182783-1931-Supplementary-Draft-Bill--Bankruptcy — Page 69

432

Table of Correspondence

BETWEEN

THE BILL, ORDINANCE No. 7 OF 1891, AND THE BANKRUPTCY Act, 1914,-Continued.

SUBJECT MATTER

BILL.

Ordinance

No. 7 OF

1891.

BANK-

RUPTCY

ACT, 1914.

REMARKS.

Creditor's petition.

ونت

Debtor's petition.

10

6

Appearance of Offi-

cial Receiver on petition.

Effect of receiving 12

order.

The clause prima facie requires as- sets sufficient to pay dividend

of 15%. The existing practice under section 7 () of Ordinance No. 7 of 1891 is to take 10% as the standard.

The clause prima facie requires as- sets sufficient to pay a dividend of 15%. The exist- ing practice under section 8 (1) of Ordinance No. 7 of 1891 is to take 10% as the standard. It also specifies certain things which will be *sufficient for refus- receiving the

calise

ing

order,

absence of material books of account.

New provision, but in accordance with present practice.

See also clause 14. Clanse 12 (1) fol- lows the English section.

Power to appoint

interim receiver.

13

Power to stay pend- ing proceedings.

10 (1)

9

The present Ordi-

nance is unsatis-

Factory

point :

See Re

Yim Ko Yun, ete,

(1927) 22 HI.K. L.R. 118.

ON this

Power

to appoint

15

12

10

special manager,

Advertisement of 16

receiving order.

Majority of creditors

in Scotland or Ire- land.

13

2

Unnecessary,