PART VII. CHAP. XVI. registration the registrar shall examine the same, and may hear any creditor who shall have given him notice of his desire to be heard thereon. The registrar being satisfied that the requirements of the statute and of these rules have been complied with shall register the same, making a memorandum thereon and on the debtor's statement of affairs as follows: day of 187 'Registered Registrar, and shall seal the same with the seal of the court. The registrar in cases of liquidation by arrangement shall thereupon deliver to the trustee a certificate according to the form in the schedule. The regis tration of any special or extraordinary resolution, or the refusal to register the same by the registrar, shall be an act that may be appealed from by the debtor or any creditor who was heard before the registrar on the occasion of such registration or refusal. The registrar shall, where he refuses to register such resolution, certify the grounds of such refusal by memorandum under his hand, and file it with the proceedings" (f). 296. "The resolution and statement so registered shall at all times be open for inspection by any creditor whose name appears on the statement or by any person on his behalf." 297. If a receiver or manager has been appointed, his duties shall terminate upon the appointment of a trustee in cases of liquidation by arrangement, and upon the passing of the extraordinary resolution in cases of composition, unless such resolution shall otherwise provide." 298. "Where a receiver or manager has been appointed and his duties are concluded, he shall render his account, and pay or deliver over any money or property in his hands to the trustee (in cases of liquidation by arrangement), or to the debtor or his nominee (in cases of composition)." 299. "The court shall have the same power and discretion as to the appointment, remuneration, and removal of the receiver or manager, and in the settlement of his accounts, and in directing the appropriation of monies or property in his hands as is exercised by the Court of Chancery, or as near thereto as may be." 300. "Neither the resolutions nor the proofs or proxies of creditors assembled at any meeting shall be objected to or refused by the registrar by reason of any informality therein, unless he shall be of opinion that such informality is matter of moment, in which event he shall refer the matter to the judge." The (f) The registrar has no power to examine the debtor or witnesses on the presentation of the resolution. The debtor may be examined (though not on oath) at the creditors' meetings, and his answers taken down may be used as evidence by an opposing creditor before the registrar. registrar must of course hear a creditor (either in person, or his attorney or counsel) who has given notice under Rule 295; and the registrar, if not satisfied of the truth of the debtor's statement, may refuse to register the resolution; but in other respects his duties are merely minis terial. No abuse can arise from this limitation of the registrar's power, as there is an appeal under Rule 295, whether the registrar registers or refuses. Further, if a creditor had no opportunity of examining the debtor at the meetings, or if the debtor's answers are unsatisfactory, an application may be made to the court to restrain the registration even without an allegation of fraud. Ex parte Levy, Re Varbetian, 40 L. J. (N. S.) Bankr. 40. As to the duty of the registrar in ascertaining the validity of the resolution, see ante, p. 374, note. 301. "The passing of a special resolution (in the case of liquidation PART VII. by arrangement) shall be deemed and taken as conclusive evidence that CHAP. XVI. the debtor has complied with the provisions of the statute with regard to the statement of his affairs required to be submitted to the general meetings of his creditors. The debtor shall, however, at all times render to the trustee every information in his power with reference to his debts and assets, and shall in default be liable to be summoned and examined before the court thereon." 302. "Where liquidation by arrangement and not in bankruptcy has been resolved on, the creditors may at the same meeting at which such resolution is passed, resolve whether the debtor's discharge shall be granted either forthwith or at a date to be specified in the resolution, or subject to any and what conditions. In default of any resolution being then come to as to the debtor's discharge a general meeting shall be summoned for the purpose of considering the grant thereof, either when the trustee shall see fit or when the committee of inspection (if any) or when the debtor, with the concurrence of one-fourth in value of his creditors, who have proved, shall require the trustee to summon the same." 303. "The resolution to be come to at any such meeting and the report thereof to the registrar, and the debtor's discharge, shall be according to the form in the schedule." 304. "General meetings subsequent to the appointment of a trustee shall be summoned by him by giving seven days' notice by post to each of the creditors who have proved their debts, stating the object of the meeting and the business proposed to be transacted thereat." 305. "A general meeting may, however, at any time be similarly summoned by any creditor with the concurrence, including himself, of one-fourth in value of the creditors who have proved their debts." 306. "Any mistake made inadvertently by a debtor in the statement of his debts may be corrected with the assent of a majority in value of his creditors assembled at a general meeting similarly summoned by the debtor." 307. "A trustee may be removed by a special resolution of the creditors assembled at a general meeting summoned for the purpose, and another trustee may be appointed in his place, by a majority in value of the creditors then present or represented. Where a trustee shall die, or where for any reason there shall be no trustee acting in the liquidation, a general meeting may be summoned in manner hereinbefore directed, and another trustee may be appointed by the majority in value of the creditors present or represented thereat." 308. "The resolution appointing any such new trustee shall be registered with the registrar, and the certificate of the registrar in respect of the appointment of any such new trustee shall be conclusive evidence of his appointment." 66 309. Any creditor or creditors resident in foreign parts, the notice to whom could not have been received in sufficient time to enable him or them to attend or be represented at the general meeting thereby convened may show cause to the court against the resolution being proceeded with, notwithstanding its registration, but the same shall not be disturbed unless the creditor or creditors do show or can prove to the satisfaction of the court that, had he or they been present and dissented from the resolution, the same could not have been carried by the statutory majority, and unless also the court is of opinion that it is unjust or inequitable that the resolution should be binding on him or them." PART VII. 310. "Proof of debt by any creditor shall be deemed conclusive eviCHAP. XVI. dence that notice of all general meetings, prior to and inclusive of that at which such proof is produced, has been duly given to him." 311. "All debts must be proved prior to the payment of dividend thereon by the trustee." 