CAP. 6]
[s. 6 cont.]
4 & 5 Geo. 5, c. 59, s. 4.
Rules.
Form 10.
Liability of firm to have receiving order made against it.
Bankruptcy.
(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.
(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 bankruptcy petition against the firm, and a receiving order may be made against the firm in respect of an act of bankruptcy committed in reference to the business of the firm by any partner of the firm or by any person having the control or management of the business of the firm. An act of bankruptcy shall be deemed to be committed in reference to the business of the firm in all cases in which the act relates to the property or creditors of the firm and would be an act of bankruptcy by such partner or
176
CAP. 6]
[s. 6 cont.]
4 & 5 Geo. 5, c. 59, s. 4.
Rules.
Form 10.
Liability of firm to have receiving order made against it.
Bankruptcy.
(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 imme-
diately 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 partner- ship 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.
(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 bankruptcy petition against the firm, and a receiving order may be made against the firm in respect of an act of bankruptcy committed in reference to the business of the firm by any partner of the firm or by any person having the control or management of the business of the firm. An act of bankruptcy shall be deemed to be committed in reference to the business of the firm in all cases in which the act relates to the property or creditors of the firm and would be an act of bankruptcy by such partner or
176
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