1964_BANKRUPTCY_ORDINANCE — Page 43

1986 Ed.]

Bankruptcy

[CAP. 6

35

(2A) Where the date of the receiving order is on or after 1 June 1970, but before 1 April 1977, the sum of $6,000 shall be deemed to be substituted in each case for the sums of $300 and $100 referred to in subsection (1)(b) and (c) respectively. (Added, 42 of 1970, s. 2. Amended, 5 of 1977, s. 2)

(2B) Where the date of the receiving order is on or after 1 April 1977, the sum of $8,000 shall be deemed to be substituted in each case for the sums of $300 and $100 referred to in paragraphs (b) and (c) respectively, and for the sum of $6,000 referred to in para- graph (ca), of subsection (1). (Added, 5 of 1977, s. 2)

(3) The debts specified in subsection (1)(b), (c), (ca), (caa), (cb), (cc) and (cd) (Amended, 47 of 1984, s. 5 and 78 of 1985, s. 2)

(a) shall have priority over the debts specified in subsec-

tion (1)(d);

(b) shall rank equally among themselves; and

(c) shall be paid in full unless the property of the bankrupt is insufficient to meet them, in which case they shall abate in equal proportions among themselves.

(Replaced, 42 of 1970, s. 2. Amended, 54 of 1974, s. 2 and 5 of 1977, s. 2)

(3A) [Deleted, 47 of 1984, s. 5]

(4) Subject to the provisions contained in section 37 and to the retention of such sums as may be necessary for the costs of adminis- tration or otherwise, the foregoing debts shall be discharged forth- with so far as the property of the debtor is sufficient to meet them.

(5) In the event of a landlord or other person distraining or having distrained on any goods or effects of a bankrupt within 3 months next before the date of the receiving order the debts to which priority is given by this section shall be a first charge on the goods or effects so distrained on or the proceeds of the sale thereof. (Amended, 42 of 1970, s. 2)

(5A) Any money paid under a charge under subsection (5) shall be a debt due from the estate of the bankrupt to the landlord or other person distraining or having distrained, and such debt shall be discharged so far as the property of the bankrupt is sufficient to meet it after payment of the debts specified in subsection (1) but before payment of the other debts proved in the bankruptcy. (Added, 42 of 1970, s. 2)

(5B) Where any assets have been recovered under an indemnity for costs of litigation given by certain creditors, or have been protected or preserved by the payment of moneys or the giving of indemnity by creditors, or where expenses in relation to which a creditor has indemnified a trustee have been recovered, the court may, on the application of the Official Receiver or the trustee or any such creditor, make such order as it deems just with respect to