657022-1890-Bill-Bankruptey-Ordinance — Page 17

1186 THE HONGKONG GOVERNMENT GAZETTE, 29TH NOVEMBER, 1890.

Power of Trustee to deal with

property.

Powers exercisable with consent of Committee of Inspection. or of the Court

(6.) The Court may on application by any person either claiming any interest in any disclaimed property or under any liability not discharged by this Ordinance in respect of any disclaimed property and on hearing such persons as it thinks fit make an order for the vesting of the property in or delivery thereof to any person entitled thereto or to whom it may seem just that the same should be delivered by way of compensation for such liability as aforesaid and on such terms as the Court thinks just. Provided always that when the property disclaimed is of a leasehold nature the Court shall not make a vesting order in favour of any person claiming under the bankrupt except upon the terms of making such persons subject to the same liabilities and obligations as the bankrupt was subject to under the lease in respect of the property at the date when the bankruptcy petition was filed and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the property and if there shall be no person claiming under the bankrupt who is willing to accept an order upon such terms the Court shall have power to vest the bankrupt's estate and interest in the property in any person liable either personally or in a representative character and either alone or jointly with the bankrupt to perform the lessee's covenants in such lease freed and discharged from all estates encumbrances and interests created therein by the bankrupt.

(7.) Any person injured by the operation of a disclaimer 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.

49. Subject to the provisions of this Ordinance and to any general or special 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 good-will of the business if any and the book debts due or growing 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. (b.) Give receipts for any money received by him which receipts shall effectually discharge the person paying the money from all responsibi- lity 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 Ordi- nance and execute any powers of attorney deeds and other instruments for the purpose of carry- ing into effect the provisions of this Ordinance. 50. The Trustee may with the permission of the Com- mittee of Inspection do all or any of the following things:

(a.) Carry on business of the bankrupt so far as may be necessary for the beneficial winding up of the same.

(b.) Bring institute or defend any action or 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 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 and compromise all debts claims and liabilities upon such terms as may be agreed on.

(9.) Make such compromise or other arrangement, as may be thought expedient with creditor or persons claiming to be creditors in respect of any provable debts.

(h.) Make such compromise or other arrangement as may be thought expedient with respect to

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any claim arising out of or incidental to the property of the bankrupt made or capable of being made on the Official Assignee by any person or by the Official Assignee on any person,