BANKRUPTCY.
No. 10 of 1931.
1847
Receiving order and Official Receiver.
receiving order.
5. Subject to the conditions hereinafter specified, if a debtor commits an act of bankruptcy the court may, on a bankruptcy petition being presented either by a creditor or by the debtor, make an order, in this Ordinance called a receiving order, for the protection of the estate.
4 & 5 Geo. 5, c. 59, s. 3. Rules. Forms Nos. 25, 26.
6.—(1) Subject to the provisions of section 7, a creditor shall not be entitled to present a bankruptcy petition against a debtor unless—
(a) the debt owing by the debtor to the petitioning creditor, or if two or more creditors join in the petition, the aggregate amount of debts owing to the several petitioning creditors, amounts to five hundred dollars, and
(b) the debt is a liquidated sum, payable either immediately or at some certain future time, and
(c) the act of bankruptcy on which the petition is grounded has occurred within three months before the presentation of the petition, and
(d) the debtor is domiciled in the Colony, or within a year before the date of the presentation of the petition has ordinarily resided, or had a dwelling-house or place of business, in the Colony, or has carried on business in the Colony, personally, or by means of an agent or manager, or is or within the said period has been a member of a firm or partnership of persons which has carried on business in the Colony by means of a partner or partners or an agent or manager.
(2) If the petitioning creditor is a secured creditor, he must in his petition either state that he is willing to give up his security for the benefit of the creditors in the event of the debtor being adjudged bankrupt, or give an estimate of the value of his security. In the latter case he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated in the same manner as if he were an unsecured creditor.
7.—(1) The following provisions shall have effect in the case of a firm carrying on business in the Colony—
(a) a creditor of the firm shall be entitled to present a receiving order made against it.
Page 5
Page 6
BANKRUPTCY.
No. 10 of 1931.
1847
Receiving order and Official Receiver.
receiving order.
5. Subject to the conditions hereinafter specified, if a debtor Jurisdiction commits an act of bankruptcy the court may, on a bankruptcy petition being presented either by a creditor or by the debtor, make an order, in this Ordinance called a receiving order, for the protection of the estate.
4 & 5 Geo. 5, c.. 59, s. 3. Rules. Forms Nos.
25, 26. 6.—(1) Subject to the provisions of section 7, a creditor Conditions shall not be entitled to present a bankruptcy petition against a creditor
debtor unless-
!
on..which
may
petition. (a) the debt owing by the debtor to the petitioning creditor, 4 & 5 Geo. 5,
c. 59, s. 4. or if two or more creditors join in the petition, the aggregate Rules! amount of debts owing to the several petitioning creditors, Form No. amounts to five hundred dollars, and
(b) the debt is a liquidated sum, payable either immediately or at some certain future time, and
(c) the act of bankruptcy on which the petition is grounded has occurred within three months before the presentation of the petition, and
(d) the debtor is domiciled in the Colony, or within a year before the date of the presentation of the petition has ordinarily resided, or had a dwelling-house or place of business, in the Colony, or has carried on business in the Colony, personally. or by means of an agent or manager, or is or within the said period has been a member of a firm or partnership of persons which has carried on business in the Colony by means of a partner or partners or an agent or manager.
•
(2) If the petitioning creditor is a secured creditor, he must in his petition either state that he is willing to give up his security for the benefit of the creditors in the event of the debtor being adjudged bankrupt, or give an estimate of the value of his security. In the latter case he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated in the same manner as if lie were an unsecured creditor.
10..
7-(1) The following provisions shall have effect in the Liability of case of a firm carrying on business in the Colony-
firm to have receiving order made
(a) a creditor of the firm shall be entitled to present a against it.
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