditor-the names of such creditors and the nature and amount
of their debts or claims , and may publish notices fixing a certain day or
days within which creditors of the company who are not entered on the
list are to claim to be so entered or to be excluded from the right of
objecting to the proposed reduction .
Court may 13. Where a creditor whose name is entered on the list of creditors ,
dispense with
consent of and whose debt or claim is not discharged or determined , does not
creditor on
security consent to the proposed reduction , the Court may ( if it think fit ) dispense
being given
for his debt . with such consent on the company securing the payment of the debt or
[sec. 14. ]
claim of such creditor by setting apart and appropriating in such manner
as the Court may direct, a sum of such amount as is hereinafter
mentioned ; that is to say, --
( 1. ) If the full amount of the debt or claim of the creditor is
admitted by the company, or, though not admitted, is
such as the company are willing to set apart and appro
priate, then the full amount of the debt or claim shall
be set apart and appropriated :
( 2. ) If the full amount of the debt or claim of the creditor is
not admitted by the company, and is not such as the
company are willing to set apart and appropriate, or if
the amount is contingent or not ascertained , then the
Court may, if it think fit, inquire into and adjudicate