1912_BANKRUPTCY_ORDINANCE__1891 — Page 22

BANKRUPTCY.

No. 7 of 1891.

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of one month from the date of the decision, unless the Court allows it for special reasons shown.

of debts

31.-(1) Demands in the nature of unliquidated damages arising Description otherwise than by reason of a contract, promise, or breach of trust shall not be provable in bankruptcy.

(2) A person having notice of any act of bankruptcy avail- able against the debtor shall not prove for any debt or liability con- tracted by the debtor subsequently to the date of his so having notice.

(3) Save as aforesaid, all debts and liabilities, present or future, certain or contingent, to which the debtor is subject at the date of the receiving order, or to which he may become subject before his discharge by reason of any obligation incurred before the date of the receiving order, shall be deemed to be debts provable in bankruptcy.

(4) The value of any debt or liability provable as aforesaid which, by reason of its being subject to any contingency or contingencies or for any other reason, does not bear a certain value may be estimated by the Court, on the application of the trustee. The amount so estimated shall be deemed a debt provable in bankruptcy, but if the Court is of opinion that the debt or liability cannot be fairly estimated, it shall not be deemed provable in bankruptcy.

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(5) "Liability shall, for the purposes of this Ordinance, include any compensation for work or labour done, any obligation or probability of an obligation to pay money or money's worth on the breach of any express or implied covenant, contract, agreement, or undertaking, whether the breach does or does not occur, or is or is not likely to occur or capable of occurring, before the discharge of the debtor, and generally it shall include any express or implied en- gagement, agreement, or undertaking to pay, or capable of resulting in the payment of, money or money's worth, whether the payment is, as respects amount, fixed or unliquidated; as respects time, present or future, certain or dependent on any one contingency or on two or more contingencies; or as to mode of valuation, capable of being ascertained by fixed rules or as matter of opinion.

provable. [46 & 47 Vict. c. 52 s. 37.]

32. Where there have been mutual credits, mutual debts, or other Mutual credit mutual dealings between the debtor against whom a receiving order and set-off. [ib. s. 38.] has been made and a creditor, the sum due from the one party shall be set off against any sum due from the other party, and the balance of the account and no more shall be claimed or paid