F
1876
No. 10 of 1931.
BANKRUPTCY.
Description of bankrupt's property divisible amongst creditors. 4 & 5 Geo. 5, c. 59, s. 38 (1).
Provisions as to second petition, receiving order or adjudication shall be rendered invalid by reason of any act of bankruptcy anterior to the debt of the petitioning creditor.
43. The property of the bankrupt divisible amongst his creditors, and in this Ordinance referred to as the property of the bankrupt, shall not comprise the following particulars-
(1) property held by the bankrupt on trust for any other person;
(2) the tools (if any) of his trade and the necessary wearing apparel and bedding of himself and his family dependent on and residing with him, to a value, inclusive of tools and apparel and bedding, not exceeding one hundred dollars in the whole:
But it shall comprise the following particulars-
(a) all such property as may belong to or be vested in the bankrupt at the commencement of the bankruptcy or may be acquired by or devolve on him before his discharge;
(b) the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of his bankruptcy or before his discharge;
(c) all goods being at the commencement of the bankruptcy in the possession, order or disposition of the bankrupt, in his trade or business, by the consent and permission of the true owner, under such circumstances that he is the reputed owner thereof: Provided that things in action other than debts due or growing due to the bankrupt in the course of his trade or business shall not be deemed goods within the meaning of this section.
44.-(1) Where a second or subsequent receiving order is made against a bankrupt, or where an order is made for the bankruptcy administration in bankruptcy of the estate of a deceased bankrupt, then for the purposes of any proceedings consequent upon any such order the trustee in the last preceding bankruptcy shall be deemed to be a creditor in respect of any unsatisfied balance of the debts provable against the property of the bankrupt in that bankruptcy.
16 & 17 Geo. 5, c. 7, s. 3.
As amended by Law Rev. Ord., 1939, Supp. Sched.
F
1876
No. 10 of 1931.
BANKRUPTCY.
Description
of bank. rupt's
property
divisible
amongst creditors. 4 & 5 Geo. 5, c. 59,
s. 38 (1).
Provisions as to second
petition, receiving order or adjudication shall be rendered invalid by reason of any act of bankruptcy anterior to the debt of the petitioning creditor.
43. The property of the bankrupt divisible amongst his creditors, and in this Ordinance referred to as the property of the bankrupt, shall not comprise the following particulars-
(1) property held by the bankrupt on trust for any other person;
(2) the tools (if any) of his trade and the necessary wearing apparel and bedding of himself and his family dependent on and residing with him, to a value, inclusive of tools and apparel and bedding, not exceeding one hundred dollars in the whole :
But it shall comprise the following particulars-
(a) all such property as may belong to or be vested in the bankrupt at the commencement of the bankruptcy or may be acquired by or devolve on him before his discharge;
(b) the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of his bankruptcy or before his discharge;
(c) all goods being at the commencement of the bankruptcy in the possession, order or disposition of the bankrupt, in his trade or business, by the consent and permission of the true owner, under such circumstances that he is the reputed owner thereof : Provided that things in action other than debts due or growing due to the bankrupt in the course of his trade or business shall not be deemed goods within the meaning of this section.
44.-(1) Where a second or subsequent receiving order is made against a bankrupt, or where an order is made for the bankruptcy. administration in bankruptcy of the estate of a deceased bankrupt, then for the purposes of any proceedings consequent upon any such order the trustee in the last preceding bankruptcy shall be deemed to be a creditor in respect of any unsatisfied balance of the debts provable against the property of the bankrupt in that bankruptcy.
16 & 17 Geo. 5, c. 7, s. 3.
As amended by Law Rev. Ord., 1939, Supp. Sched.
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