1912_BANKRUPTCY_ORDINANCE__1891 — Page 32

BANKRUPTCY.

No. 7 of 1891.

637

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mortgagee or under-lessee declining to accept a vesting order on such (s. 48 contd.] terms shall be excluded from all interest in and security upon the property; and if there is no person claiming under the bankrupt who is willing to accept an order on such terms, the Court shall have power to vest the bankrupt's estate and interest in the property in any person liable, either personally or in a representative character and either alone or jointly with the bankrupt, to perform the lessee's covenants in such lease, freed and discharged from all estates, encumbrances, and interests created therein by the bankrupt.

(7) Any person injured by the operation of a disclaimer under this section shall be deemed to be a creditor of the bankrupt to the extent of the injury, and may accordingly prove the same as a debt under the bankruptcy.

49. Subject to the provisions of this Ordinance and to any general or special order of the Court, the trustee may do all or any of the following things :-

*

(1) sell all or any part of the property of the bankrupt (including the good-will of the business, if any, and the book debts due or growing due to the bankrupt) by public auction or private con- tract, with power to transfer the whole thereof to any person or company or to sell the same in parcels ;

(2) give receipts for any money received by him, which receipts shall effectually discharge the person paying the money from all responsibility in respect of the application thereof;

(3) prove, rank, claim, and draw a dividend in respect of any debt due to the bankrupt; and

(4) exercise any powers the capacity to exercise which is vested in the trustee under this Ordinance, and execute any powers of attorney, deeds, and other instruments for the purpose of carrying into effect the provisions of this Ordinance.

Powers of deal with

trustee to

property. 146 & 47 Vict. c. 52 s. 56.j

50.-(1) The trustee may, with the permission of the Committee Powers of Inspection, do all or any of the following things:-

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(a) carry on the business, if any, of the bankrupt so far as may be sion of Com. necessary for the beneficial winding-up of the same;

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(b) bring, institute, or defend any action or other legal proceeding relating to the property of the bankrupt ;

mittee of Inspection [ib. s. 57.]