602
Payment of preliminary expenses.
Priority of payment of debts.
46 & 47 Vict. c. 52, s. 40.
No. 7 of 1891.
BANKRUPTCY.
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 on either side respectively: Provided that a creditor shall have no set-off in respect of any credit given to the debtor after the creditor has had notice of an act of bankruptcy committed by the debtor and available against him for adjudication.
Appropriation of assets.
33.-(1) The assets remaining after payment of the actual expenses incurred in realizing any of the assets of the debtor shall, subject to any order of the court, be liable to the following payments, which shall be made in the following order of priority, namely,-
(a) the actual expenses incurred by the Official Receiver in protecting the property or assets of the debtor or any part thereof and any expenses or outlay incurred by him or by his authority in carrying on the business of the debtor;
(b) the fees, percentages, and charges payable to, or costs, charges, and expenses incurred or authorised by, the Official Receiver;
(c) the remuneration of the special manager, if any; and (d) the taxed costs of the petitioner, so far as the same may not have been disallowed by the court.
(2) Whenever the court is satisfied that property of a debtor in respect of whose estate a receiving order has been made has been preserved for the benefit of the creditors by means of legal proceedings brought by a creditor against the debtor without notice of any available act of bankruptcy committed by the debtor, the court may, in its discretion, order the payment of the costs of such legal proceedings or any part of them (taxed as between party and party) out of the estate, with the same priority as to payment as is herein provided in respect of the taxed costs of the petitioner.
34.- (1) In the distribution of the property of a bankrupt there shall be paid in priority to all other debts---
(a) all local rates due from the bankrupt at the date of the receiving order, having first become due and payable within twelve months next before such date;
* See First Schedule, Form No. 11, List A.
Page 25
Page 26
602
Payment of preliminary expenses.
Priority of
payment of debts.
46 & 47 Vict. c. 52, s. 40.
No. 7 of 1891.
BANKRUPTCY.
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 on either side respectively: Pro- vided that a creditor shall have no set-off in respect of any credit given to the debtor after the creditor has had notice of an act of bankruptcy committed by the debtor and available against him for adjudication.
Appropriation of assets.
33.-(1) The assets remaining after payment of the actual expenses incurred in realizing any of the assets of the debtor shall, subject to any order of the court, be liable to the following payments, which shall be made in the following order of priority, namely,-
(a) the actual expenses incurred by the Official Receiver in protecting the property or assets of the debtor or any part thereof and any expenses or outlay incurred by him or by his authority in carrying on the business of the debtor;
(b) the fees, percentages, and charges payable to, or costs, charges, and expenses incurred or authorised by, the Official Receiver;
(c) the remuneration of the special manager, if any; and (d) the taxed costs of the petitioner, so far as the san may not have been disallowed by the court.
(2) Whenever the court is satisfied that property of a debtor in respect of whose estate a receiving order has been made has been preserved for the benefit of the creditors by means of legal proceedings brought by a creditor against. the debtor without notice of any available act of bankruptcy committed by the debtor, the court may, in its discretion, order the payment of the costs of such legal proceedings or any part of them (taxed as between party and party) out of the estate, with the same priority as to payment as is herein provided in respect of the taxed costs of the petitioner.
34.- (1) In the distribution of the property of a bankrupt there shall be paid in priority to all other debts---
(a) all local rates due from the bankrupt at the date of the receiving order, having first become due and payable within twelve months next before such date;
* See First Schedule, Form No. 11, List A.
Page 25Page 26
No comments yet.
Private notes are available after approval.