CAP. 6]
[8. 59 cont.]
Powers of trustee to deal with property.
4 & 5 Geo. 5.
c. 59, s. 55.
Bankruptcy.
(b) if the court thinks fit, subject only to the same liabilities and obligations as if the lease had been assigned to that person at that date,
and in either event (if the case so requires) subject only to the same liabilities and obligations as if the lease had comprised only the property comprised in the vesting order; and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the property, and if there is no person claiming under the bankrupt who is willing to accept an order upon such terms, the court shall have power to vest the bankrupt's estate and interest in the property in any person liable either personally or in a representative character and either alone or jointly with the bankrupt to perform the lessee's covenants in the lease, freed and discharged from all estates, incumbrances and interests created therein by the bankrupt.
(7) Where on the release, removal, resignation or death of a trustee in bankruptcy the Official Receiver is acting as trustee, he may disclaim any property which might be disclaimed by a trustee under the foregoing provisions, notwithstanding that the time prescribed by this section for such disclaimer has expired, but such power of disclaimer shall be exercisable only within twelve months after the Official Receiver has become trustee in the circumstances aforesaid or has become aware of the existence of such property, whichever period may last expire.
(8) Any person injured by the operation of a disclaimer under this section shall be deemed to be a creditor of the bankrupt to the extent of the injury and may accordingly prove the same as a debt under the bankruptcy.
60. Subject to the provisions of this Ordinance and to any order of the court, the trustee may do all or any of the following things-
(a) sell all or any part of the property of the bankrupt (including the goodwill of the business, if any, and the book debts due or growing due to the bankrupt), by public auction or private contract, with power to transfer the whole thereof to any person or company, or to sell the same in
218
CAP. 6]
[8. 59 cont.]
Powers of trustee to deal with property.
4 & 5 Geo. 5.
c. 59, s. 55.
Bankruptcy.
(b) if the court thinks fit, subject only to the same liabilities and obligations as if the lease had been assigned to that person at that date,
and in either event (if the case so requires) subject only to the same liabilities and obligations as if the lease had comprised only the property comprised in the vesting order; and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the property, and if there is no person claiming under the bankrupt who is willing to accept an order upon such terms, the court shall have power to vest the bankrupt's estate and interest in the property in any person liable either personally or in a representative character and either alone or jointly with the bankrupt to perform the lessee's covenants in the lease, freed and discharged from all estates, incumbrances and interests created therein by the bankrupt.
(7) Where on the release, removal, resignation or death of a trustee in bankruptcy the Official Receiver is acting as trustee, he may disclaim any property which might be disclaimed by a trustee under the foregoing pro- visions, notwithstanding that the time prescribed by this section for such disclaimer has expired, but such power of disclaimer shall be exercisable only within twelve months after the Official Receiver has become trustee in the circum- stances aforesaid or has become aware of the existence of such property, whichever period may last expire.
(8) Any person injured by the operation of a dis- claimer under this section shall be deemed to be a creditor of the bankrupt to the extent of the injury and may accord- ingly prove the same as a debt under the bankruptcy.
60. Subject to the provisions of this Ordinance and to any order of the court, the trustee may do all or any of the following things-
(a) sell all or any part of the property of the bank- rupt (including the goodwill of the business, if any, and the book debts due or growing due to the bankrupt), by public auction or private con- tract, with power to transfer the whole thereof to any person or company, or to sell the same in
218
A
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