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                                              <b>
                                              <span style="font-family: Arial">
                                              INSOLVENCY ACT, 1962 (ACT 153)</span></b></p>
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                                              <span style="font-family: Arial">
                                              &nbsp;ARRANGEMENT OF SECTIONS</span></p>
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                                              <span style="font-family: Arial">
                                              Section</span></p>
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                                              <span style="font-family: Arial">
                                              PART I&#8212;THE OFFICIAL TRUSTEE</span></p>
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                                              <span style="font-family: Arial">
                                              1. The Official Trustee.</span></p>
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                                              2.&nbsp; Powers of Court.</span></p>
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                                              3. Insolvent Estates Fund.</span></p>
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                                              4. Insolvency Register.</span></p>
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                                              <span style="font-family: Arial">
                                              5. Notices in Gazette.</span></p>
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                                              <span style="font-family: Arial">
                                              6. Liability for default.</span></p>
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                                              <span style="font-family: Arial">
                                              7. Annual Report.</span></p>
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                                              <span style="font-family: Arial">
                                              PART II&#8212;INSOLVENCY PROCEEDINGS</span></p>
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                                              <span style="font-family: Arial">
                                              Petitions</span></p>
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                                              8. Commencement of proceedings.</span></p>
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                                              9. Creditor's petition.</span></p>
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                                              10. Debtor's petition.</span></p>
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                                              <span style="font-family: Arial">
                                              11. Procedure on petitions.</span></p>
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                                              Protection Orders</span></p>
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                                              12. Effect of protection order.</span></p>
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                                              13. Debtor's statement of affairs.</span></p>
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                                              <span style="font-family: Arial">
                                              14. Debtor's proposal for 
                                              arrangement with creditors.</span></p>
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                                              <span style="font-family: Arial">
                                              15. Creditors' proof of debts.</span></p>
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                                              <span style="font-family: Arial">
                                              16. First meeting of creditors.</span></p>
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                                              <span style="font-family: Arial">
                                              Judicial Consideration</span></p>
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                                              <span style="font-family: Arial">
                                              17. Application to Court.</span></p>
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                                              <span style="font-family: Arial">
                                              18. Hearing of application.</span></p>
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                                              <span style="font-family: Arial">
                                              19. Insolvency order.</span></p>
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                                              <span style="font-family: Arial">
                                              20. Confirmation of arrangement 
                                              with creditors.</span></p>
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                                              <span style="font-family: Arial">
                                              21. Rescission of protection 
                                              order.</span></p>
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                                              <span style="font-family: Arial">
                                              Bankruptcy</span></p>
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                                              22. Public examination of debtor.</span></p>
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                                              23. Adjudication of bankruptcy.</span></p>
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                                              24. Additional duties and 
                                              disabilities of bankrupt.</span></p>
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                                              <span style="font-family: Arial">
                                              General Duties and Disabilities of 
                                              Debtor</span></p>
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                                              25. Duty to co-operate with 
                                              Official Trustee.</span></p>
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                                              <span style="font-family: Arial">
                                              26. Duty to disclose 
                                              after-acquired property.</span></p>
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                                              <span style="font-family: Arial">
                                              27. Duty of disclosure when 
                                              obtaining credit.</span></p>
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                                              <span style="font-family: Arial">
                                              28. Liability to arrest and 
                                              seizure of property.</span></p>
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                                              <span style="font-family: Arial">
                                              29. Liability to interception of 
                                              letters, etc.</span></p>
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                                              Discharge</span></p>
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                                              30. Date of discharge.</span></p>
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                                              31. Earlier discharge where 
                                              additional payment made.</span></p>
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                                              32. Alteration of bankrupt's 
                                              discharge date.</span></p>
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                                              33. Certificate of discharge.</span></p>
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                                              34. Effect of discharge.</span></p>
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                                              <span style="font-family: Arial">
                                              Termination of Proceedings</span></p>
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                                              35. When proceedings come to an 
                                              end.</span></p>
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                                              36. Order terminating proceedings.</span></p>
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                                              <span style="font-family: Arial">
                                              PART III&#8212;ADMINISTRATION OF 
                                              DEBTOR'S PROPERTY</span></p>
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                                              <span style="font-family: Arial">
                                              Assets passing to Official Trustee</span></p>
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                                              37.&nbsp; Vesting on making of 
                                              protection order.</span></p>
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                                              38.&nbsp; After-acquired property.</span></p>
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                                              39.&nbsp; Repayments by preferred 
                                              creditors.</span></p>
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                                              40.&nbsp; Repayment of gifts, etc.</span></p>
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                                              41.&nbsp; Repayments by moneylenders.</span></p>
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                                              42.&nbsp; Sums to be credited to 
                                              debtor's official account.</span></p>
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                                              <span style="font-family: Arial">
                                              General Functions of Official 
                                              Trustee</span></p>
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                                              43.&nbsp; Duty to protect assets.</span></p>
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                                              44.&nbsp; Duty to realise assets.</span></p>
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                                              45.&nbsp; Duty to verify debts ranking 
                                              for dividend.</span></p>
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                                              <span style="font-family: Arial">
                                              46.&nbsp; Duty to amend admitted 
                                              proofs.</span></p>
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                                              47.&nbsp; Duty to ascertain priority of 
                                              debts.</span></p>
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                                              48.&nbsp; Duty to consult creditors.</span></p>
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                                              49.&nbsp; Enquiries by Court.</span></p>
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                                              <span style="font-family: Arial">
                                              Assets Passing from Official 
                                              Trustee</span></p>
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                                              <span style="font-family: Arial">
                                              50.&nbsp; Cases where insolvency order 
                                              not made.</span></p>
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                                              <span style="font-family: Arial">
                                              51.&nbsp; Disclaimer.</span></p>
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                                              52.&nbsp; Fees and outgoings.</span></p>
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                                              53.&nbsp; Return of personal effects to 
                                              debtor.</span></p>
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                                              54.&nbsp; Dividends to creditors.
                                              </span></p>
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                                              55.&nbsp; Return of surplus assets to 
                                              debtor.</span></p>
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                                              56&nbsp;&nbsp; Payments to be made only out 
                                              of debtor's property.</span></p>
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                                              <span style="font-family: Arial">
                                              PART IV&#8212;ARRANGEMENTS WITH 
                                              CREDITORS APART FROM INSOLVENCY 
                                              PROCEEDINGS</span></p>
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                                              <span style="font-family: Arial">
                                              57.&nbsp; Arrangements to which this 
                                              Part applies.</span></p>
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                                              <span style="font-family: Arial">
                                              58.&nbsp; Arrangements Register.</span></p>
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                                              59.&nbsp; Arrangements voidable unless 
                                              registered.</span></p>
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                                              60.&nbsp; Setting aside of arrangement.</span></p>
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                                              61.&nbsp; Arrangement not to count as 
                                              suspension of payments.</span></p>
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                                              <span style="font-family: Arial">
                                              PART V&#8212;MODIFICATIONS IN SPECIAL 
                                              CASES</span></p>
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                                              <span style="font-family: Arial">
                                              62.&nbsp; Debtors not of full age and 
                                              capacity.</span></p>
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                                              <span style="font-family: Arial">
                                              63.&nbsp; Joint debtors.</span></p>
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                                              64.&nbsp; Debtors who are trustees.</span></p>
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                                              <span style="font-family: Arial">
                                              65.&nbsp; Participation in insolvency 
                                              proceedings by subsequent 
                                              creditors.</span></p>
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                                              <span style="font-family: Arial">
                                              PART VI&#8212; ADMINISTRATION OF ESTATES 
                                              OF DECEASED INSOLVENTS</span></p>
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                                              <span style="font-family: Arial">
                                              66.&nbsp; Administration orders.</span></p>
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                                              <span style="font-family: Arial">
                                              67.&nbsp; Effect of administration 
                                              order.</span></p>
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                                              <span style="font-family: Arial">
                                              68.&nbsp; Creditors' proof of debts.</span></p>
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                                              <span style="font-family: Arial">
                                              69.&nbsp; First meeting of creditors.</span></p>
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                                              <span style="font-family: Arial">
                                              70. Duties of deceased's 
                                              representative.</span></p>
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                                              <span style="font-family: Arial">
                                              71. Application of Part III of 
                                              this Act.</span></p>
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                                              <span style="font-family: Arial">
                                              72. Order terminating 
                                              administration.</span></p>
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                                              <span style="font-family: Arial">
                                              73. Death of debtor during 
                                              insolvency proceedings.</span></p>
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                                              <span style="font-family: Arial">
                                              PART VII&#8212;SUPPLEMENTAL PROVISIONS</span></p>
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                                              <span style="font-family: Arial">
                                              74. Offences.</span></p>
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                                              <span style="font-family: Arial">
                                              75. Evidence.</span></p>
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                                              <span style="font-family: Arial">
                                              76. Rules.</span></p>
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                                              <span style="font-family: Arial">
                                              77. Interpretation.</span></p>
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                                              <span style="font-family: Arial">
                                              78. Commencement.</span></p>
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                                              <span style="font-family: Arial">
                                              SCHEDULE</span></p>
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                                              <span style="font-family: Arial">
                                              Schedule&#8212;Meetings of Creditors</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
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                                              <span style="font-family: Arial">
                                              THE HUNDRED AND FIFTY-THIRD</span></p>
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                                              <span style="font-family: Arial">
                                              ACT OF THE PARLIAMENT OF THE 
                                              REPUBLIC OF GHANA</span></p>
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                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              THE INSOLVENCY ACT, 1962</span></b></p>
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                                              <span style="font-family: Arial">
                                              AN ACT to provide for the 
                                              protection of creditors and 
                                              debtors in cases of insolvency.</span></p>
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                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 20th November, 
                                              1962</span></p>
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                                              <span style="font-family: Arial">
                                              BE IT ENACTED by the President and 
                                              the National Assembly in this 
                                              present Parliament assembled as 
                                              follows:&#8212;</span></p>
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                                              <span style="font-family: Arial">
                                              PART I&#8212;THE OFFICIAL TRUSTEE</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Official Trustee.</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) There shall be an Official 
                                              Trustee, whose post shall be a 
