BANKRUPTCY.
No. 7 of 1891.
591
of arrangement, a compounding or arranging debtor, and an order approving the composition or scheme.
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(10) Part II shall, so far as the nature of the case and the terms of the composition or scheme admit, apply thereto, the same interpretation being given to the words "trustee, bankruptcy," "bankrupt," and "order of adjudication" as in sub-section (9).
(11) No composition or scheme shall be approved by the court which does not provide for the payment in priority to other debts of all debts directed to be so paid in the distribution of the property of a bankrupt.
Adjudication of bankruptcy.
19. (1) Where a receiving order is made against a debtor, then, if the creditors, at the first meeting or any adjournment thereof, by resolution resolve that the debtor be adjudged bankrupt or pass no resolution, or if the creditors do not meet, or if a composition or scheme is not accepted or approved within fourteen days after the conclusion of the examination of the debtor or such further time as the court may allow, the court shall adjudge the debtor bankrupt; and thereupon the property of the bankrupt shall become divisible among his creditors and shall vest in a trustee.
(2) Notice of every order adjudging a debtor bankrupt, stating the name, address, and description of the bankrupt, the date of the adjudication, and the name of the trustee, shall be gazetted and advertised in at least one local paper.
(3) The date of the order shall, for the purposes of this Ordinance, be the date of the adjudication.
20.--(1) At any time prior to adjudication the creditors may, by ordinary resolution, nominate some fit person to be trustee in the bankruptcy, and on making the adjudication the court shall appoint the creditor's nominee or, if dissatisfied with the nomination or if there is no nomination, some other person to be trustee. The Official Receiver may be appointed trustee, if the court thinks fit.
(2) A trustee other than the Official Receiver shall give such security as the court may direct.
BANKRUPTCY.
No. 7 of 1891.
591
of arrangement, a compounding or arranging debtor, and an order approving the composition or scheme.
""
(10) Part II shall, so far as the nature of the case and the terms of the composition or scheme admit, apply thereto, the same interpretation being given to the words "trustee, bankruptcy," "bankrupt," and "order of adjudication as in sub-section (9).
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(11) No composition or scheme shall be approved by the court which does not provide for the payment in priority to other debts of all debts directed to be so paid in the distribution of the property of a bankrupt.
Adjudication of bankruptcy.
which
to be made.
19. (1) Where a receiving order is made against a Cases in debtor, then, if the creditors, at the first meeting or any adjudication adjournment thereof, by resolution resolve that the debtor of bankruptcy be adjudged bankrupt or pass no resolution, or if the 46 & 47 Vict. creditors do not meet, or if a composition or scheme is not c. 52, s. 20. accepted or approved within fourteen days after the con- clusion of the examination of the debtor or such further time as the court may allow, the court shall adjudge the debtor. bankrupt; and thereupon the property of the bankrupt First shall become divisible among his creditors and shall vest in Form No. 12.
a trustee.
(2) Notice of every order adjudging a debtor bankrupt, stating the name, address, and description of the bankrupt, the date of the adjudication, and the name of the trustee, shall be gazetted and advertised in at least one local paper.
(3) The date of the order shall, for the purposes of this Ordinance, be the date of the adjudication.
Schedule.
etc., of
20.--(1) At any time prior to adjudication the creditors Nomination, may, by ordinary resolution, nominate some fit person to be appointment, trustee in the bankruptcy, and on making the adjudication trustee. the court shall appoint the creditor's nominee or, if dis- 16 & 47 Vict. satisfied with the nomination or if there is no nomination, First some other person to be trustee. The Official Receiver may Schedule. be appointed trustee, if the court thinks fit.
(2) A trustee other than the Official Receiver shall give such security as the court may direct.
c. 52, s. 21.
Form No. 18.
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