606
Conditional estate granted by bankrupt may be redeemed by assignees.
Assignees to be subject to the order of the Court.
If a member of a firm becomes bankrupt Court may authorise action or suit in name of assignees and of remaining partner.
Assignees may institute or defend actions and compound for debts due to the estate, and submit disputes to arbitration.
ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
87. If any bankrupt shall have granted, conveyed, assured or pledged, any real or personal estate, or deposited any deed, such grant, conveyance, assurance, pledge or deposit being upon condition or power of redemption, at a future day, by payment of money or otherwise, the assignees may, before the time of the performance of such condition, make tender, or payment of money, or other performance, according to such condition, as fully as the bankrupt might have done: and after such tender, payment or performance, such real or personal estate may be sold and disposed of for the benefit of the creditors.
88. The assignees shall be subject to the orders of the Court in their conduct as assignees and the Court may at all times summon the assignees, and require them to produce all books, papers, deeds, writings, or other documents relating to the bankruptcy in their possession, and direct them to pay and deliver over to the Official Assignee, all monies, books, papers, deeds, writings and other documents which may have come to their possession as assignees.
89. If any person adjudged bankrupt shall at the time of the adjudication, be a member of a firm the Court may authorise the assignees upon their application to commence or prosecute any action at Law or suit in Equity, in the name of such assignees and of the remaining partner, against any debtor of the partnership, and such judgment, decree, or order be obtained therein as if such action or suit had been instituted may with the consent of such partner, and if such partner shall execute any release of the debt or demand for which such action or suit is instituted, such release shall be void: Provided that every such partner shall have notice given him of such application, and be at liberty to show cause against it, and if no benefit be claimed by him by virtue of the said proceedings, shall be indemnified against the payment of any costs in respect of such action or suit, in such manner as the Court may direct: and such Court may, upon the application of such partner, direct that he may receive so much of the proceeds of such action or suit as the Court shall direct.
90. The assignees with the leave of the Court first obtained upon application to such Court but not otherwise, may commence, prosecute or defend, any action at Law or suit in Equity which the bankrupt might have commenced and prosecuted or defended, and in such case, the costs to which they may be put in respect of such suit or action shall be allowed out of the proceeds of the estate and effects of the bankrupt: and
606
Conditional estate grant- ed by bank. rupt may be redeemed by assignees.
Assignees to be subject to the order of the Court.
If a member of a firm be- comes bank- rupt Court may author-
ise action or suit in name of assignees and of re- maining partner.
Assignees
may institute or defend actions and
compound for debts due to the estate, and submit
disputes to arbitration.
ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
87. If any bankrupt shall have granted, conveyed, assured or pledged, any real or personal estate, or deposited any deed, such grant, conveyance, assurance, pledge or deposit being upon condition or power of redemption, at a future day, by payment of money or otherwise, the assignees may, before the time of the performance of such condition, make tender, or payment of money, or other performance, according to such condition, as fully as the bankrupt might have done: and after such tender, payment or performance, such real or personal estate may be sold and disposed of for the benefit of the creditors.
88. The assignees shall be subject to the orders of the Court in their conduct as assignees and the Court may at all times summon the assignees, and require them to produce all books, papers, deeds, writings, or other documents relating to the bankruptcy in their possession, and direct them to pay and deliver over to the Official Assignee, all monies, books, papers, deeds, writings and other documents which may have come to their possession as assignees.
89. If any person adjudged bankrupt shall at the time of the adju- dication, be a member of a firm the Court may authorise the assignees upon their application to commence or prosecute any action at Law or suit in Equity, in the name of such assignees and of the remaining part- ner, against any debtor of the partnership, and such judgment, decree, or order be obtained therein as if such action or suit had been instituted
may with the consent of such partner, and if such partner shall execute any release of the debt or demand for which such action or suit is instituted, such release shall be void: Provided that every such partner shall have notice given him of such application, and be at liberty to show cause against it, and if no benefit be claimed by him by virtue of the said proceedings, shall be indemnified against the payment of any costs in respect of such action or suit, in such manner as the Court may direct: and such Court may, upon the application of such partner, direct that he may receive so much of the proceeds of such action or suit as the Court. shall direct.
90. The assignees with the leave of the Court first obtained upon application to such Court but not otherwise, may commence, prosecute or defend, any action at Law or suit in Equity which the bankrupt might have commenced and prosecuted or defended, and in such case, the costs to which they may be put in respect of such suit or action shall be allowed out of the proceeds of the estate and effects of the bankrupt : and
No comments yet.
Private notes are available after approval.