                                              Civil Service post.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) Any act required or authorised 
                                              to be done by or in relation to 
                                              the Official Trustee may instead 
                                              be done by or in relation to any 
                                              Civil Servant for the time being 
                                              authorised in that behalf either 
                                              by the Official Trustee or under 
                                              any enactment, and a Civil Servant 
                                              shall be presumed to be so 
                                              authorised unless the contrary is 
                                              shown.</span></p>
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                                              <span style="font-family: Arial">
                                              (3) References to the Official 
                                              Trustee in any enactment shall be 
                                              taken to include all Civil 
                                              Servants authorised or presumed to 
                                              be authorised as aforesaid.</span></p>
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                                              <span style="font-family: Arial">
                                              (4) Where he considers it 
                                              necessary for the exercise of his 
                                              functions, the Official Trustee 
                                              may avail himself for appropriate 
                                              payment of the services of persons 
                                              who are not Civil Servants.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Powers of Court.</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) Any person aggrieved by an act 
                                              done by the Official Trustee in 
                                              the exercise of his functions 
                                              under this Act may appeal to the 
                                              Court, which shall make such order 
                                              as it thinks fit.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) If any person refuses or fails 
                                              to comply with a requirement made 
                                              by the Official Trustee under this 
                                              Act, the Official Trustee may 
                                              apply to the Court, and the Court 
                                              may order the requirement to be 
                                              carried out.</span></p>
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                                              <span style="font-family: Arial">
                                              (3) If the Official Trustee is in 
                                              doubt as to any matter arising in 
                                              connection with his functions 
                                              under this Act he may apply to the 
                                              Court for directions. </span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Insolvent Estates Fund.</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1) There shall be a public fund 
                                              to be known as the Insolvent 
                                              Estates Fund, to which shall be 
                                              credited all sums received by the 
                                              Official Trustee under this Act 
                                              and to which shall be debited all 
                                              sums disbursed by him thereunder.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) There shall be an account 
                                              within the Insolvent Estates Fund 
                                              to which shall be credited all 
                                              sums received by the Official 
                                              Trustee by way of fees and other 
                                              charges, in this Act referred to 
                                              as the Fees Account.</span></p>
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                                              <span style="font-family: Arial">
                                              (3) All payments required or 
                                              authorised by this Act to be met 
                                              out of the Insolvent Estates Fund 
                                              are hereby charged on that Fund.</span></p>
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                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Insolvency Register.</span></b></p>
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                                              <span style="font-family: Arial">
                                              (1)&nbsp; The Official Trustee shall 
                                              make and keep a register, to be 
                                              known as the Insolvency Register, 
                                              in which as respects every debtor 
                                              in relation to whom a protection 
                                              order is made, the&nbsp; following 
                                              information shall be recorded as 
                                              it becomes available, that is to 
                                              say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the name and address of the 
                                              debtor, any previous names of the 
                                              debtor, and any change in the 
                                              debtor's name or address which is 
                                              notified to the Official Trustee;</span></p>
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                                              <span style="font-family: Arial">
                                              (b)&nbsp; the date of the making of the 
                                              protection order;</span></p>
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                                              <span style="font-family: Arial">
                                              (c)&nbsp; the date on which the 
                                              protection order ceases to have 
                                              effect, and the reason for its 
                                              ceasing to have effect;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) if an insolvency order is 
                                              made, the date of the making of 
                                              the order, the date on which the 
                                              debtor is discharged and the date 
                                              on which the insolvency 
                                              proceedings are terminated;</span></p>
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                                              <span style="font-family: Arial">
                                              (e) if the debtor is adjudged 
                                              bankrupt, the date of the 
                                              adjudication, the appointed 
                                              discharge date, and any alteration 
                                              in that date;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) if a participation order is 
                                              made, the date of the making of 
                                              the order and, if the debtor's 
                                              discharge is revoked by virtue of 
                                              the order, a statement to that 
                                              effect.</span></p>
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                                              <span style="font-family: Arial">
                                              (2) Where an administration order 
                                              is made in respect of a deceased 
                                              debtor, the following information 
                                              shall be recorded in the 
                                              Insolvency Register as it becomes 
                                              available, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the name and the last address 
                                              of the debtor, and any previous 
                                              names of the debtor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; the date of the making of the 
                                              administration order; and </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the date of the termination of 
                                              the administration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Insolvency Register shall 
                                              at all reasonable times be open 
                                              for public inspection on payment 
                                              of such fee, if any, as may be 
                                              prescribed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Official Trustee shall, on 
                                              application being made by any 
                                              person in the prescribed form, and 
                                              on payment of the prescribed fee, 
                                              provide copies of any entry in the 
                                              Insolvency Register.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Notices in Gazette.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Whenever any information 
                                              requires to be recorded in the 
                                              Insolvency Register, the Official 
                                              Trustee, in addition to recording 
                                              the information in the Register, 
                                              shall also cause it to be 
                                              published in the Gazette within 
                                              fourteen days after it becomes 
                                              available to him.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) As soon as may be after the 
                                              end of each June and December, the 
                                              Official Trustee shall cause a 
                                              notice to be published in the 
                                              Gazette giving the names, 
                                              including former names, and 
                                              addresses of all bankrupts, 
                                              together with the dates on which 
                                              they were adjudged bankrupt and 
                                              their appointed discharge dates.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;Liability for Default.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) No liability shall attach to 
                                              the Official Trustee in respect of 
                                              any breach of a duty imposed on 
                                              him by or under this Act, and 
                                              except in so far as may result 
                                              from an order made under 
                                              subsection (3) of section 42 of 
                                              this Act, no liability shall 
                                              attach to the Republic in respect 
                                              of any such breach.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Nothing in this section shall 
                                              affect the institution against a 
                                              Civil Servant of any criminal 
                                              proceedings or of disciplinary 
                                              proceedings under the Civil 
                                              Service Act, 1960 (C.A. 5).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Annual Report.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              As soon as may be after the end of 
                                              each December, the Official 
                                              Trustee shall prepare a report 
                                              giving details of the operation of 
                                              this Act during the previous year, 
                                              and the report shall be laid 
                                              before the National Assembly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;INSOLVENCY PROCEEDINGS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Petitions</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 8&#8212;Commencement of 
                                              Proceedings.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Insolvency proceedings in 
                                              respect of a debtor shall be 
                                              initiated by the presentation of a 
                                              petition to the Official Trustee 
                                              in the prescribed manner, and 
                                              accompanied by the prescribed fee, 
                                              for the making by him of an 
                                              interim order, to be known as a 
                                              protection order, enabling the 
                                              debtor's assets to be conserved 
                                              for the protection of his 
                                              creditors until his affairs have 
                                              been considered by the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2)&nbsp; A petition shall not be 
                                              presented in respect of a body 
                                              corporate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A petition shall not be 
                                              presented in respect of two or 
                                              more debtors except where debts 
                                              are owed by those debtors jointly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where a petition has been 
                                              presented, the Court may, on&nbsp; an 
                                              application being made by the 
                                              Official Trustee, restrain the 
                                              institution or continuance of any 
                                              civil proceedings by or against 
                                              the debtor other than proceedings 
                                              by a secured creditor for the 
                                              realisation of his security.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A petition may be withdrawn or 
                                              amended, with the consent in 
                                              writing of the Official Trustee, 
                                              at any time before a protection 
                                              order is made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Creditor's Petition.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A petition may be presented in 
                                              respect of a debtor by any one or 
                                              more of his creditors if his 
                                              indebtedness to the petitioner, 
                                              or, as the case may be, the 
                                              petitioners collectively, in 
                                              liquidated sums payable 
                                              immediately amounts to at least 
                                              five hundred pounds and if,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the debtor has, within the 
                                              preceding three months, given 
                                              notice to any of his creditors 
                                              that he has suspended, or is about 
                                              to suspend, payment of his debts;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the sheriff has, within the 
                                              preceding three months, and in 
                                              pursuance of a writ of fieri 
                                              facias issued in Ghana in respect 
                                              of the debtor, taken possession of 
                                              any of the debtor's property and 
                                              either sold the property or 
                                              retained it for at least 
                                              twenty-one days; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) any of the debtor's creditors 
                                              is entitled to proceed with the 
                                              execution, by means of a writ of 
                                              fieri facias issued or issuable in 
                                              Ghana, of a judgment or order 
                                              obtained against the debtor not 
                                              less than seven days previously.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2)&nbsp; Where any of the petitioners 
                                              is a secured creditor,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; the value and description of 
                                              the security shall be specified in 
                                              the petition; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) for the purpose of applying 
                                              the five hundred pounds limit 
                                              under the preceding subsection the 
                                              amount of the secured debt shall 
                                              be reduced by the value of the 
                                              security as so specified.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Debtor's Petition.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A petition may be presented by 
                                              a debtor in respect of his own 
                                              affairs if the debtor is insolvent 
                                              and his indebtedness in liquidated 
                                              sums payable immediately amounts 
                                              to at least five hundred pounds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If any of his said 
                                              indebtedness is to a secured 
                                              creditor then, unless the total of 
                                              unsecured debts amounts to at 
                                              least five hundred pounds in 
                                              liquidated sums payable 
                                              immediately, the debtor shall 
                                              specify the value and description 
                                              of the security in his petition 
                                              and, for the purpose of applying 
                                              the five hundred pounds limit 
                                              under the preceding subsection, 
                                              the amount of the secured debt 
                                              shall be reduced by the value of 
                                              the security as so specified.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 11&#8212;Procedure on Petitions.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A copy of a creditor's 
                                              petition shall be served on the 
                                              debtor by the petitioner on or 
                                              before the day on which it is 
                                              presented.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) After seven days have elapsed 
                                              following the presentation of a 
                                              petition, the Official Trustee 
                                              shall consider the petition and 
                                              evidence in support thereof, 
                                              together, in the case of a 
                                              creditor's petition, with any 
                                              representations made by the debtor 
                                              and evidence in support thereof; 
                                              and if the petition is not 
