30
CAP. 6]
Bankruptcy
[1986 Ed.
Power for court to annul
adjudication in certain cases. 1914 c. 59, s. 29.
consent to his being discharged therefrom; or (Amended, 33 of 1939, Supp. Schedule, G.N. 840/40)
(b) from any debt or liability incurred by means of any fraud or fraudulent breach of trust to which he was a party, or from any debt or liability whereof he has obtained forbearance by any fraud to which he was a party.
(2) An order of discharge shall release the bankrupt from all other debts provable in bankruptcy.
(3) An order of discharge shall be conclusive evidence of the bankruptcy and of the validity of the proceedings therein, and in any proceedings that may be instituted against a bankrupt who has obtained an order of discharge in respect of any debt from which he is released by the order, the bankrupt may plead that the cause of action occurred before his discharge.
(4) An order of discharge shall not release any person who at the date of the receiving order was a partner or co-trustee with the bankrupt or was jointly bound or had made any joint contract with him, or any person who was surety or in the nature of a surety for him.
33. (1) Where in the opinion of the court a debtor ought not to have been adjudged bankrupt, or where it is proved to the satisfaction of the court that the debts of the bankrupt are paid in full, the court may, on the application of any person interested, by order annul the adjudication. (Amended, 45 of 1986, s. 4)
(1A) The court may, on the application of the Official Receiver, by order-
(a) rescind a receiving order made against a debtor; or
(b) annul an adjudication of bankruptcy made against a bankrupt,
if the court is satisfied that the assets for division among the unsecured creditors after payment of all costs, charges and expenses and the debts which are preferential under this Ordinance are not and will not be sufficient to pay a dividend of 15 per cent, and that it is desirable in all the circumstances of the case for such order to be made. (Added, 45 of 1986, s. 4)
(2) Where an order is made under this section rescinding a receiving order or annulling an adjudication, all sales and dispositions of property and payments duly made, and all acts theretofore done, by the Official Receiver, trustee or other person acting under their authority, or by the court, shall be valid, but the property of the debtor, if he has been adjudged bankrupt, shall vest in such person as the court may appoint, or in default of any such appointment revert to the debtor for all his estate or interest therein on such terms and subject to such conditions, if any, as the court may declare by order. (Amended, 45 of 1986, s. 4)
30
CAP. 6]
Bankruptcy
[1986 Ed.
Power for court to annul
adjudication in certain cases. 1914 c. 59, s. 29.
consent to his being discharged therefrom; or (Amended, 33 of 1939, Supp. Schedule, G.N. 840/40)
(b) from any debt or liability incurred by means of any fraud or fraudulent breach of trust to which he was a party, or from any debt or liability whereof he has obtained forbear- ance by any fraud to which he was a party.
(2) An order of discharge shall release the bankrupt from all other debts provable in bankruptcy.
(3) An order of discharge shall be conclusive evidence of the bankruptcy and of the validity of the proceedings therein, and in any proceedings that may be instituted against a bankrupt who has obtained an order of discharge in respect of any debt from which he is released by the order, the bankrupt may plead that the cause of action occurred before his discharge.
(4) An order of discharge shall not release any person who at the date of the receiving order was a partner or co-trustee with the bankrupt or was jointly bound or had made any joint contract with him, or any person who was surety or in the nature of a surety for him.
33. (1) Where in the opinion of the court a debtor ought not to have been adjudged bankrupt, or where it is proved to the satis- faction of the court that the debts of the bankrupt are paid in full, the court may, on the application of any person interested, by order annul the adjudication. (Amended, 45 of 1986, s. 4)
(1A) The court may, on the application of the Official Receiver, by order-
(a) rescind a receiving order made against a debtor; or
(b) annul an adjudication of bankruptcy made against a
bankrupt,
if the court is satisfied that the assets for division among the un- secured creditors after payment of all costs, charges and expenses and the debts which are preferential under this Ordinance are not and will not be sufficient to pay a dividend of 15 per cent, and that it is desirable in all the circumstances of the case for such order to be made. (Added, 45 of 1986, s. 4)
(2) Where an order is made under this section rescinding a receiving order or annulling an adjudication, all sales and disposi- tions of property and payments duly made, and all acts theretofore done, by the Official Receiver, trustee or other person acting under their authority, or by the court, shall be valid, but the property of the debtor, if he has been adjudged bankrupt, shall vest in such person as the court may appoint, or in default of any such appoint- ment revert to the debtor for all his estate or interest therein on such terms and subject to such conditions, if any, as the court may declare by order. (Amended, 45 of 1986, s. 4)
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