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THE HONGKONG GOVERNMENT GAZETTE, 31ST OCTOBER, 1863.
Liability contingent at the filing of the pe-
contingency has kap-
mand may be proyed.
person had not, when such debt was contracted, notice of any act of bankruptcy by such Bankrupt coinmitted.
CXXXV. If any Bankrupt shall have incurred or become liable to, or bound by tition may be admitted any contract, covenant, or obligation, or subject to any duty, either absolute or upon s to claim, and after contingency respectively, and either present or future, or whereby, or by reason or n pened and the demand breach whereof respectively he shall or may become liable, either absolutely or contin been ascertained de- gently, to pay any money or damages, either liquidated or unliquidated, and either then or at some future time or times, and the demand in respect thereof shall not have been ascertained before the filing of the petition for adjudication in every such case, it such demand be not provable under any other provision of this Ordinance, the person with or to whom such liability to pay has been contracted or incurred may, if he think fit apply to the Court to set a value thereon; and the Court is hereby required to ascertain the value thereof, and to admit such person to prove the amount so ascertained and to receive dividends thereon: or such person may if he think fit apply to be admit- ted and shall be admitted to claim for such sum as the Court shall think fit; and after the contingency, if any, shall have happened, and the demand in respect of such liability to pay, shall have been ascertained, he shall be admitted to prove such demand, and receive dividends with the other Creditors, and so far as practicable, as if the contin- gency if any, had happened and the demand had been ascertained before the filing of such petition, but not disturbing former dividends; provided that where any such claim shall not have, either in whole or in part, been converted into a proof within six months after the filing of the petition for adjudication, it may, upon the application of the Assignees at any time after the expiration of such time if the Court shall think fit, be expunged either in whole or in part from the proceedings.
On Bankruptcy of •
goods, but which have
amount paid to
CXXXVI. If any Agent intrusted with the possession of goods within the meaning agent intrusted with of an Act of the Imperial Parliament passed in the Session holden in the Fifth and Sixth been pledged by him, years of the Reign of Her present Majesty intituled "An Act to amend the Law relating Owner may prove for to advances bona fide made to Agents intrusted with goods," shall have become bankrupt, redeem, or for value, the owner of any goods so intrusted to such agent, and which shall have been redeemed if the goods be unre- by such owner in manner provided by the said Act after having been pledged by such Agent, shall, in respect of the sum paid by him on account of such Agent for such redemption, be held to have paid such sun for the use of such Agent before his bank, - ruptcy, or in case such goods shall not be so redeemed, the owner shall be deemed a Creditor of such Agent for the value of the goods so pledged at the time of the pledge, and shall, if he think fit, be entitled in either of such cases to prove for or set off the sum so paid, or the value of such goods, as the case may
be.
deemed,
Interest upon debts, when proveable,
or agreed for.
CXXXVII. Upon every debt or sum certain payable at a certain time or otherwise, though not reserved whereupon interest is not reserved or agreed for, and which shall be overdue at the time of the filing of the petition for adjudication, and provable thereunder the Creditor shall be entitled to prove for interest, to be calculated at a rate not exceeding four pounds per centum per annum, up to the date of the filing of such petition, from the time when such debt or sum certain was payable, if such debt or sum be payable by virtue of some written instrument at a certain time, or if payable otherwise, then from the time when demand of payment shall have been made in writing, so as such demand shall give notice to the debtor that interest will be claimed from the date of such demand until the time of payment.
an election not to pro-
rupt by action.
Proving debt to ba CXXXVIII. No Creditor who has brought any action or instituted any suit against ceed against the Bank- any Bankrupt in respect of a demand prior to the adjudication or which might have been proved as a debt under the bankruptcy shall prove a debt under such bankruptcy or have any claim entered upon the proceedings without relinquishing such action or suit and the proving or claiming a debt under a petition for adjudication by any Creditor shall be deemed an election by such Creditor to take the benefit of such petition with respect to the debt so proved or claimed; provided that such Creditor shall not be liable to the payment to such Bankrupt or his Assignees, of the costs of such action or suit, so relinquished by him, and that where any such Creditor shall have brought an action or suit against such Bankrupt jointly with any other person, his relinquishing such action or suit against the Bankrupt, shall not affect such action or suit against such other person: provided also that any Creditor who shall have so proved or claimed, if the petition for adjudication be afterwards dismissed may proceed in the action as if he had not so proved or claimed.
Creditors having
CXXXIX. No Creditor having security for his debt, shall receive upon any such inore than other Cre- security more than a ratable part of such debt, except in respect of any execution or
security not to receive
ditors,
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