24
Cases in which adjudication
of bankruptcy to be made. 46 & 47 Vict. c. 52 s. 20.
No. 7.]
THE ORDINANCES OF HONGKONG: [A.D. 1891
composition or scheme cannot, in consequence of legal difficulties or for any other sufficient cause, proceed without injustice or undue delay to the creditors or to the debtor, or that the approval of the Court was obtained by fraud, the Court may, if it thinks fit, on application by any creditor, adjudge the debtor bankrupt and annul the composition or scheme, but without prejudice to the validity of any sale, disposition, or payment duly made or thing duly done under or in pursuance of the composition or scheme. Where a debtor is adjudged bankrupt under this sub-section, any debt provable in other respects which has been contracted before the date of the adjudication shall be provable in the bankruptcy.
(9.) If, under or in pursuance of a composition or scheme, a Trustee is appointed by the creditors to administer the debtor's property or manage his business, Part III shall apply to the Trustee and to the composition or scheme as if the Trustee were a Trustee in a bankruptcy and as if the terms "bankruptcy," "bankrupt," and "order of adjudication" included respectively a composition or scheme of arrangement, a compounding or arranging debtor, and an order approving the composition or scheme.
(10.) Part II shall, so far as the nature of the case and the terms of the composition or scheme admit, apply thereto, the same interpretation being given to the words "Trustee," "bankruptcy," "bankrupt," and "order of adjudication" as in the last preceding sub-section.
(11.) No composition or scheme shall be approved by the Court which does not provide for the payment in priority to other debts of all debts directed to be so paid in the distribution of the property of a bankrupt.
Adjudication of Bankruptcy.
19. (1.) Where a receiving order is made against a debtor, then, if the creditors, at the first meeting or any adjournment thereof, by resolution resolve that the debtor be adjudged bankrupt or pass no resolution, or if the creditors do not meet, or if a composition or scheme is not accepted or approved within fourteen days after the conclusion of the examination of the debtor or such further time as the Court may allow, the Court shall adjudge the debtor bankrupt; and thereupon the
property of the bankrupt shall become divisible among his creditors and shall vest in a Trustee.
First Schedule:
(2.) Notice of every order adjudging a debtor bankrupt, stating the name, address, and description of the bankrupt, the date of the adjudication, and the name of the Trustee, shall be gazetted and advertised in at least one local paper.
(3.) The date of the order shall, for the purposes of this Ordinance, be the date of the adjudication.
24
Cases in which adjudication
of bankruptcy to be made. 46 & 47 Vict. c. 52 s. 20.
No. 7.]
THE ORDINANCES OF HONGKONG: [A.D. 1891 composition or scheme cannot, in consequence of legal difficulties or for any other sufficient cause, proceed without injustice or undue delay to the creditors or to the debtor, or that the approval of the Curt was obtained by fraud, the Court may, if it thinks fit, on applicatio by any creditor, adjudge the debtor bankrupt and annul the composition or scheme, but without prejudice to the validity of any sale, disposition, or payment dúly made or thing duly done under or in pursuance of the composition or scheme. Where a debtor is adjudged bankrupt under this sub-section, any debt provable in other respects which has been contracted before the date of the adjudication shall be provable in the bankruptcy.
(9.) If, under or in pursuance of a composition or scheme, a Trustee is appointed by the creditors to administer the debtor's property or manage his business, Part III shall apply to the Trustee and to the composition or scheme as if the Trustee were a Trustee in a bankruptcy and if as the terms "bankruptcy," "bankrupt," and "order of adjudi- cation included respectively a composition or scheme of arrange- ment, a compounding or arranging debtor, and an order approving the composition or scheme.
(10.) Part II shall, so far as the nature of the case and the terms of the composition or scheme admit, apply thereto, the same interpretation being given to the words "Trustee," "bankruptcy," "bankrupt," and
order of adjudication" as in the last preceding sub-section...
(11.) No composition or scheme shall be approved by the Court which does not provide for the payment in priority to other debts of all debts directed to be so paid in the distribution of the property of a bankrupt.
Adjudication of Bankruptcy.
19. (1.) Where a receiving order is made against a debtor, then, if the creditors, at the first meeting or any adjournment thereof, by resolution resolve that the debtor be adjudged bankrupt or pass no resolution, or if the creditors do not meet, or if a composition or scheme is not accepted or approved within fourteen days after the conclusion of the examination of the debtor or such further time as the Court may allow, the Court shall adjudge the debtor bankrupt; and thereupon the Form No. 12. property of the bankrupt shall become divisible among his creditors and
shall vest in a Trustee.
First Schedule:
(2.) Notice of every order adjudging a debtor bankrupt, stating the name, address, and description of the bankrupt, the date of the adjudica- tion, and the name of the Trustee, shall be gazetted and advertised in at least one local -paper.
(3.) The date of the order shall, for the purposes of this Ordinance, be the date of the adjudication
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