1912_BANKRUPTCY_ORDINANCE__1891 — Page 4

BANKRUPTCY.

No. 7 of 1891.

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5.-(1) Subject to the provisions of the next section, a creditor Conditions *shall not be entitled to present a bankruptcy petition against a ditor may

debtor unless--

petition.

[46 & 47 Vict.

(a) the debt owing by the debtor to the petitioning creditor, or, c. 52 s. 6.] if two or more creditors join in the petition, the aggregate amount of debts owing to the several petitioning creditors, amounts to 300 dollars; and

(b) the debt is a liquidated sum payable either immediately or at some certain future time; and

(c) the act of bankruptcy on which the petition is grounded has occurred within 4 months before the presentation of the petition ; and

(d) the debtor is domiciled in the Colony or, within a year before the date of the presentation of the petition, has ordinarily resided or had a dwelling house or place of business in the Colony.

(2) If the petitioning creditor is a secured creditor, he must in his petition either state that he is willing to give up his security for the benefit of the creditors in the event of the debtor being adjudged bankrupt or give an estimate of the value of his security. In the latter case he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him, after deducting the value so estimated, in the same manner as if he were an unsecured creditor.

6. The following provisions shall have effect in the case of a firm Liability of carrying on business in the Colony; that is to say,--

firm carrying on business in the Colony

(1) a creditor of the firm shall be entitled to present a bankruptcy to have re- petition against the firm, and a receiving order and an order ceiving order

or adjudica- of adjudication may be made against the firm in respect of an act tion made of bankruptcy committed in reference to the business of the firm against it. by any partner of the firm or by any person having the control or management of the business of the firm. An act of bankruptcy shall be deemed to be committed in reference to the business of the firm in all cases in which the act relates to the property or creditors of the firm and would be an act of bankruptcy by such partner or person as aforesaid if it related to his property or creditors;

(2) it shall be sufficient that a receiving order against the firm be made in the firm name, without mentioning the names of the

As amended by No. 50 of 1911.

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