616
No. 7 of 1891.
Composition or scheme of arrangement.
BANKRUPTCY.
(7) The examination may be held by a commissioner of the Court, if the Court so orders, and in such case the commissioner appointed shall have all the powers of the Court with respect to the examination.
Composition or Scheme of Arrangement.
18.—(1) The creditors may, at the first meeting or any adjournment thereof, by special resolution, resolve to entertain a proposal for a composition in satisfaction of the debts due to them from the debtor or a proposal for a scheme of arrangement of the debtor's affairs.
(2) The composition or scheme shall not be binding on the creditors unless it is confirmed by a resolution passed (by a majority in numbers representing three-fourths in value of all the creditors who have proved) at a subsequent meeting of the creditors and is approved by the Court.
(3) The subsequent meeting shall be summoned by the Official Receiver by not less than 7 days' notice, and shall not be held until after the public examination of the debtor is concluded. The notice shall state generally the terms of the proposal and shall be given by posting a letter or by a notice in writing to each creditor who has proved and by advertising the subsequent meeting in the Gazette and at least in one local newspaper.
(4) The debtor or the Official Receiver may, after the composition or scheme is accepted by the creditors, apply to the Court to approve it.
(5) If the Court is of opinion that the terms of the composition or scheme are not reasonable or are not calculated to benefit the general body of creditors, or if the Court is dissatisfied with the conduct of the debtor, the Court may, in its discretion, refuse to approve the composition or scheme.
(6) If the Court approves the composition or scheme, the approval thereof may be testified by the seal of the Court being attached to the instrument containing the terms of the composition or scheme or by the terms being embodied in an order of the Court. A composition or scheme accepted and approved as aforesaid shall be binding on all the creditors so far as relates to any debts due to them from the debtor and provable in bankruptcy: Provided that if any*
* As amended by No. 50 of 1911, No. 2 of 1912 and No. 43 of 1912 Supp. Sched.
(1) which all debts of a bankrupt...
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616
No. 7 of 1891.
Composition or scheme of arrangement.
BANKRUPTCY.
(7) The examination may be held by a commissioner of the Court, if the Court so orders, and in such case the commissioner appointed shall have all the powers of the Court with respect to the examina- tion.
Composition or Scheme of Arrangement.
18.—(1) The creditors may, at the first meeting or any adjourn- ment thereof, by special resolution, resolve to entertain a proposal [53 & 54 Vict. for a composition in satisfaction of the debts due to them from the c. 71 s. 3.]
debtor or a proposal for a scheme of arrangement of the debtor's affairs.
form 17.
*
(2) The composition or scheme shall not be binding on the creditors unless it is confirmed by a resolution passed (by a majority in numbers representing three-fourths in value of all: the creditors who have proved) at a subsequent meeting of the creditors and is approved by the Court.
(3) The subsequent meeting shall be summoned by the Official Receiver by not less than 7 days' notice, and shall not be held until after the public examination of the debtor is concluded. The notice shall state generally the terms of the proposal and shall be given by posting a letter or by a notice in writing to each creditor who has proved and by advertising the subsequent meeting in the Gazette and at least in one local newspaper.
(4) The debtor or the Official Receiver may, after the composition or scheme is accepted by the creditors, apply to the Court to approve it.
(5) If the Court is of opinion that the terms of the composition or scheme are not reasonable or are not calculated to benefit the general body of creditors, or if the Court is dissatisfied with the conduct of the debtor, the Court may, in its discretion, refuse to approve the composition or scheme.
(6) If the Court approves the composition or scheme, the approval thereof may be testified by the seal of the Court being attached to the instrument containing the terms of the composition or scheme or by the terms being embodied in an order of the Court. A com- position or scheme accepted and approved as aforesaid shall be binding on all the creditors so far as relates to any debts due to them from the debtor and provable in bankruptcy: Provided that if any
* As amended by No. 50 of 1911, No. 2 of 1912 and No. 43 of 1912
Supp. Sched.
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