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months after the first appointment of a trustee, disclaim the property.
Provided that where any such property shall not have come to the knowledge of the trustee within one month after such appointment, he may disclaim such property at any time within two months after he first became aware thereof.
(2.) The disclaimer shall operate to determine, as from the date of disclaimer, the rights, interests, and liabilities of the bankrupt and his property in or in respect of the property disclaimed, and shall also discharge the trustee from all personal liability in respect of the property disclaimed as from the date when the property vested in him, but shall not, except so far as is necessary for the purpose of releasing the bankrupt and his property and the trustee from liability, affect the rights or liabilities of
person. (3.) A trustee shall not be entitled to disclaim a lease without the leave of the court, except in any cases which may be prescribed by general rules, and the court may, before or on granting such leave, require such notices to be given to persons interested, and impose such terms as a condition of granting leave, and make such orders with respect to fixtures, tenant's improvements, and other matters arising out of the tenancy, as the court thinks just.
(4.) The trustee shall not be entitled to disclaim any property in pursuance of this section in any case where an application in writing has been made to the trustee by any person interested in the property requiring him to decide whether he will disclaim or not, and the trustee has for a period of twenty-eight days after the receipt of the application, or such extended period as may be allowed by the court, declined or neglected to give notice whether he disclaims the property or not; and, in the case of a contract, if the trustee, after such application as aforesaid, does not within the said period or extended period disclaim the contract, he shall be deemed to have adopted it.
(5.) The court may, on the application of any person who is, as against the trustee, entitled to the benefit or subject to the burden of a contract made with the bankrupt, make an order rescinding the contract on such terms as to payment by or to either party of damages for the non-performance of the contract, or otherwise, as to the court may seem equitable, and any damages payable under the order to any such person may be proved by him as a debt under the bankruptcy.
(6.) The court may, on application by any person either claiming any interest in any disclaimed property, or under any liability not discharged by this Act, in respect of any disclaimed property, and on hearing such persons as it thinks fit, make an order for the vesting of the property in or delivery thereof to any person entitled thereto, or to whom it may seem just that the same should be delivered by way of compensation for such liability as aforesaid, or a trustee for him, and on such terms as the court thinks just; and on any such vesting order being made, the property comprised therein shall vest accordingly in the person therein named in that behalf without any conveyance or assignment for the purpose.
Provided always, that where the property disclaimed is of a leasehold nature, the court shall not make a vesting order in favour of any person claiming under the bankrupt, whether as under-lessee or as mortgagee by demise, except upon the terms of making such person subject to the same liabilities and obligations as the bankrupt was subject to under the lease in respect of the property at the date when the bankruptcy petition was filed, and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the property, and if there shall be no person claiming under the bankrupt who is willing to accept an order upon such terms, the court shall have power to vest the bankrupt's estate and interest in the property in any person liable either personally or in a representative character, and either alone or jointly with the bankrupt to perform the lessee's covenants in such lease, freed and discharged from all estates, incumbrances, and interests created therein by the bankrupt.
(7.) Any person injured by the operation of a disclaimer under this section shall be deemed to be a creditor of the bankrupt to the extent of the injury, and may accordingly prove the same as a debt under the bankruptcy.
56. Subject to the provisions of this Act, the trustee may do Powers of trustee all or any of the following things : (1.) Sell all or any part of the property of the bankrupt
(including the goodwill of the business, if any, and the
sell the same in parcels :
receipts shall effectually discharge the person paying
debt due to the baankrupt :
vested in the trustee under this Act, and execute any
to deal property.
(5.) Deal with any property to which the bankrupt is
beneficially entitled as tenant in tail in the same manner as the bankrupt might have dealt with it; and sects. 56 to 73 (both inclusive) of 3 & 4 Will. 4, c. 74 (a) shall extend and apply to proceedings under this Act, as if those sections were here re-enacted and made
applicable in terms to those proceedings. Powers exercis- 57. The trustee may, with the permission of the committee able by trustee with permission
of inspection, do all or any of the following things : of committee of (1.) Carry on the business of the bankrupt, so far as may be inspection.
necessary for the beneficial winding-up of the same : (2.) Bring, institute, or defend any action or other legal
proceeding relating to the property of the bankrupt : (3.) Employ a solicitor or other agent to take any proceedings
or do any business which may be sanctioned by the
committee of inspection : (4.) Accept as the consideration for the sale of any property
of the bankrupt a sum of money payable at a future time subject to such stipulations as to security and
otherwise as the committee think fit : (5.) Mortgage or pledge any part of the property of the bank
rupt for the purpose of raising money for the payment
of his debts : (6.) Refer any dispute to arbitration, compromise all debts,
claims and liabilities, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or supposed to subsist between the bankrupt and any person who may have incurred any liability to the bankrupt, on the receipt of such sums, payable at such
times, and generally on such terms as may be agreed (7.) Make such compromise or other arrangement as may be
thought expedient with creditors, or persons claiming to be creditors, in respect of any debts provable under
the bankruptcy : (8.) Make such compromise or other arrangement as may be
thought expedient with respect to any claim arising out of or incidental to the property of the bankrupt, made or capable of being made on the trustee by any person
or by the trustee on any person : (9.) Divide in its existing form amongst the creditors, accord
ing to its estimated value, any property which from its peculiar nature or other special circumstances cannot be
readily or advantageously sold. The permission given for the purposes of this section shall not
(a) See ante, p. 300.
