1872
No. 10 of 1931.
BANKRUPTCY.
Rules as to proof of debts.
receiving order, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings and the sum due 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; but a person shall not be entitled under this section to claim the benefit of any set-off against the property of a debtor in any case where he had, at the time of giving credit to the debtor, notice of an act of bankruptcy committed by the debtor and available against him.
36. The Chief Justice may, with the approval of the Legislative Council, make rules with respect to the mode of 4 & 5 Geo. 5, proving debts, the right of proof by secured and other creditors, c. 59, s. 32. the admission and rejection of proofs, and other matters.
*
Priority of costs and charges.
Bankruptcy Rule 117
37.-(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, first 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 Rules, 1915, protecting or attempting to protect 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;
(England).
(b) the fees, percentages and charges payable to, or costs, charges and expenses incurred or authorized by, the Official Receiver, whether acting as Official Receiver or trustee;
(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.
A
(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
* As amended by Law Rev. Ord., 1939, Supp. Sched.
Page 30
Page 31
1872
No. 10 of 1931.
BANKRUPTCY.
Rules as to proof
of debts.
receiving order, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings and the sum due 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; but a person shall not be entitled under this section to claim the benefit of any set-off against the property of a debtor in any case where he had, at the time of giving credit to the debtor, notice of an act of bankruptcy committed by the debtor and available against him.
36. The Chief Justice may, with the approval of the Legislative Council, make rules with respect to the mode of
4 & 5 Geo. 5, proving debts, the right of proof by secured and other creditors,
the admission and rejection of proofs, and other matters.
c. 59, s. 32.
*
Priority of costs and charges.
Bankruptcy
Rule 117
37.-(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, first 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 Rules, 1915, protecting or attempting to protect 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 ;
(England).
(b) the fees, percentages and charges payable to, or costs, charges and expenses incurred or authorized by, the Official Receiver, whether acting as Official Receiver or trustee;
(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.
A
(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
* As amended by Law Rev. Ord., 1939, Supp. Sched.
Page 30Page 31
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