312. "Ševen days at least before declaring any dividend under a liquidation by arrangement, a notice shall be gazetted by the trustee in the form given in the schedule requiring the creditors to send to him their names and addresses, and the particulars of their debts or claims, and on declaring a dividend, a sufficient reserve shall be made by the trustee for such dividend upon all debts or claims notified to him in pursuance of such notice. The trustee shall be also deemed to have notice of the debts of all creditors whose names are inserted in the debtor's statement of affairs, and (except where any such debt has been adjudicated upon prior to the declaration of the dividend) a similar reserve shall be made in respect thereof." 313. "Wherever the trustee shall reject the claim or proof of any creditor he shall give notice to such creditor by post in the form given in the schedule, and where the creditor is resident in Europe the trustee shall be entitled to exclude from dividend any such claimant or creditor whose debt he so rejects, unless such creditor shall, within fourteen days from the time at which the trustee's notice should have been delivered to him in the ordinary course of post, apply to the court to admit his proof and proceed with such application with due diligence. Where any such creditor is resident beyond the limits of Europe such length of notice shall be given to him as the court shall order." 314. "Except as before mentioned, the trustee shall declare dividends amongst such creditors only as have proved their debts up to the time of such declaration of dividend, and no creditor who has omitted to prove his debt or to send to the trustee the particulars of his claim, or whose name does not appear in the debtor's statement shall be entitled to disturb any such dividend, or to make any claim in respect thereof against the trustee, but upon proof of his debt any such creditor shall be entitled to receive the same prior to the payment of any further dividend to the other creditors." 315. "An office shall be attached to the London Bankruptcy Court to be called the 'office for registration of arrangement proceedings.' Such office shall be presided over by such registrar or registrars as the chief judge may from time to time appoint. All petitions to such court under sects. 125 and 126, and all proceedings thereunder, shall be filed in such office, and the same shall be kept in continuation of the records of the trust deeds under 'The Bankruptcy Act, 1861,' which shall be transferred to the aforesaid office. A similar index to that heretofore in use for trust deeds, or as near thereto as may be, shall be kept of all resolutions registered under 'The Bankruptcy Act, 1869.' The resolutions registered in the London Court of Bankruptcy shall be entered therein as soon as registered, and the resolutions registered in the county courts shall be entered therein as soon as an office copy thereof shall be received. Every registrar of a county court registering any special or extraordinary resolution shall forthwith send an office copy thereof to the said office for registration of arrangement proceedings (such office copy to be paid for by the person registering the resolution)." § 5.-FORMS. The following forms relating to liquidation by arrangement or composition are provided by the Rules of 1870 :— No. 106. Petition under Sections 125, 126. "The Bankruptcy Act, 1869." To the London Bankruptcy Court [or the county court of holden at ]. The humble petition of A. B. of, &c. Showeth, That your petitioner alleges that he is unable to pay his debts, and is desirous of instituting proceedings for liquidation of his affairs by arrangement or composition with his creditors, and hereby submits to the jurisdiction of this court in the matter of such proceedings. (In the case of a trader, add "and that your petitioner estimates the amount of the debts owing by him to his creditors at £ "). [Add where petition presented to a county court, That your petitioner does not reside or carry on business within the district of the London Bankruptcy Court.] Your petitioner therefore prays that notices convening such And your petitioner shall ever pray, &c. day of sence of 187 in the pre Registrar or Attorney. (Address.) If the petition be by partners alter the form accordingly. A. B. No. 107. Affidavit in support of Petition under Sections 125, 126. "The Bankruptcy Act, 1869." In the London Bankruptcy Court [or the county court of holden at j. I, A. B. of make oath and say, as follows: I am the [or one of the] petitioner [or petitioners] named in the petition hereunto annexed. I verily believe that it will be most convenient to the creditors whose debts exceed ten pounds that the general meeting should be held at Sworn at A. B. (Where an attorney is employed add the following certificate.) I certify my belief that it will be most convenient to the creditors of the petitioner that the general meeting should be held at [as above]. PART VII. CHAP. XVI. PART VII. CHAP. XVI. No. 108. Notice to Creditors of General Meeting. In the London Court of Bankruptcy [or the county court of holden at In the matter of proceedings for liquidation by arrangement or composition with creditors instituted by A. B. of (description as in petition). the. o'clock in the day of A general meeting of the creditors of the above-named person [or persons] is hereby summoned to be held at (here insert name of town, and street or place) on instant [or next], at noon precisely. The sections of "The Bankruptcy Act, 1869," under which the proceedings are instituted, provide as follows: [Here extract from clause 125, sub-sects. 1 and 5, and the two first paragraphs of sect. 126.] A form of proof and proxy will be found on the third side of this notice. In case of partnership the notice must be signed by one of the partners in the partnership name, or by all the partners, or by a solicitor or solicitors on their behalf. No. 109. Affidavit to be annexed to the Notice summoning First General In the London Court of Bankruptcy [or the county court of holden at ]. In the matter of proceedings for liquidation by arrangement or composition with creditors instituted by A. B. of, &c. I of make oath and say, as follows: The said A. B. was at the date of the institution of the said proceedings, and still is, justly and truly indebted to me in the sum of for (state consideration) for which said sum or any part thereof I say that I have not, nor hath any person by my order or to my knowledge or belief, for my use had or received any manner of satisfaction or security whatsoever, save and except the following: [Here set out security, or if bills be held specify them in the schedule.] I appoint C. D. of, &c., my proxy in the above matter. E. F. [or G. H. of in partnership name.] |