be a general permission to do all or any of the above-mentioned things, but shall only be a permission to do the particular thing or things for which permission is sought in the specified case or
distribution of dividends.
Distribution of Property. 58. (1.) Subject to the retention of such sums as may be Declaration and necessary for the costs of administration, or otherwise, the trustee shall, with all convenient speed, declare and distribute dividends amongst the creditors who have proved their debts.
(2.) The first dividend, if any, shall be declared and distributed within four months after the conclusion of the first meeting of creditors, unless the trustee satisfies the committee of inspection that there is sufficient reason for postponing the declaration to a later date.
(3.) Subsequent dividends shall, in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than six months.
(4.) Before declaring a dividend the trustee shall cause notice of his intention to do so to be gazetted in the prescribed manner, and shall also send reasonable notice thereof to each creditor mentioned in the bankrupt’s statement who has not proved his debt.
(5.) When the trustee has declared a dividend he shall send to each creditor who has proved a notice showing the amount of the dividend and when and how it is payable, and a statement in the prescribed form as to the particulars of the estate.
59. (1.) Where one partner of a firm is adjudged bankrupt, Joint and sepaa creditor to whom the bankrupt is indebted jointly with the rate dividends. other partners of the firm, or any of them, shall not receive any dividend out of the separate property of the bankrupt until all the separate creditors have received the full amount of their respective debts.
(2.) Where joint and separate properties are being administered, dividends of the joint and separate properties shall, subject to any order to the contrary that may be made by the court on the application of any person interested, be declared together; and the expenses of and incident to such dividends shall be fairly apportioned by the trustee between the joint and separate properties, regard being had to the work done for and the benefit received by each property.
60. In the calculation and distribution of a dividend the Provision for trustee shall make provision for debts provable in bankruptcy residing at a appearing from the bankrupt's statements, or otherwise, to be distance, &c. due to persons resident in places so distant from the place where the trustee is acting that in the ordinary course of communica
who has not
tion they have not bor? sufficient : ime to tender their proofs, or to establish theu i,"Scherl, and also for debts provable in bankruptcy. ihesje vi claims not yet vletermined. He shall also make prevision is: any disp.tied proofs or claims, and for the expenses necessary on the administ:ation of the estate or otherwise, ad, subjeca to the foregoing provisions, he shall
distribute as dividend a money in hand. Right of creditor 61. Any creditor who has not proved his debt before the proved debt declaration of any diviilenıl or dividends shall be entitled to be before declara- paid out of any money for the time being in the hands of the
trustee any dividend or dividends he may have failed to receive before that money is applied to the payment of any future dividend or dividends, but he shall not be entitled to disturb the
istribution of any dividend declared before his debt was proved by reason that he has not participated therein.
62. When the t. ustee has realised all the property of the bankrupt, or so much thereof as can, in the joint opinion of himself and of the committee of inspection, be realised without needlessly protracting the trusteeship, he shall declare a final dividend, but before so doing he shall give notice in manner prescribed to the persons whose claims to be creditors have been notified to him, but not established to his satisfaction, that if they do not establish their claims to the satisfaction of the court within a time limited by the notice, he will proceed to make a final dividend, without regard to their claims. After the expiration of the time so limited, or, if the court on application by any such claimant grant him further time for establishing his claim. then on the expiration of such further time, the property of the bankrupt shall be divided among the creditors who have proved their debts, without regard to the claims of any other
persons. No action for 63. No action for a dividend shall lie against the trustee, but
if the trustee refuses to pay any dividend the court may, if it thinks fit, order him to pay it, and also to pay out of his own money interest thereon for the time that it is withheld, and the costs of the application.
64. (1.) The trustee, with the permission of the committee bankrupt to
of inspection, may appoint the bankrupt himself to superintend -Allowarce to the management of the property of the bankrupt or of any part bankrupt for maintenance or thereof, or to carry on the trade (if any) of the bankrupt for
the benefit of his creditors, and in any other respect to aid in administering the property in such manner and on such terms as the trustee may direct.
(2.) The trustee may from time to time, with the permission of the committee of inspection, make such allowance as he may think just, to the bankrupt out of his property for the support of the bankrupt and his family, or in consideration of his services
Power to allow