                                              withdrawn and the Official Trustee 
                                              considers that it was duly 
                                              presented he shall make a 
                                              protection order thereon:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that he shall not make a 
                                              protection order if it appears to 
                                              him that, owing to payments by the 
                                              debtor or other change of 
                                              circumstances, the debtor's total 
                                              indebtedness in liquidated sums 
                                              payable immediately, including 
                                              indebtedness to persons who are 
                                              not parties to the petition, has, 
                                              after deduction of the value of 
                                              securities held in respect 
                                              thereof, fallen below five hundred 
                                              pounds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the Official Trustee is 
                                              of opinion that a petition was not 
                                              duly presented or that the 
                                              indebtedness of the debtor has 
                                              been reduced as aforesaid he 
                                              shall, if the petition has not 
                                              been withdrawn, give notice to the 
                                              petitioner and, in the case of a 
                                              creditor's petition, to the debtor 
                                              that the petition is dismissed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where two or more petitions 
                                              are presented in respect of a 
                                              debtor a protection order made on 
                                              any of the petitions shall be 
                                              deemed to have been made on all of 
                                              them.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) After a protection order has 
                                              been made no further petition 
                                              shall be presented in respect of 
                                              the debtor before the termination 
                                              of the insolvency proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Protection Orders</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Effect of Protection 
                                              Order.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              While a protection order has 
                                              effect,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) existing and after-acquired 
                                              property of the debtor shall vest 
                                              in the Official Trustee in 
                                              accordance with sections 37 and 38 
                                              of this Act and shall be conserved 
                                              by him in accordance with section 
                                              43 thereof;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; the debtor shall be subject 
                                              to the duties and disabilities 
                                              specified in sections 25, 26, 28 
                                              and 29 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; no civil proceedings by or 
                                              against the debtor shall be 
                                              instituted or continued without 
                                              the leave of the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Debtor's Statement of 
                                              Affairs.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Within seven days after the 
                                              making of a protection order, or 
                                              such longer period as the Official 
                                              Trustee may allow, the debtor 
                                              shall lodge with the Official 
                                              Trustee a statement of his affairs 
                                              conforming to the following 
                                              subsection, unless such a 
                                              statement has been lodged 
                                              previously.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2)&nbsp; The statement of affairs 
                                              shall contain,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) particulars of the debtor's 
                                              existing and potential assets and 
                                              of all other property in his 
                                              possession or control;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) a list of creditors, showing 
                                              the amounts and due dates of debts 
                                              and particulars of securities 
                                              held;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) particulars of the debtor's 
                                              transactions during such period as 
                                              the Official Trustee may specify;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; a statement of the reasons 
                                              for the debtor's insolvency, 
                                              unless he denies that he is 
                                              insolvent,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              together with such additional 
                                              information as may be required by 
                                              rules or by the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Debtor's Proposal for 
                                              Arrangement with Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Within seven days after the making 
                                              of a protection order, or such 
                                              longer period as the Official 
                                              Trustee may allow, the debtor, if 
                                              he wishes to make a proposal for 
                                              an arrangement with creditors, may 
                                              lodge details of the proposal with 
                                              the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Creditors' Proof of 
                                              Debts.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In this Act &quot;provable debt&quot; 
                                              means an obligation the value of 
                                              which is capable of assessment in 
                                              money, being,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) any obligation which, apart 
                                              from this Act, would have been 
                                              enforceable by the creditor 
                                              against the debtor at the date on 
                                              which the protection order was 
                                              made, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) any existing or future 
                                              obligation, other than an 
                                              obligation unenforceable by virtue 
                                              of the law relating to limitation 
                                              of actions, which, by reason of 
                                              some transaction which took place 
                                              before the said date, might, apart 
                                              from this Act, have become 
                                              enforceable by the creditor 
                                              against the debtor after that 
                                              date,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and references in this Act to the 
                                              value of a provable debt shall be 
                                              references to its value apart from 
                                              this Act on the said date.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) At any time while a protection 
                                              order has effect any creditor may 
                                              lodge with the Official Trustee a 
                                              statement, to be known as a proof 
                                              of debts, in accordance with the 
                                              following subsection.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; A proof of debts shall be in 
                                              two parts, the first part 
                                              containing brief particulars of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the values and due dates of 
                                              provable debts alleged by the 
                                              creditor to be outstanding in his 
                                              favour against the debtor and the 
                                              nature and value of any securities 
                                              held by the creditor in respect of 
                                              such debts;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the values and due dates of 
                                              any obligations outstanding in the 
                                              debtor's favour against the 
                                              creditor, being obligations which 
                                              would be provable debts if a 
                                              protection order had been made 
                                              against the creditor on the date 
                                              on which the protection order was 
                                              made against the debtor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the nature and value of 
                                              securities of any description held 
                                              by the debtor in respect of such 
                                              obligations as are mentioned in 
                                              the preceding paragraph;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the total values of the 
                                              aforesaid debts, obligations and 
                                              securities, and the second part 
                                              containing details of the 
                                              transactions from which the said 
                                              debts and obligations arose.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A copy of the first part of 
                                              any proof lodged under this 
                                              section shall be given by the 
                                              Official Trustee to the debtor and 
                                              to each creditor who is mentioned 
                                              in the debtor's statement of 
                                              affairs or who, not being so 
                                              mentioned, himself lodges a proof; 
                                              and if the debtor knows or 
                                              believes that the proof is false 
                                              in any material particular it 
                                              shall be his duty to inform the 
                                              Official Trustee thereof as soon 
                                              as is practicable.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Official Trustee shall 
                                              examine every proof of debts 
                                              lodged with him and if, after 
                                              considering any representations 
                                              made by the debtor or any other 
                                              creditor, it appears to him that 
                                              any item is improperly included or 
                                              any value incorrectly stated or 
                                              that the proof is otherwise 
                                              incorrect, he shall give notice of 
                                              the objection to the creditor, who 
                                              may lodge an amended proof within 
                                              the period specified in the notice 
                                              or such extended period as the 
                                              Official Trustee may allow.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) If it does not appear to the 
                                              Official Trustee that a proof is 
                                              incorrect he shall give notice to 
                                              the creditor that he admits the 
                                              proof subject to verification 
                                              under section 45 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) If the creditor fails to lodge 
                                              an amended proof or a further 
                                              amended proof, as the case may be, 
                                              within the period allowed under 
                                              subsection (5) of this section and 
                                              the Official Trustee is still of 
                                              opinion that the previous proof is 
                                              incorrect he shall give notice to 
                                              the creditor that he rejects the 
                                              proof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 16&#8212;First Meeting of 
                                              Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Official Trustee shall 
                                              call a first meeting of creditors 
                                              for a date not later than four 
                                              weeks after the publication of a 
                                              protection order, and shall give 
                                              such notice of the meeting as may 
                                              be practicable to each creditor 
                                              who is mentioned in the debtor's 
                                              statement of affairs or who, not 
                                              being so mentioned, has lodged a 
                                              proof of debts.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) So far in advance as may be 
                                              practicable, the Official Trustee 
                                              shall give to every such creditor 
                                              a copy of the debtor's statement 
                                              of affairs and of any proposal for 
                                              an arrangement with creditors 
                                              lodged by him, together with any 
                                              observations thereon that the 
                                              Official Trustee may wish to make.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Official Trustee shall put 
                                              to the meeting such questions as 
                                              he considers appropriate:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that if the debtor has 
                                              proposed an arrangement with 
                                              creditors, the meeting shall be 
                                              asked to approve or reject the 
                                              proposal.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) An arrangement with creditors 
                                              shall not be taken to be approved 
                                              unless it has secured at least 
                                              three-quarters of the votes cast.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The meeting shall be closed 
                                              not later than six weeks after the 
                                              publication of the protection 
                                              order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6)&nbsp; The Schedule to this Act 
                                              shall apply in relation to the 
                                              meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Judicial Consideration</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Application to Court.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Within fourteen days after the 
                                              closing of the first meeting of 
                                              creditors, the Official Trustee 
                                              shall make an application to the 
                                              Court, in this Act referred to as 
                                              an application for judicial 
                                              consideration, to enable the Court 
                                              to consider the debtor's affairs 
                                              and give its decision as to the 
                                              future course of the insolvency 
                                              proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) On an application for judicial 
                                              consideration the Court&nbsp; may make 
                                              one or other of the following 
                                              orders, namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) an insolvency order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) an order confirming an 
                                              arrangement with creditors;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) an order rescinding the 
                                              protection order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) On the making of any such 
                                              order the protection order shall 
                                              cease to have effect, so however 
                                              that the debtor's assets shall 
                                              remain vested in the Official 
                                              Trustee except as otherwise 
                                              provided by section 50 of this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Hearing of Application.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) At the hearing of an 
                                              application for judicial 
                                              consideration the debtor and any 
                                              creditor who has lodged a proof of 
                                              debts may appear and be heard 
                                              either in person or by counsel, 
                                              and the Official Trustee shall 
                                              submit to the Court a report on 
                                              the circumstances of the case.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2)&nbsp; The Official Trustee's report 
                                              shall include a statement of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; the grounds on which the 
                                              protection order was made ;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the assets of the debtor which 
                                              have become vested&nbsp; in the 
                                              Official Trustee;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; the liabilities of the 
                                              debtor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the conduct of the debtor 
                                              before and since the presentation 
                                              of the petition; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) any decisions taken at the 
                                              first meeting of creditors, 
                                              together with any other 
                                              information which may assist the 
                                              Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Official Trustee and any 
