657022-1890-Bill-Bankruptey-Ordinance — Page 18

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THE HONGKONG GOVERNMENT GAZETTE, 29TH NOVEMBER, 1890.

(i.) Divide in its existing form amongst the creditors according to its estimated value any property which from its peculiar nature or other special circumstances cannot be readily or advantage- ously sold.

The permission given for the purposes of this section shall not be a general permission to do all or any of the above- mentioned things but shall only be a permission to do the particular thing or things for which permission is sought. Distribution of Property,

51. (1.) The first dividend if any shall be declared within four months after the conclusion of the first meeting of creditors unless there be a sufficient reason approved by the Court for postponing the declaration to a later date and subsequent dividends shall in the absence of sufficient reasons to the contrary be declared and distributed at in- tervals of not more than six months.

(2.) At least one month before declaring a dividend the Trustee shall cause notice of his intention to do so to be gazetted and shall also post a notice in writing to each creditor mentioned in the bankrupt's statement who has not proved his debt.

(3.) When the Trustee has declared a dividend he shall cause a notice to be gazetted showing the amount of the dividend and when and how it is payable.

52. Where one partner of a firm is adjudged bankrupt a creditor to whom the bankrupt is indebted jointly with the other partners of the firm or any of them shall not receive any dividend out of the separate property of the bankrupt until all the separate creditors have received the full amount of their respective debts.

53. In the calculation and distribution of a dividend the Trustee shall make provision for debts provable in bank- ruptcy appearing from the bankrupt's statement or other- wise to be due to persons resident in places so distant from the place where the Trustee is acting that in the ordinary course of communication they have not had sufficient time to tender their proof or to establish them if disputed and also for debts provable in bankruptcy the subject of claims not yet determined. He shall also make provision for any disputed proofs or claims and for the expenses necessary for the administration of the estate or otherwise and subject to the foregoing provisions he shall distribute as dividend all money in hand.

54. Acreditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid out of any money for the time being in the hands of the Trustee any dividend or dividends he may have failed to receive before that money is applied to the payment of any future dividend or dividends but he shall not be entitled to disturb any distribution already made by reason that he has not participated therein.

55. When the Trustee has realised all the property of the bankrupt or so much thereof as can be realised without needlessly protracting the trusteeship he shall declare a final dividend which dividend shall be so specified in the Gazette notices and in the notices to creditors and any creditor who has not proved shall be excluded from such dividend unless he proves his debt before the dividend is paid provided that the Court may on the application of any such creditor postpone the payment of such dividend or part of it for such time as shall be reasonably necessary for such creditor to establish his claim.

56. No action for a dividend shall lie against a Trustee but the Trustee refuses to pay any dividend the Court may if it thinks fit order him to pay it and also to pay out of his own money interest thereon for the time that it is withheld and the costs of the application.

57. (1.) The Trustee with the permission of the Com- mittee of Inspection or of the Court may appoint the bank- rupt himself to superintend the management of the property of the bankrupt or any part thereof or to carry on the trade (if any) of the bankrupt for the benefit of his creditors and in

any other respect to aid in administering the property in such manner and on such terms as the Trustee may direct.

(2.) The Court on the application of the Trustee may if think fit make an allowance out of the estate to the bank- rupt for the support of himself aud his family or in con- sideration of his services in assisting the Trustee.

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58. The bankrupt shall be entitled to any surplus re- maining after payment in full of his creditors with interest as by this Ordinance provided and of the costs charges and expenses of the proceedings under the bankruptcy petition,

Dividends.

Provision

for creditors residing at $ distance, &c.

Creditor proving after dividend

Final dividend.

No action for dividend.

Employment of and allow- ance to bank- rupt.

Right of bankrupt to surplus.

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