A 36
[Subsidiary]
Voting on composition.
R293. Adjudication, trustee.
R294.
(Cap. 6.)
Separate firms.
R295.
Lunatics.
R297.
CAP. 6]
Bankruptcy Rules
[1977 Ed.
140. Where proposals for compositions or schemes are made by a firm, and by the partners therein individually, the proposal made to the joint creditors shall be considered and voted upon by them apart from every set of separate creditors, and the proposal made to each separate set of creditors shall be considered and voted upon by such separate set of creditors apart from all other creditors. Such proposals may vary in character and amount. Where a composition or scheme is approved, the receiving order shall be discharged only so far as it relates to the estate the creditors of which have accepted the composition or scheme.
141. On the adjudication in bankruptcy of a partnership, the trustee appointed by the joint creditors, or by the court under section 23(4) or 81(3) of the Ordinance, as the case may be, shall be the trustee of the separate estates. Each set of separate creditors may appoint its own committee of inspection, but, if any set of separate creditors does not appoint a separate committee, the committee (if any) appointed by the joint creditors shall be deemed to have been appointed also by such separate creditors.
142. If any 2 or more of the members of a partnership constitute a separate and independent firm, the creditors of such last-mentioned firm shall be deemed to be a separate set of creditors and to be on the same footing as the separate creditors of any individual member of the firm. And where any surplus arises upon the administration of the assets of such separate or independent firm the same shall be carried over to the separate estates of the partners in such separate and independent firm according to their respective rights therein.
Lunatics
143. (1) Where it appears to the court that any debtor or creditor or other person who may be affected by any proceeding under the Ordinance or rules is a lunatic not so found by inquisition (hereinafter called the lunatic), the court may appoint such person as it may think fit to appear for, represent or act for and in the name of the lunatic, either generally or in and for the purpose of any particular application or proceeding or the exercise of any particular rights or powers which under the Ordinance and rules the lunatic might have exercised if he had been of sound mind. The appointment may be made by the court either on an application made as hereinafter mentioned or, if the court thinks fit so to do, without any previous application.
(2) An application to the court to make an appointment under this rule may be made by any person who has been duly appointed by the court to manage the affairs or property of or to represent the lunatic, or by any relative or friend of the lunatic who may appear to the court to be a proper person to make the application, or by the Official Receiver.
A 36
[Subsidiary]
Voting on composition.
R293.
Adjudication, trustee.
R294.
(Cap. 6.)
Separate firms.
R295.
Lunatics.
R297.
CAP. 6]
Bankruptcy Rules
[1977 Ed.
140. Where proposals for compositions or schemes are made by a firm, and by the partners therein individually, the proposal made to the joint creditors shall be considered and voted upon by them apart from every set of separate creditors, and the proposal made to each separate set of creditors shall be considered and voted upon by such separate set of creditors apart from all other creditors. Such proposals may vary in character and amount. Where a composition or scheme is approved, the receiving order shall be discharged only so far as it relates to the estate the creditors of which have accepted the composition or scheme.
141. On the adjudication in bankruptcy of a partnership, the trustee appointed by the joint creditors, or by the court under section 23(4) or 81(3) of the Ordinance, as the case may be, shall be the trustee of the separate estates. Each set of separate creditors may appoint its own committee of inspection, but, if any set of separate creditors does not appoint a separate committee, the committee (if any) appointed by the joint creditors shall be deemed to have been appointed also by such separate creditors.
142. If any 2 or more of the members of a partnership con- stitute a separate and independent firm, the creditors of such last- mentioned firm shall be deemed to be a separate set of creditors and to be on the same footing as the separate creditors of any individual member of the firm. And where any surplus arises upon the administration of the assets of such separate or independ- ent firm the same shall be carried over to the separate estates of the partners in such separate and independent firm according to their respective rights therein.
Lunatics
143. (1) Where it appears to the court that any debtor or creditor or other person who may be affected by any proceeding under the Ordinance or rules is a lunatic not so found by inquisi- tion (hereinafter called the lunatic), the court may appoint such person as it may think fit to appear for, represent or act for and in the name of the lunatic, either generally or in and for the purpose of any particular application or proceeding or the exercise of any particular rights or powers which under the Ordinance and rules the lunatic might have exercised if he had been of sound mind. The appointment may be made by the court either on an application made as hereinafter mentioned or, if the court thinks fit so to do, without any previous application.
(2) An application to the court to make an appointment under this rule may be made by any person who has been duly appointed by the court to manage the affairs or property of or to represent the lunatic, or by any relative or friend of the lunatic who may appear to the court to be a proper person to make the application, or by the Official Receiver.
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