Bankruptcy.
tion and proof were made bona fide on a mistaken estimate or that the security has diminished or increased in value since its previous valuation; but every such amendment shall be made at the cost of the creditor and upon such terms as the court shall order, unless the trustee allows the amendment without application to the court.
14. Where a valuation has been amended in accordance with the foregoing rule the creditor shall forthwith repay any surplus dividend which he may have received in excess of that to which he would have been entitled on the amended valuation or, as the case may be, shall be entitled to be paid out of any money, for the time being available for dividend, any dividend or share of dividend which he may have failed to receive by reason of the inaccuracy of the original valuation, before that money is made applicable to the payment of any future dividend, but he shall not be entitled to disturb the distribution of any dividend declared before the date of the amendment.
15. If a creditor after having valued his security subsequently realizes it, or if it is realized under the provisions of rule 12, the net amount realized shall be substituted for the amount of any valuation previously made by the creditor, and shall be treated in all respects as an amended valuation made by the creditor.
16. If a secured creditor does not comply with the foregoing rules he shall be excluded from all share in any dividend.
17. Subject to the provisions of rule 12, a creditor shall in no case receive more than the full amount of his debt, and interest as provided by the Bankruptcy Ordinance.
Proof in respect of distinct contracts.
18. If a debtor was at the date of the receiving order liable in respect of distinct contracts as a member of two or more distinct firms, or as a sole contractor, and also as member of a firm, the circumstance that the firms are in whole or in part composed of the same individuals, or that the sole contractor is also one of the joint contractors, shall not prevent proof in respect of the contracts, against the properties respectively liable on the contracts.
359
[CAP. 6 · (Cap. 6).
!
Bankruptcy.
tion and proof were made bona fide on a mistaken estimate or that the security has diminished or increased in value. since its previous valuation; but every such amendment shall be made at the cost of the creditor and upon such terms as the court shall order, unless the trustee allows the amendment without application to the court.
14. Where a valuation has been amended in accord- ance with the foregoing rule the creditor shall forthwith repay any surplus dividend which he may have received in excess of that to which he would have been entitled on the amended valuation or, as the case may be, shall be entitled to be paid out of any money, for the time being available for dividend, any dividend or share of dividend which he may have failed to receive by reason of the in- accuracy of the original valuation, before that money is made applicable to the payment of any future dividend, but he shall not be entitled to disturb the distribution of any dividend declared before the date of the amendment.
15. If a creditor after having valued his security sub- sequently realizes it, or if it is realized under the provisions of rule 12, the net amount realized shall be substituted for the amount of any valuation previously made by the creditor, and shall be treated in all respects as an amended valuation made by the creditor.
16. If a secured creditor does not comply with the foregoing rules he shall be excluded from all share in any dividend.
17. Subject to the provisions of rule 12, a creditor shall in no case receive more than the full amount of his debt, and interest as provided by the Bankruptcy Ordinance.
Proof in respect of distinct contracts.
18. If a debtor was at the date of the receiving order liable in respect of distinct contracts as a member of two or more distinct firms, or as a sole contractor, and also as member of a firm, the circumstance that the firms are in whole or in part composed of the same individuals, or that the sole contractor is also one of the joint contractors, shall not prevent proof in respect of the contracts, against the properties respectively liable on the contracts.
359
[CAP. 6 ·
(Cap. 6).
No comments yet.
Private notes are available after approval.