                                              other person entitled to appear 
                                              may, with the leave of the Court, 
                                              adduce oral or written evidence 
                                              and cross-examine any witness.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) It shall be the duty of the 
                                              Official Trustee to give whatever 
                                              assistance the Court may require 
                                              to enable it to reach a 
                                              conclusion.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Insolvency Order.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Court shall make an 
                                              insolvency order in every case in 
                                              which it does not, under either of 
                                              the two following sections, 
                                              confirm an arrangement with 
                                              creditors or rescind the 
                                              protection order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where an insolvency order is 
                                              made the Official Trustee shall 
                                              proceed to realise and distribute 
                                              the debtor's assets in accordance 
                                              with Part III of this Act, and 
                                              while the order has effect,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the debtor shall be subject to 
                                              the duties and disabilities 
                                              specified in sections 25 to 29 of 
                                              this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; no civil proceedings by or 
                                              against the debtor shall be 
                                              instituted or continued without 
                                              the leave of the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Confirmation of 
                                              Arrangement with Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where an arrangement with 
                                              creditors was approved by the 
                                              first meeting of creditors and it 
                                              does not appear that grounds for 
                                              bankruptcy exist or that it is 
                                              likely that they exist, the Court 
                                              shall make an order confirming the 
                                              arrangement if,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) its terms are fair and 
                                              reasonable;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) it provides for an order of 
                                              priority of payments corresponding 
                                              to that laid down by section 54 of 
                                              this Act; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) it provides for payment in 
                                              full of any fees and outgoings due 
                                              to the Official Trustee in respect 
                                              of the insolvency proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If the conditions specified in 
                                              paragraphs (a) to (c) of the 
                                              preceding subsection are not 
                                              satisfied the Court may adjourn 
                                              the hearing of the application for 
                                              judicial consideration and direct 
                                              the first meeting of creditors to 
                                              be reopened with a view to the 
                                              submission by the debtor of 
                                              proposals for a modified 
                                              arrangement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) On confirmation by the Court 
                                              an arrangement with creditors 
                                              shall, in respect of every 
                                              provable debt owed by the debtor, 
                                              become binding on the debtor and 
                                              on each creditor who was entitled 
                                              to lodge a proof, whether or not 
                                              that creditor voted in favour of 
                                              the arrangement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) It shall be the duty of the 
                                              Official Trustee to supervise the 
                                              carrying into effect of an 
                                              arrangement with creditors 
                                              confirmed by the Court; and the 
                                              Court may, on the application of 
                                              the Official Trustee or any person 
                                              interested, from time to time give 
                                              such directions as may be 
                                              expedient for carrying it into 
                                              effect.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) If it appears to the Court, on 
                                              the application of the Official 
                                              Trustee or any person interested,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) that default has been made in 
                                              carrying into effect an 
                                              arrangement with creditors 
                                              confirmed by the Court, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) that for any reason it is 
                                              impracticable or would be unjust 
                                              to proceed with the arrangement, 
                                              or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) that confirmation of the 
                                              arrangement was procured by fraud,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Court may annul the 
                                              arrangement but without prejudice 
                                              to anything previously done 
                                              thereunder.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) Where an arrangement is 
                                              annulled the Court may make a 
                                              protection order against the 
                                              debtor, and this Act shall 
                                              thereafter apply as if the 
                                              protection order had been then 
                                              made on a creditor's petition by 
                                              the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 21&#8212;Rescission of 
                                              Protection Order.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Court shall rescind the 
                                              protection order if it appears,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) that having regard to any new 
                                              evidence and to the circumstances 
                                              generally, the order should not 
                                              have been made; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) that owing to payments made on 
                                              behalf of the debtor or other 
                                              change of circumstances, payment 
                                              in full has been achieved.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If the Official Trustee 
                                              informs the Court that the assets 
                                              vested in him in respect of the 
                                              debtor are likely to be sufficient 
                                              to provide for payment in full, 
                                              the Court may adjourn&nbsp; the hearing 
                                              of the application for judicial 
                                              consideration and authorise the 
                                              Official Trustee to realise and 
                                              distribute the assets in the same 
                                              manner as if an insolvency order 
                                              had been made. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the hearing has been 
                                              adjourned under the preceding 
                                              subsection the Official Trustee 
                                              shall apply to the Court for the 
                                              hearing to be resumed,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) when payment in full has been 
                                              achieved; or&#8212;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) if at any time it appears to 
                                              him that the assets are after all 
                                              insufficient to provide for 
                                              payment&nbsp; in full,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and where it is satisfied that 
                                              payment in full has been achieved 
                                              the Court shall rescind the 
                                              protection order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Bankruptcy.</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 22&#8212;Public Examination of 
                                              Debtor.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If, at any time when an 
                                              insolvency order is made, or on an 
                                              application made by the Official 
                                              Trustee at any subsequent time 
                                              before the debtor's discharge from 
                                              the insolvency order, it appears 
                                              to the Court that grounds for 
                                              bankruptcy exist or that it is 
                                              likely that they exist, the Court 
                                              shall direct the debtor to undergo 
                                              an examination as to his conduct 
                                              and affairs at a public sitting of 
                                              the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subject to section 8 of the 
                                              Oaths Act, 1960 (C.A. 12) (by 
                                              which a person is permitted to 
                                              give evidence on affirmation in 
                                              certain cases) the debtor shall be 
                                              examined on oath and shall answer 
                                              all questions put to him by the 
                                              Court or allowed by the Court to 
                                              be put to him by or on behalf of 
                                              the Official Trustee or any 
                                              creditor who has lodged a proof of 
                                              debts.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A transcript of the 
                                              examination shall be made and read 
                                              to or by the debtor and signed by 
                                              him; and the signed transcript may 
                                              be used as evidence in any 
                                              subsequent civil or criminal 
                                              proceedings affecting the debtor, 
                                              whether instituted under this Act 
                                              or not.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Adjudication of 
                                              Bankruptcy.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where a public examination has 
                                              been held under the preceding 
                                              section, the Court shall make an 
                                              order adjudging the debtor a 
                                              bankrupt if one or more of the 
                                              following have been established, 
                                              namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) that for a consecutive period 
                                              of twelve months within the three 
                                              years preceding the making of the 
                                              protection order, the debtor 
                                              continued to carry on his trade or 
                                              business in the knowledge that he 
                                              was insolvent;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) that the debtor contributed to 
                                              his insolvency by rash 
                                              speculations or culpable neglect 
                                              of his business affairs, or by 
                                              gambling or unjustifiable 
                                              extravagance;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) that a provable debt was 
                                              contracted by the debtor with the 
                                              intention that it should not be 
                                              met or without a reasonable 
                                              expectation of being able to meet 
                                              it;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) that the debtor has failed to 
                                              account satisfactorily for assets 
                                              of his which have disappeared 
                                              since the date of the making of 
                                              the protection order or during the 
                                              year previous to that date;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) that the debtor has 
                                              persistently and without adequate 
                                              excuse failed to carry out his 
                                              duties in the insolvency 
                                              proceedings;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) that the debtor is a former 
                                              bankrupt;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) that within the preceding 
                                              three years the debtor has been 
                                              convicted of an offence involving 
                                              dishonesty in relation to property 
                                              and has been sentenced to 
                                              imprisonment for three months or 
                                              more,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h) that within the preceding 
                                              three years the debtor has been 
                                              convicted of an offence under 
                                              section 7 or 8 of the Registration 
                                              of Business Names Act, 1962 (Act 
                                              151).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The order shall specify a date 
                                              for the discharge of the bankrupt, 
                                              being a date at least two years 
                                              after the making of the order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the Court has directed 
                                              the debtor to undergo a public 
                                              examination under the preceding 
                                              section but the examination cannot 
                                              be held because the debtor has 
                                              absconded, or is medically unfit 
                                              to appear, or for any other 
                                              reason, the Court may proceed 
                                              under this section as if the 
                                              examination had been held.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 24&#8212;Additional Duties and 
                                              Disabilities of Bankrupt.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In addition to the duties and 
                                              disabilities imposed on a bankrupt 
                                              by virtue of an insolvency order 
                                              having been made against him, he 
                                              shall be subject to the provisions 
                                              of this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bankrupt shall not,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) carry on, or take part in the 
                                              management or direction of, any 
                                              trade or business;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) operate an account with a 
                                              bank, building society or similar 
                                              institution;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) obtain credit exceeding ten 
                                              pounds; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) enter into any hire-purchase 
                                              agreement,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              except with the consent in writing 
                                              of the Official Trustee and in 
                                              accordance with such directions as 
                                              may from time to time be given to 
                                              him by the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; A bankrupt shall,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) keep a record of his income, 
                                              expenditure and other financial 
                                              dealings in a form approved by the 
                                              Official Trustee; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) lodge with the Official 
                                              Trustee at intervals of not more 
                                              than four months an income and 
                                              expenditure account in a form so 
                                              approved.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) In this section &quot;hire-purchase 
                                              agreement&quot; means an agreement by 
                                              which a person agrees to bail 
                                              goods to a bailee on terms such 
                                              that property in the goods may or 
                                              will pass to the bailee after 
                                              payment of two or more 
                                              instalments.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              General Duties and Disabilities of 
                                              Debtor</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 25&#8212;Duty to Co-operate with 
                                              Official Trustee</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In addition to the specific 
                                              duties imposed on him by or under 
                                              this Act, it shall be the general 
                                              duty of the debtor, at all times 
                                              during the period between the 
                                              making of a protection order and 
                                              the termination of the insolvency 
                                              proceedings, to comply as promptly 
                                              and fully as is practicable with 
                                              any direction given by the 
                                              Official Trustee in connection 
