592
Court to have power over body and property of debtor.
Amount of petitioning creditors' debts.
If petition filed fraudulently or maliciously, how to be dealt with.
Computation of debts.
ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
shall have full power and authority to take such order and directions with the body of the debtor as is mentioned in this Ordinance, as also with all his lands, tenements and hereditaments, which he shall have in his own right before adjudication, as also with all such interest in any such lands, tenements and hereditaments as such debtor may lawfully depart withal and with all his monies, fees, offices, annuities, goods, chattels, wares, merchandise and debts and to make or order sale thereof in manner herein mentioned, or otherwise order the same for satisfaction and payment of the creditors of the bankrupt.
41. To entitle any creditor to petition for adjudication against a debtor, the amount of the debt of such creditor shall be as follows, that is to say:
The debt of a single creditor or of two or more persons, being partners, shall amount to three hundred dollars or upwards.
The debt of two creditors shall amount to four hundred dollars or upwards.
The debt of three or more creditors shall amount to five hundred dollars or upwards.
Every person who has given credit to any debtor upon valuable consideration for money payable at a certain time, which time shall not have arrived when such debtor committed an act of bankruptcy, may so petition or join in petitioning, whether he shall have any security for such sum or not.
42. If the debt, stated by the petitioning creditor in his affidavit, or in his petition for adjudication, to be due to him from any debtor, shall not be really due, or, if after a petition for adjudication be filed, it shall not have been proved that the person against whom such petition has been filed, was liable to an adjudication at the time of the filing of such petition, and it shall also appear that such petition was filed fraudulently or maliciously, the Court shall and may, upon petition of any person aggrieved by such petition, examine into the same, and order satisfaction to be made to him for the damages by him sustained.
43. In the computation of debts for the purposes of any petition under this Ordinance there shall be reckoned as debts-
(1.) Sums due to creditors holding mortgages, or other available securities, or liens, after deducting the value of the property comprised in such mortgages, securities or liens.
592
Court to have power over body and pro- perty of debtor.
Amount of petitioning
creditors
lebts.
If potition filed fraudu- lently or mali- ciously, how to be dealt with.
Computation of debts.
ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
shall have full power and authority to take such order and directions with the body of the debtor as is mentioned in this Ordinance, as also with all his lands, tenements and hereditaments, which he shall have in his own right before adjudication, as also with all such interest in any such lands, tenements and hereditaments as such debtor may lawfully depart withal and with all his monies, fees, cffices, annuities, goods, chattels, wares, merchandize and debts and to make or order sale thereof in manner herein mentioned, or otherwise order the same for satisfaction and payment of the creditors of the bankrupt.
41. To entitle any creditor to petition for adjudication against a debtor, the amount of the debt of such creditor shall be as follows, that is to say:
The debt of a single creditor or of two or more persons, being partners, shall amount to three hundred dollars or upwards.
The debt of two creditors shall amount to four hundred dollars or
upwards.
The debt of three or more creditors shall amount to five hundred dollars or upwards.
Every person who has given credit to any debtor upon valuable consideration for money payable at a certain time, which time shall not have arrived when such debtor committed an act of bankruptcy, may so petition or join in petitioning, whether he shall have any security for such sum or not.
42. If the debt, stated by the petitioning creditor in his affidavit, or in his petition for adjudication, to be duc to him from any debtor, shall not be really due, or, if after a petition for adjudication be filed, it shall not have been proved that the person against whom such petition has been filed, was liable to an adjudication at the time of the filing of such petition, and it shall also appear that such petition was filed fraudulently or maliciously, the Court shall and may, upon petition of any person aggrieved by such petition, examine into the same, and order satisfaction to be made to him for the damages by him sustained.
43. In the computation of debts for the purposes of any petition. under this Ordinance there shall be reckoned as debts-
(1.) Sums due to creditors holding mortgages, or other available securities, or liens, after deducting the value of the property comprised in such mortgages, securities or liens.
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