X.
BANKRUPTCY.
No. 7 of 1891.
589
(5) Such notes of the examination as the court thinks proper shall be taken down in writing, and shall be read over to and signed by the debtor and may thereafter be used in evidence against him.
(6) The examination may be adjourned from time to time, and shall not be concluded until after the day appointed for the first meeting of creditors.
(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 seven 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.
* As amended by Law Rev. Ord., 1923.
Schedule. Form No. 17.
X.
BANKRUPTCY.
No. 7 of 1891.
589
(5) Such notes of the examination as the court thinks proper shall be taken down in writing, and shall be read over to and signed by the debtor and may thereafter be used in evidence against him.
(6) The examination may be adjourned from time to time, and shall not be concluded until after the day appointed for the first meeting of creditors.
(7) The examination may be held by a commissioner of the court, if the court so orders, and in such case the commis- sioner appointed shall have all the powers of the court with respect to the examination.
Composition or scheme of arrangement.
or scheme of arrangement.
18. (1) The creditors may, at the first meeting or any Composition adjournment thereof, by special resolution, resolve to enter- tain a proposal for a composition in satisfaction of the debts 53 & 54 Vict. due to them from the debtor or a proposal for a scheme of € 71, 3. 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 seven 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 First 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 com- position 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.
* As amended by Law Rev. Ord., 1923.
*
Schedule. Form No. 17.
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