                                              with the exercise of his functions 
                                              as to the debtor's affairs.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) During the said period it 
                                              shall be the duty of the debtor,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to attend every meeting of 
                                              creditors called by the Official 
                                              Trustee and give such information 
                                              to the meeting as may be required 
                                              by the chairman;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) as soon as is practicable to 
                                              give notice to the Official 
                                              Trustee of any change in his name 
                                              or address;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; not to destroy, alter, 
                                              conceal or dispose of any account 
                                              book or other record of his 
                                              financial affairs.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 26&#8212;Duty to Disclose 
                                              After-Acquired Property.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) It shall be the duty of the 
                                              debtor, whenever he becomes 
                                              entitled to any after-acquired 
                                              property, to give notice thereof 
                                              to the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In this Act &quot;after-acquired 
                                              property&quot; means movable and 
                                              immovable property, including 
                                              income, which becomes, or but for 
                                              this Act would become, vested in 
                                              the debtor during the period 
                                              between the making of the 
                                              protection order and the discharge 
                                              of the debtor or earlier 
                                              termination of the insolvency 
                                              proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 27&#8212;Duty of Disclosure when 
                                              Obtaining Credit.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where a bankrupt or other debtor 
                                              who has not been discharged 
                                              intends, whether by himself or 
                                              jointly with another person, to 
                                              obtain credit exceeding ten pounds 
                                              from any person, it shall be the 
                                              debtor's duty to disclose to that 
                                              person, before seeking to obtain 
                                              the credit, that he is a bankrupt 
                                              or is undischarged from an 
                                              insolvency order, as the case may 
                                              be.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 28&#8212;Liability to Arrest and 
                                              Seizure of Property.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If, while insolvency 
                                              proceedings are in progress 
                                              against a debtor, it appears to 
                                              the Court that the proceedings are 
                                              or may be impeded by reason that 
                                              the debtor,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) has absconded, or is likely to 
                                              do so;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) has removed, concealed, 
                                              destroyed or damaged any property, 
                                              or is likely to do so; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) is likely to fail to attend as 
                                              required before the Court, the 
                                              Official Trustee or any meeting of 
                                              creditors, </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              then, without prejudice to its 
                                              powers in relation to contempt of 
                                              court, the Court may issue a 
                                              warrant for the arrest of the 
                                              debtor, or the seizure of the 
                                              property in question, or for both 
                                              arrest and seizure.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a warrant of arrest is 
                                              issued under this section the 
                                              provisions of the Criminal 
                                              Procedure Code, 1960 (Act 30) 
                                              relating to arrest shall apply in 
                                              the same way as they apply to 
                                              arrest for a criminal offence; and 
                                              a debtor arrested under such 
                                              warrant may, for the purposes of 
                                              the insolvency proceedings, be 
                                              conveyed in custody to any hearing 
                                              by the Court or the Official 
                                              Trustee, or to any meeting of 
                                              creditors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Property seized under this 
                                              section shall be dealt with as the 
                                              Court may direct, so however that 
                                              property which does not belong to 
                                              the debtor and is not likely to be 
                                              subject to the powers of the 
                                              Official Trustee under Part III of 
                                              this Act shall be returned to its 
                                              owner as soon as is practicable.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 29&#8212;Liability to 
                                              Interception of Letters, Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If, during the period between 
                                              the making of a protection order 
                                              and the termination of the 
                                              insolvency proceedings, it appears 
                                              to the Court that the proceedings 
                                              may be impeded unless the Official 
                                              Trustee is enabled to inspect the 
                                              debtor's incoming correspondence, 
                                              the Court may make an order 
                                              directed to the Minister 
                                              responsible for Communications 
                                              requiring him to cause any postal 
                                              article in course of transmission 
                                              by post to the debtor during such 
                                              period, not exceeding six months, 
                                              as may be specified in the order 
                                              to be readdressed to the Official 
                                              Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) After taking such copies and 
                                              retaining such articles as he 
                                              considers expedient for the 
                                              purposes of the proceedings, the 
                                              Official Trustee shall transmit 
                                              the remaining articles to the 
                                              debtor as soon as is practicable.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; This section shall be read as 
                                              one with the Post Office Ordinance 
                                              (Cap. 214).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Discharge</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 30&#8212;Date of Discharge.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The date of discharge from an 
                                              insolvency order of a debtor who 
                                              is not a bankrupt shall be the 
                                              earliest of the following dates, 
                                              namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the date two years after the 
                                              insolvency order was made;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the date on which payment in 
                                              full is achieved;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the date specified in a 
                                              proposal for additional payment 
                                              approved by the Court under 
                                              section 31 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The date of discharge from an 
                                              insolvency order and from 
                                              bankruptcy of a debtor who is a 
                                              bankrupt shall be the date fixed 
                                              under section 23 of this Act at 
                                              the time when the debtor was 
                                              adjudged bankrupt, or if that date 
                                              has been altered by the Court 
                                              under section 31 or 32 of this 
                                              Act, shall be the date as so 
                                              altered.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The date which will be the 
                                              date of discharge unless an event 
                                              occurs to alter it is in this Act 
                                              referred to as the appointed 
                                              discharge date.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 31&#8212;Earlier Discharge where 
                                              Additional Payment Made.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where before the appointed 
                                              discharge date of a bankrupt or 
                                              other debtor,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a person other than the debtor 
                                              gives notice to the Official 
                                              Trustee that he proposes to pay to 
                                              the Official Trustee a sum 
                                              specified in the notice for 
                                              distribution to the creditors if 
                                              the debtor's discharge is fixed 
                                              for an earlier date specified 
                                              therein, in this section referred 
                                              to as the specified date; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              &nbsp;(b) it appears to the Official 
                                              Trustee that the proposal is made 
                                              in good faith and could be carried 
                                              out, </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Sch.</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Official Trustee shall call a 
                                              meeting of creditors, to which the 
                                              Schedule to this Act shall apply, 
                                              and shall report to the meeting 
                                              his views on the proposal and 
                                              also, if the debtor is a bankrupt, 
                                              his views on the debtor's conduct 
                                              since he was adjudged a bankrupt 
                                              together with an account of any 
                                              new facts which have since come to 
                                              light as to his conduct and 
                                              affairs before he was so adjudged.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) After hearing the Official 
                                              Trustee's report and any 
                                              observations made by or on behalf 
                                              of the debtor, the meeting shall 
                                              vote on the proposal.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If the meeting approves the 
                                              proposal the Official Trustee 
                                              shall apply to the Court for its 
                                              decision thereon and shall submit 
                                              to the Court a report dealing with 
                                              the matters required to be dealt 
                                              with in his report to the meeting 
                                              and including the decision of the 
                                              meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If the Court is satisfied that 
                                              it would be proper to discharge 
                                              the debtor on the specified date 
                                              it shall make an order,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) fixing the date as the 
                                              appointed discharge date; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) requiring the person making 
                                              the proposal to pay the sum 
                                              specified therein to the Official 
                                              Trustee within such period as is 
                                              specified in the order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The specified date,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) shall not be less than two 
                                              months after the date on which 
                                              notice of the proposal is given to 
                                              the Official Trustee, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the case of a bankrupt 
                                              shall not be less than two years 
                                              after the date on which he was 
                                              adjudged bankrupt,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and the Official Trustee shall 
                                              carry out the requirements of this 
                                              section in sufficient time to 
                                              enable the Court to give its 
                                              decision before the specified 
                                              date.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) A sum paid under this section 
                                              shall be taken to be paid by way 
                                              of gift to the debtor unless the 
                                              proposal states that it is to be 
                                              paid by way of loan.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 32&#8212;Alteration of 
                                              Bankrupt's Discharge Date.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where, before the appointed 
                                              discharge date of a bankrupt, it 
                                              appears to the Official Trustee 
                                              that the date should be altered to 
                                              an earlier or later date by reason 
                                              of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the conduct of the bankrupt 
                                              since he was adjudged a bankrupt; 
                                              or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) new facts which have come to 
                                              light as to his conduct or affairs 
                                              before he was so adjudged, </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Sch.</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Official Trustee shall call a 
                                              meeting of creditors, to which the 
                                              Schedule to this Act shall apply, 
                                              and shall report to the meeting 
                                              his view as to the appropriate new 
                                              discharge date and as to the 
                                              debtor's conduct since he was 
                                              adjudged a bankrupt, together with 
                                              an account of any such new facts 
                                              as aforesaid.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) After hearing the Official 
                                              Trustee's report and any 
                                              observations made by or on behalf 
                                              of the debtor, the meeting shall 
                                              vote on whether the discharge date 
                                              should be altered and if so what 
                                              the new date should be.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If after the meeting the 
                                              Official Trustee remains of the 
                                              opinion that the discharge date 
                                              should be altered he shall apply 
                                              to the Court for its decision, and 
                                              if he does so shall submit to the 
                                              Court a report dealing with the 
                                              matters required to be dealt with 
                                              in his report to the meeting and 
                                              including the decision of the 
                                              meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If the Court is satisfied that 
                                              the date should be altered it 
                                              shall make an order fixing as the 
                                              appointed discharge date whichever 
                                              new date it considers appropriate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The same meeting of creditors 
                                              may, if the Official Trustee 
                                              thinks fit, consider a proposal 
                                              made under the preceding section 
                                              and matters brought before it 
                                              under this section, and if the 
                                              Court thinks fits, the Court may 
                                              deal in the same proceedings with 
                                              applications under the preceding 
                                              section and under this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 33&#8212;Certificate of 
                                              Discharge.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              On the arrival of the appointed 
                                              discharge date of a bankrupt or 
                                              other debtor, the debtor shall be 
                                              deemed to be discharged, and as 
                                              soon as may be thereafter the 
                                              Official Trustee shall issue to 
                                              the debtor a certificate of 
                                              discharge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 34&#8212;Effect of Discharge.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The discharge of a bankrupt or 
                                              other debtor shall,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) release him from all provable 
