182783-1931-Supplementary-Draft-Bill--Bankruptcy — Page 37

4 & 5 Geo. 5, c. 59, s. 54 (8).

Powers of

trustee to

deal with

property.

4 & 5 Geo. 5,

c. 59, s. 55.

Ordinance No. 25 of 1923.

Powers

400

able only within twelve months after the Official Receiver has become trustee in the circumstances aforesaid, or has become aware of the existence of such property, whichever period may last expire.

(8) Any person injured by the operation of a dis- claimer under this section shall be deemed to be a creditor of the bankrupt to the extent of the injury,. and may accordingly prove the same as a debt under the bankruptcy.

60. Subject to the provisions of this Ordinance and to any order of the court, the trustee may do all or any of the following things:-

(a) sell all or any part of the property of the bankrupt (including the goodwill of the busi- ness, if any, and the book debts due or grow- ing due to the bankrupt), by public auction or private contract, with power to transfer the whole thereof to any person or company, or to sell the same in parcels, and any trans- fer of a business of a bankrupt by the Official Receiver or trustee shall be deemed to be exempted from the provisions of the Fraudu- lent Transfers of Businesses Ordinance, 1923; (b) give receipts for any money received by him, which receipts shall effectually discharge the person paying the money from all responsibil- ity in respect of the application thereof; (c) prove, rank, claim, and draw a dividend in respect of any debt due to the bankrupt; (d) exercise any powers, the capacity to exercise which is vested in the trustee under this Ordinance and execute any powers of attorney, deeds and other instruments, for the purpose of carrying into effect the provisions of this Ordinance.

61. The trustee may, with the permission of the exerciseable committee of inspection, do all or any of the follow-

by trustee

with per- mission of committee

of inspec-

tion.

4 & 5 Geo. 5,

c. 59, s. 56.

ing things:-

(a) carry on the business of the bankrupt, so far

as may be necessary for the beneficial winding

up of the same;

(b) bring, institute,

or

or defend any action other legal proceeding relating to the property of the bankrupt;

(c) employ a solicitor or other agent to take any proceedings or do any business which may be sanctioned by the committee of inspection; (d) accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time subject to such stipulations as to security and otherwise as the committee think fit;

(e) mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts;

(f) refer any dispute to arbitration, or compromise any debts, claims, and liabilities, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or sup posed to subsist between the bankrupt and any person who may have incurred any liability to the bankrupt, on the receipt of such sums, payable at such times, and generally on such terms as may be agreed on; (g) make such compromise or other arrangement as may be thought expedient with, creditors,