BANKRUPTCY.
Para proqram
No. 10 of 1931.
1891
profits at a rate not less than that which the bankrupt was liable to pay.
Receiver and trustee from personal liability in certain cases.
66. Where the Official Receiver or trustee has seized or disposed of any goods, chattels, property or other effects in the possession or on the premises or under the control of a debtor against whom a receiving order has been made and it is thereafter made to appear that the said goods, chattels, property or other effects were not at the date of the receiving order the property of the debtor, the Official Receiver or trustee shall not be personally liable for any loss or damage arising from such seizure or disposal sustained by any person claiming such property nor for the costs of any proceedings taken to establish a claim thereto, unless the court is of opinion that the Official Receiver or trustee has been guilty of mala fides or of gross negligence in respect of the same.
Distribution of property.
and distribu-tion of
67.-(1) Subject to the retention of such sums as may be necessary for the costs of administration, or otherwise, the trustee shall with all convenient speed declare and distribute dividends amongst the creditors who have proved their debts.
first
(2) The first dividend, if any, shall be declared and distributed within four months after the conclusion of the meeting of creditors, unless the trustee satisfies the court that there is sufficient reason for postponing the declaration to a later date.
(3) Subsequent dividends shall, in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than six months.
(4) Before declaring a dividend, the trustee shall cause notice of his intention to do so to be gazetted and shall also send reasonable notice thereof to each creditor mentioned in the bankrupt's statement who has not proved his debt.
(5) When the trustee has declared a dividend he shall cause to be gazetted and shall send to each creditor who has proved a notice showing the amount of the dividend and when and how it is payable.
dividends.
4 & 5 Geo. 5, c. 59, s. 62. Rules. Forms Nos. 138, 139,
BANKRUPTCY.
Para proqram
No. 10 of 1931.
1891
profits at a rate not less than that which the bankrupt was. liable to pay.
Receiver and
trustee from personal liability in certain
cases.
66. Where the Official Receiver or trustee has seized or Protection disposed of any goods, chattels, property or other effects in the of Official possession or on the premises or under the control of a debtor against whom a receiving order has been made and it is there- after made to appear that the said goods, chattels, property or other effects were not at the date of the receiving order the
4 & 5 Geo. 5,. property of the debtor, the Official Receiver or trustee shall not c. 59, s. 61. be personally liable for any loss or damage arising from such seizure or disposal sustained by any person claiming such property nor for the costs of any proceedings taken to establish a claim thereto, unless the court is of opinion that the Official Receiver or trustee has been guilty of malà fides or of gross negligence in respect of the same.
Distribution of property.
and distribu- tion of
67.-(1) Subject to the retention of such sums as may be Declaration necessary for the costs of administration, or otherwise, the trustee shall with all convenient speed declare and distribute dividends amongst the creditors who have proved their debts.
first
(2) The first dividend, if any, shall be declared and dis- tributed within four months after the conclusion of the meeting of creditors, unless the trustee satisfies the court that there is sufficient reason for postponing the declaration to a later date.
(3) Subsequent dividends shall, in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than six months.
(4) Before declaring a dividend, the trustee shall cause notice of his intention to do so to be gazetted and shall also send reasonable notice thereof to each creditor mentioned in the bankrupt's statement who has not proved his debt.
(5) When the trustee has declared a dividend he shall cause to be gazetted and shall send to each creditor who has proved a notice showing the amount of the dividend and when and how it is payable.
dividends.
4 & 5 Geo. 5, c. 59, 8. 62. Rules. Forms Nos. 138, 139,
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