                                              debts whether or not included in 
                                              any proof of debts;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) relieve him for the future 
                                              from any duties and liabilities 
                                              under section 24, 26, and 27 of 
                                              this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The discharge of a bankrupt or 
                                              other debtor shall not,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) release any person who at the 
                                              date when the insolvency order was 
                                              made was a partner or co-trustee 
                                              of the debtor, or was jointly 
                                              bound with him under a contract or 
                                              otherwise, or was a surety or in 
                                              the nature of a surety for him; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; bring the insolvency 
                                              proceedings to an end.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Termination of Proceedings</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 35&#8212;When Proceedings Come 
                                              to an End.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where an insolvency order is 
                                              not made, insolvency proceedings 
                                              shall come to an end on the 
                                              happening of any of the following 
                                              events, namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the withdrawal or dismissal of 
                                              the petition by which the 
                                              proceedings were initiated;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the confirmation of an 
                                              arrangement with creditors under 
                                              section 20 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the rescission of the 
                                              protection order under section 21 
                                              of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where an insolvency order is 
                                              made the insolvency proceedings 
                                              shall come to an end on the making 
                                              by the Court of an order under the 
                                              following section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 36&#8212;Order Terminating 
                                              Proceedings.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where a bankrupt or other 
                                              debtor has been discharged and,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Official Trustee has 
                                              completed the distribution of the 
                                              debtor's assets under Part III of 
                                              this Act; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the Official Trustee's final 
                                              accounts in the insolvency have 
                                              been drawn up,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and have passed by the 
                                              Auditor-General, the Official 
                                              Trustee shall apply to the Court 
                                              for an order terminating the 
                                              insolvency proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Official Trustee shall 
                                              give notice of the application, 
                                              together with a summary of the 
                                              final accounts, to the debtor and 
                                              to every creditor with an admitted 
                                              proof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Court shall grant the 
                                              application if satisfied that it 
                                              is duly made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;ADMINISTRATION OF 
                                              DEBTOR'S PROPERTY</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Assets Passing to Official Trustee</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 37&#8212;Vesting on making of 
                                              Protection Order.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) On and by the virtue of the 
                                              making of a protection order there 
                                              shall vest in the Official Trustee 
                                              to the same extent and, subject to 
                                              subsection (3) of this section, 
                                              with the same incidents, all 
                                              movable and immovable property 
                                              vested in the debtor immediately 
                                              before the order was made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) All property in the possession 
                                              of the debtor at any time within 
                                              six months before the protection 
                                              order was made shall be presumed 
                                              to be vested in the debtor unless 
                                              the contrary is shown.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Property which has become 
                                              vested in the Official Trustee 
                                              under this section shall not be 
                                              subject to attachment, distress or 
                                              other proceedings for the 
                                              enforcement of an obligation 
                                              against the debtor, whether 
                                              founded on a judgment or not:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that this subsection 
                                              shall not apply to proceedings for 
                                              the enforcement of a security.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 38&#8212;After-Acquired 
                                              Property.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Official Trustee shall 
                                              bring about the vesting in him, to 
                                              the same extent and, subject to 
                                              subsection (3) of this section, 
                                              with the same incidents, of all 
                                              after-acquired property of the 
                                              debtor except property exempted by 
                                              the next subsection or property 
                                              which would not be of value to the 
                                              creditors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The following after-acquired 
                                              property shall be exempted namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) property necessary for the 
                                              reasonable current maintenance of 
                                              the debtor, his spouse and 
                                              children;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; money paid or payable to the 
                                              debtor, as compensation for his 
                                              diminished earning capacity, by 
                                              way of damages for personal injury 
                                              or other lump sum;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; money paid or payable to the 
                                              debtor by way of loan;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; movable property bought by 
                                              the debtor and not paid for in 
                                              full;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) property in which any property 
                                              mentioned in paragraph (b),(c), or 
                                              (d) of this subsection has been 
                                              directly or indirectly invested, 
                                              or which otherwise represents the 
                                              same.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Property which has become 
                                              vested in the Official Trustee 
                                              under this section shall not be 
                                              subject to attachment, distress or 
                                              other proceedings for the 
                                              enforcement of an obligation 
                                              against the debtor, whether 
                                              founded on a judgment or not:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that this subsection 
                                              shall not apply to proceedings for 
                                              the enforcement of a security.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If the debtor has, with 
                                              respect to after-acquired property 
                                              which is not exempted, entered 
                                              into any transaction whereby the 
                                              whole or any part of the value of 
                                              the property is lost to the 
                                              creditors, the Official Trustee 
                                              may apply to the Court for an 
                                              order setting aside the 
                                              transaction and requiring the 
                                              property or its value, or such 
                                              part thereof as was lost to the 
                                              creditors, as the case may be, to 
                                              be transferred to the Official 
                                              Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Official Trustee may give 
                                              notice to any employer, banker or 
                                              other person who but for this 
                                              section would be under an 
                                              obligation to transfer 
                                              after-acquired property which is 
                                              not exempted to, or to the order 
                                              of, the debtor to transfer the 
                                              property instead to the Official 
                                              Trustee, whose receipt shall be a 
                                              sufficient discharge.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) A person who fails to comply 
                                              with a notice under the preceding 
                                              subsection shall pay to the 
                                              Official Trustee such sum as may 
                                              be necessary to make good any loss 
                                              to the creditors arising from the 
                                              failure.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 39&#8212;Repayments by Preferred 
                                              Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where, at any time between the 
                                              making of an insolvency order and 
                                              the debtor's discharge, it appears 
                                              to the Official Trustee that, 
                                              during the six months ending with 
                                              the making of the protection order 
                                              and at a time when he was 
                                              insolvent, the debtor made any 
                                              payment or other transfer of 
                                              property, or created any mortgage 
                                              or other charge, or suffered any 
                                              judgment or incurred any other 
                                              obligation, with the dominant 
                                              intent that any of his creditors 
                                              should benefit&nbsp; at the expense of 
                                              others, the Official Trustee shall 
                                              give notice to the creditor so 
                                              preferred requiring him, within 
                                              the period specified in the 
                                              notice, to restore to the Official 
                                              Trustee, whether by payment of 
                                              money, transfer of property or 
                                              surrender of rights, the benefit 
                                              which has accrued to the creditor 
                                              by reason of his being preferred.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where an insolvency order is 
                                              made against a debtor every person 
                                              who, during the relevant period, 
                                              received a payment of money, or 
                                              other transfer of property, in 
                                              respect of a debt owed to him by 
                                              the debtor shall, on receipt of a 
                                              notice given in that behalf by the 
                                              Official Trustee, restore the 
                                              property or its value to the 
                                              Official Trustee:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where an insolvency order is 
                                              made against a debtor, all 
                                              property in the possession of the 
                                              sheriff at the time of the making 
                                              of the protection order, being 
                                              property of which possession was 
                                              taken under an execution issued by 
                                              a creditor of the debtor or the 
                                              proceeds of such property, shall, 
                                              after deduction of the sheriff's 
                                              and bailiff's charges in the 
                                              execution, be transferred to the 
                                              Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where a person has complied 
                                              with a notice given under 
                                              subsection (1) or (2) of this 
                                              section, he may, within one month 
                                              after the notice was given, lodge 
                                              a proof of debts, or require the 
                                              Official Trustee to amend his 
                                              proof, as the case may be, so as 
                                              to enable the debt in respect of 
                                              which the notice was given to rank 
                                              for dividend at the value which is 
                                              appropriate in view of his 
                                              compliance.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) In this section &quot;relevant 
                                              period&quot; means the period beginning 
                                              twenty-one days before the 
                                              presentation of the petition on 
                                              which the protection order was 
                                              made, or, if the protection order 
                                              was made on two or more petitions, 
                                              before the presentation of the 
                                              first petition, and ending with 
                                              the making of the protection 
                                              order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 40&#8212;Repayment of Gifts, 
                                              Etc.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where, at any time between the 
                                              making of an insolvency order and 
                                              the debtor's discharge, it appears 
                                              to the Official Trustee that the 
                                              debtor made any disposition of his 
                                              property otherwise than for full 
                                              value or in settlement of a due 
                                              debt, or incurred any obligation 
                                              otherwise than for full value,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) during the two years ending 
                                              with the making of the protection 
                                              order, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) more than two years but less 
                                              than ten years before the making 
                                              of the protection order and at a 
                                              time when he was insolvent, the 
                                              Official Trustee shall give notice 
                                              to the person to whom the 
                                              disposition was made or for whose 
                                              benefit the obligation was 
                                              incurred requiring him, within the 
                                              period specified in the notice, to 
                                              restore to the Official Trustee, 
                                              whether by payment of money, 
                                              transfer of property or surrender 
                                              of rights, the excess of the 
                                              benefit which thereby accrued to 
                                              him above the value of any 
                                              consideration provided.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Excess benefit restored under 
                                              this section shall be treated as a 
                                              provable debt in respect of which 
                                              a proof may be lodged at any time 
                                              within one month after it was 
                                              restored.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) This section shall not apply 
                                              to any disposition made in 
                                              consideration of marriage unless 
                                              the Court is of opinion that the 
                                              disposition was made for the 
                                              purpose of defeating creditors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 41&#8212;Repayments by 
                                              Moneylenders.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where, at any time between the 
                                              making of an insolvency order and 
                                              the debtor's discharge, it appears 
                                              to the Official Trustee that, 
                                              during the ten years ending with 
                                              the making of the protection 
                                              order, any sum was paid or allowed 
                                              by the debtor in respect of a loan 
                                              in circumstances such that the 
                                              Court would, if proceedings had 
                                              been brought under section 3 of 
                                              the Loans Recovery Ordinance (Cap. 
