Bankruptcy.
(2) For the purposes of this section, "assignment" includes assignment by way of security and other charges on book debts.
[CAP. 6
of preference
cases.
c. 59, s. 44.
49. (1) Every conveyance or transfer of property, or charge thereon made, every payment made, every obligation incurred and every judicial proceeding taken or suffered by any person unable to pay his debts as they become due from his own money in favour of any creditor or of any person in trust for any creditor, with a view to giving such creditor, or any surety or guarantor for the debt due to such creditor, a preference over the other creditors, shall, if the person making, taking, paying or suffering the same is adjudged bankrupt on a bankruptcy petition presented within three months after the date of making, taking, paying or suffering the same, be deemed fraudulent and void as against the trustee in the bankruptcy.
(2) This section shall not affect the rights of any person making title in good faith and for valuable consideration through or under a creditor of the bankrupt.
of bona fide
without
notice. c. 59. s. 45.
4 & 5 Geo. 5.
50. (1) Subject to the provisions of this Ordinance with respect to the effect of bankruptcy on an execution or attachment and with respect to the avoidance of certain settlements, assignments and preferences, nothing in this Ordinance shall invalidate, in the case of a bankruptcy-
(a) any payment by the bankrupt to any of his creditors;
(b) any payment or delivery to the bankrupt;
(c) any conveyance or assignment by the bankrupt for valuable consideration;
(d) any contract, dealing or transaction by or with the bankrupt for valuable consideration:
Provided that both the following conditions are complied with, namely-
(a) that the payment, delivery, conveyance, assignment, contract, dealing or transaction, as the case may be, takes place before the date of the receiving order; and
(b) that the person (other than the debtor) to, by or with whom the payment, delivery, conveyance, assignment, contract, dealing or transaction was made, executed or entered into has not at the time
211
Bankruptcy.
(2) For the purposes of this section, "assignment" includes assignment by way of security and other charges on book debts.
[CAP. 6
of preference
cases.
c. 59, s. 44.
49. (1) Every conveyance or transfer of property, or Avoidance charge thereon made, every payment made, every obliga- in certain tion incurred and every judicial proceeding taken or 4 & 5 Geo. 5, suffered by any person unable to pay his debts as they become due from his own money in favour of any creditor or of any person in trust for any creditor, with a view to giving such creditor, or any surety or guarantor for the debt due to such creditor, a preference over the other creditors, shall, if the person making, taking, paying or suffering the same is adjudged bankrupt on a bankruptcy petition presented within three months after the date of making, taking, paying or suffering the same, be deemed fraudulent and void as against the trustee in the bankruptcy.
(2) This section shall not affect the rights of any person making title in good faith and for valuable con- sideration through or under a creditor of the bankrupt.
of bona fide
without
notice. c. 59. s. 45.
4 & 5 Geo. 5.
50. (1) Subject to the provisions of this Ordinance Protection with respect to the effect of bankruptcy on an execution transactions or attachment and with respect to the avoidance of certain settlements, assignments and preferences, nothing in this Ordinance shall invalidate, in the case of a bankruptcy- (a) any payment by the bankrupt to any of his
creditors;
(b) any payment or delivery to the bankrupt; (c) any conveyance or assignment by the bankrupt for
valuable consideration;
(d) any contact, dealing or transaction by or with the
bankrupt for valuable consideration :
Provided that both the following conditions are complied with, namely-
(a) that the payment, delivery, conveyance, assign- ment, contract, dealing or transaction, as the case may be, takes place before the date of the receiv- ing order; and
(b) that the person (other than the debtor) to, by or with whom the payment, delivery, conveyance, assignment, contract, dealing or transaction was made, executed or entered into has not at the time
211
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