                                              175), have ordered the lender to 
                                              make a repayment to the debtor, 
                                              the Official Trustee may give 
                                              notice to the lender requiring 
                                              him, within the period specified 
                                              in the notice, to make a like 
                                              repayment to the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 42&#8212;Sums to be Credited to 
                                              Debtor's Official Account.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Official Trustee shall 
                                              open an account, in this Act 
                                              referred to as the debtor's 
                                              official account, within the 
                                              Insolvent Estates Fund for each 
                                              debtor in respect of whom a 
                                              protection order is made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2)&nbsp; There shall be credited to 
                                              the debtor's official account,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) all moneys received by the 
                                              Official Trustee in respect of the 
                                              debtor by virtue of the preceding 
                                              provisions of this Part of this 
                                              Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) payments made to the Official 
                                              Trustee in respect of the debtor 
                                              either under an order for early 
                                              discharge made under section 31 of 
                                              this Act or otherwise for the 
                                              purpose of increasing the assets 
                                              available for dividend;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) repayments in respect of 
                                              excess dividends made under 
                                              subsection (2) of section 54 of 
                                              this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If on the application of the 
                                              debtor or any creditor it appears 
                                              to the Court before the 
                                              termination of the insolvency 
                                              proceedings that the assets have 
                                              been lost to the estate by reason 
                                              of any default by the Official 
                                              Trustee, the Court may order that 
                                              the debtor's official account be 
                                              credited with such sum as may 
                                              appear to the Court to be just and 
                                              that an equivalent sum be debited 
                                              to the Fees Account.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              General Functions of Official 
                                              Trustee</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 43&#8212;Duty to Protect Assets.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) On the making of a protection 
                                              order it shall be the duty of the 
                                              Official Trustee,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to take possession of all 
                                              property which has passed to him 
                                              under section 37 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) to take such steps as may be 
                                              expedient to procure, in relation 
                                              to stocks and shares and other 
                                              property transferable in the books 
                                              of any body corporate or other 
                                              person which have passed to him 
                                              under the said section 37, the 
                                              transfer of the property into his 
                                              name;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) to make such arrangements as 
                                              may be expedient to secure the 
                                              carrying on of any trade or 
                                              business the continuance of which 
                                              would be likely to benefit the 
                                              creditors;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) to secure the payment to him 
                                              or other discharge of all debts 
                                              and other obligations the right to 
                                              which has passed to him under the 
                                              said section 37;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) to take such steps as may be 
                                              expedient to ensure the protection 
                                              of the debtor's assets for the 
                                              benefit of the creditors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Until an insolvency order is 
                                              made the Official Trustee shall 
                                              not dispose or encumber any 
                                              property, otherwise than in the 
                                              course of a trade or business, 
                                              without the consent of the debtor 
                                              or the authority of the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) No restriction on the 
                                              transferability of such property 
                                              as is mentioned in paragraph (b) 
                                              of subsection (1) of this section 
                                              shall be operative in the case of 
                                              a transfer to the Official 
                                              Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) If the Official Trustee 
                                              suspects that property has been 
                                              concealed he may offer a reward to 
                                              any person, not being the debtor 
                                              himself, who shall produce the 
                                              property or give information 
                                              leading to its discovery, but the 
                                              reward shall not exceed 
                                              one-twentieth of the value of the 
                                              property recovered by the action 
                                              of that person.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 44&#8212;Duty to Realise Assets.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              On the making of an insolvency 
                                              order it shall be the duty of the 
                                              Official Trustee to realise as 
                                              soon as practicable all assets not 
                                              held as cash by such means and for 
                                              such return as will produce for 
                                              distribution to the creditors sums 
                                              representing the full value of the 
                                              assets:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that this section shall 
                                              not be taken to require the 
                                              realisation of any asset which 
                                              cannot be readily or 
                                              advantageously disposed of.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 45&#8212;Duty to Verify Debts 
                                              Ranking for Dividend.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) On the making of an insolvency 
                                              order it shall be the duty of the 
                                              Official Trustee to take such 
                                              steps as are practicable to verify 
                                              the correctness of every admitted 
                                              proof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If, where an insolvency order 
                                              is made, creditor's obligations 
                                              such as are mentioned in paragraph 
                                              (b) of subsection (3) of section 
                                              15 of this Act are included in the 
                                              creditor's admitted proof,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; where the total value of the 
                                              obligations as shown in the proof 
                                              is less than the total value of 
                                              debts owed to the creditor as so 
                                              shown, the obligations shall be 
                                              deemed to be cancelled at the 
                                              making of the insolvency order and 
                                              the values of the said debts shall 
                                              be pro rata reduced;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in any other case the 
                                              obligations shall be deemed to be 
                                              pro rata reduced at the making of 
                                              the insolvency order by the total 
                                              value of the said debts, and the 
                                              proof shall be deemed to be 
                                              expunged.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Official Trustee may give 
                                              notice to a creditor holding a 
                                              security that, if the security is 
                                              not realised within the period 
                                              specified in the notice, which 
                                              shall not be less than six months, 
                                              it will be treated as surrendered.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Subject to the provisions of 
                                              this Part of this Act, a debt 
                                              shall rank for dividend at any 
                                              time if, but only if, it is at 
                                              that time included in an admitted 
                                              proof; and the value of the debt 
                                              shall be taken to be the value 
                                              shown at that time in the proof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 46&#8212;Duty to Amend Admitted 
                                              Proofs.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If the value of a debt or 
                                              security included in an admitted 
                                              proof has changed otherwise than 
                                              in respect of interest accruing 
                                              after the protection order was 
                                              made, the proof shall be subject 
                                              to amendment for the purpose of 
                                              altering the value shown therein 
                                              to give effect to the change.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If a debt or security is 
                                              incorrectly included in an 
                                              admitted proof, or the value of a 
                                              debt or security at the date of 
                                              the making of the protection order 
                                              is incorrectly stated, the proof 
                                              shall be subject to amendment for 
                                              the purpose of rectifying the 
                                              incorrectness.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If a creditor desires to 
                                              withdraw his claim to the whole or 
                                              a part of a debt included in an 
                                              admitted proof the proof shall be 
                                              subject to amendment for the 
                                              purpose of deleting the debt or 
                                              reducing its value accordingly, as 
                                              the case may be.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where an admitted proof is 
                                              subject to amendment under this 
                                              section,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Official Trustee may, 
                                              except in the case of an amendment 
                                              under the preceding subsection, 
                                              give notice to the creditor 
                                              specifying the proposed amendment 
                                              and inviting him to consent to it 
                                              within the period specified in the 
                                              notice; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; the creditor may, if the 
                                              Official Trustee has not given him 
                                              notice as aforesaid, give notice 
                                              to the Official Trustee specifying 
                                              the proposed amendment and, except 
                                              in the case of an amendment under 
                                              the preceding subsection, inviting 
                                              him to consent to it within the 
                                              period specified in the notice.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where notice of a proposed 
                                              amendment is given under the 
                                              preceding subsection the Official 
                                              Trustee shall amend the proof 
                                              accordingly if,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the party to whom the notice 
                                              is given consents to the 
                                              amendment;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) consent is not given but, on 
                                              an appeal by the creditor or an 
                                              application by the Official 
                                              Trustee, the Court orders the 
                                              amendment to be made; or&nbsp; </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the amendment is proposed by 
                                              the creditor under subsection (3) 
                                              of this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 47&#8212;Duty to Ascertain 
                                              Priority of Debts.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) On the making of an insolvency 
                                              order it shall be the duty of the 
                                              Official Trustee, in relation to 
                                              each debt which ranks for 
                                              dividend, to ascertain into which 
                                              of the following classes the whole 
                                              or any part of the debt falls:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt; margin-left: 36.0pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              Class A</span></i><span style="font-family: Arial">.&#8212; 
                                              A debt or part of a debt which 
                                              answers either of the following 
                                              descriptions, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (a) remuneration not exceeding one 
                                              hundred and fifty pounds owed to 
                                              an employee of the debtor, not 
                                              being a near relative, in respect 
                                              of employment during the whole or 
                                              any part of the four months 
                                              preceding the making of the 
                                              protection order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (b) rates, taxes or similar 
                                              payments owed to the Republic or a 
                                              local authority which have become 
                                              due and payable within the year 
                                              preceding the making of the 
                                              protection order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              Class B</span></i><span style="font-family: Arial">.&#8212;A 
                                              debt or part of a debt which does 
                                              not fall into any other class.</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              Class C</span></i><span style="font-family: Arial">.&#8212; 
                                              a debt or part of a debt which 
                                              does not fall within class D and 
                                              is, or was at any time within the 
                                              year preceding the making of the 
                                              protection order, owed to a near 
                                              relative of the debtor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <i>
                                              <span style="font-family: Arial">
                                              Class D</span></i><span style="font-family: Arial">.&#8212; 
                                              A debt or part of a debt which 
                                              answers either of the following 
                                              descriptions, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (a) excess benefit restored to the 
                                              Official Trustee under section 40 
                                              of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (b) excess interest, that is any 
                                              portion of a debt which, whether 
                                              it is stated to do so or not, 
                                              represents interest at a rate in 
                                              excess of seven per centum per 
                                              annum.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) For the purposes of this 
                                              section the following shall be 
                                              taken to be near relatives of the 
                                              debtor, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; his spouse, parents and 
                                              issue;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (b) his brothers, sisters, uncles, 
                                              aunts, nephews and nieces, whether 
                                              of the whole or the half blood.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 48&#8212;Duty to Consult 
                                              Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Subject to the provisions of 
                                              this Act, it shall be the duty of 
                                              the Official Trustee,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to report to the creditors, at 
                                              intervals not greater than six 
                                              months, on the progress of the 
                                              insolvency proceedings;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) to consult the creditors on 
                                              any matter arising in the 
                                              proceedings which substantially 
                                              affects their interests; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) to give effect, so far as may 
                                              be practicable, to any views 
                                              expressed by the creditors in 
                                              relation to the realisation and 
                                              distribution of assets.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) For the purpose of complying 
                                              with the preceding subsection, the 
                                              Official Trustee may call a 
                                              meeting of creditors at any time, 
                                              and shall call such a meeting if 
                                              required to do so by a notice in 
                                              writing signed by creditors whose 
                                              votes exceed one-fifth of the 
                                              total number of votes which could 
                                              be cast at the meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Sch.</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Schedule to this Act shall 
                                              apply in relation to every meeting 
                                              of creditors called under this 
                                              section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 49&#8212;Enquiries by Court.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If the Official Trustee is of 
                                              opinion that it is necessary, in 
                                              order to enable him to carry out 
                                              his functions under this Part of 
                                              this Act in relation to a debtor, 
                                              for the debtor, any creditor or 
                                              any other person to be brought 
                                              before and examined by the Court 
                                              he may order him to attend for 
                                              that purpose before the Court.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In proceedings under this 
                                              section the Court may examine on 
                                              oath or otherwise any person 
                                              brought before it, may order the 
                                              delivery up by any such person of 
                                              assets to which the Official 
                                              Trustee is entitled under this 
                                              Act, and make such other order as 
                                              it thinks just.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Assets Passing from Official 
                                              Trustee</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 50&#8212;Cases where Insolvency 
                                              Order not Made.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) As soon as is practicable 
                                              after an arrangement with 
                                              creditors is confirmed under 
                                              section 20 of this Act, the 
                                              Official Trustee, unless he is to 
                                              act as trustee under the 
                                              arrangement, shall cause all 
                                              property which has become vested 
                                              in him under section 37 or 38 of 
                                              this Act in respect of the debtor 
                                              to be transferred to the person 
                                              entitled thereto under the 
                                              arrangement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) As soon as practicable after a 
                                              protection order is rescinded 
                                              under section 21 of this Act, the 
                                              Official Trustee shall cause all 
                                              property which has become vested 
                                              in him under section 37 or 38 of 
                                              this Act in respect of the debtor 
                                              to be transferred back to the 
                                              debtor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Notwithstanding the preceding 
                                              provisions of this section, the 
                                              Official Trustee shall be entitled 
                                              to retain assets sufficient to 
                                              reimburse him for fees and 
                                              outgoings due to him from the 
                                              debtor in respect of the 
                                              insolvency proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) This section shall not apply 
                                              to any property which has already 
                                              passed from the Official Trustee 
                                              under the provisions of this Part 
                                              of this Act, so however that it 
                                              shall apply to the proceeds of 
                                              property which has been realised 
                                              as it applies to property which 
                                              has been retained in its original 
                                              form.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 51&#8212;Disclaimer.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Within one year after any 
                                              property has become vested in him 
                                              under section 37 of this Act, the 
                                              Official Trustee, if he is of 
                                              opinion that the property will not 
                                              be of benefit to the creditors, 
                                              may by notice published in the 
                                              Gazette disclaim the property:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that if any person 
                                              interested in property so vested 
                                              in the Official Trustee has by 
                                              application in writing required 
                                              the Official Trustee to elect 
                                              whether he disclaims the property 
                                              or not, this subsection shall not 
                                              apply if the Official Trustee 
                                              fails to disclaim within one month 
                                              after the making of the 
                                              application, or such longer period 
                                              as the Court may allow.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Court may on the 
                                              application of any person 
                                              interested, give such relief and 
                                              make such other provision as it 
                                              thinks just in consequence of 
                                              disclaimer under this section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subject to an order made by 
                                              the Court, the effect of 
                                              disclaimer shall be as follows, 
                                              that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) if the property consists of 
                                              rights under a lease, share, 
                                              contract or other interest, the 
                                              interest shall be void to the 
                                              extent that it affects the 
                                              Official Trustee or the debtor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) if the property consists of 
                                              the absolute ownership of land or 
                                              chattels that ownership shall 
                                              revert to the debtor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 52&#8212;Fees and Outgoings.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Official Trustee shall be 
                                              entitled to withdraw from the 
                                              property of the debtor which has 
                                              become vested in the Official 
                                              Trustee sums sufficient to satisfy 
                                              fees of the prescribed amount 
                                              charged in respect of the costs of 
                                              the administration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) When any fees become due to 
                                              the Official Trustee in respect of 
                                              a debtor, the Official Trustee 
                                              shall cause them to be paid by 
                                              transferring the necessary sum 
                                              from the debtor's official account 
                                              to the Fees Account.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) When any rent, rates, charges 
                                              or other outgoings fail&nbsp; to be met 
                                              by the Official Trustee in respect 
                                              of the debtor, the Official 
                                              Trustee shall cause them to be 
                                              paid out of the debtor's official 
                                              account.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 53&#8212;Return of Personal 
                                              Effects to Debtor.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              As soon as is practicable after 
                                              the debtor's property has vested 
                                              in the Official Trustee under 
                                              section 37 of this Act he shall 
                                              restore to the debtor such of the 
                                              following as the debtor may 
                                              select, not being of a total value 
                                              exceeding fifty pounds, namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">&nbsp;</p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) property used personally by 
                                              the debtor for the purposes of of 
                                              his employment;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) furniture, clothing and other 
                                              household effects used by the 
                                              debtor or any of his dependents.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 54&#8212;Dividends to Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Subject to the two immediately 
                                              preceding sections, the Official 
                                              Trustee shall from time to time, 
                                              and as early as is practicable, 
                                              declare and distribute dividends 
                                              to creditors in accordance with 
                                              the following rules, that is to 
                                              say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) provision shall be made for 
                                              the payment in full of all class A 
                                              debts before any dividend is 
                                              declared in respect of class B 
                                              debts, and so on throughout the 
                                              classes;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) all debts within one class 
                                              shall rank pari passu;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) payments shall be made only in 
                                              respect of debts which rank for 
                                              dividend and shall not exceed the 
                                              values thereof;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) where a security held by a 
                                              creditor has not yet been realised 
                                              or surrendered, the value of the 
                                              debt against which the security is 
                                              held shall be treated as reduced 
                                              by the value of the security;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) interest shall not be allowed 
                                              in respect of any period after the 
                                              making of the protection order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a dividend has been paid 
                                              under this section in respect of a 
                                              debt which is subsequently struck 
                                              out or reduced in value by an 
                                              amendment of the admitted proof, 
                                              the creditor shall repay to the 
                                              Official Trustee the difference 
                                              between the amount of the dividend 
                                              and the amount which, in the light 
                                              of the amendment, should have been 
                                              paid.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where a dividend has been paid 
                                              under this section in respect of a 
                                              debt which is subsequently 
                                              increased in value by any 
                                              amendment of the admitted proof, 
                                              the Official Trustee shall, so far 
                                              as may be practicable without 
                                              disturbing dividends already 
                                              declared, pay to the creditor the 
                                              difference between the amount of 
                                              the dividend and the amount which, 
                                              in the light of the amendment, 
                                              should have been paid.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where a creditor has omitted 
                                              to lodge a proof of debts during 
                                              the period allowed by this Act, or 
                                              has omitted a provable debt from 
                                              his proof, he may at any time 
                                              during the insolvency proceedings 
                                              apply to the Court for relief, and 
                                              if the Court is of opinion that 
                                              the omission was excusable it 
                                              shall make an order requiring the 
                                              Official Trustee, so far as may be 
                                              practicable without disturbing 
                                              dividends already declared, to pay 
                                              to the creditor such sums as would 
                                              have been payable to him under 
                                              this section if the omission had 
                                              not occurred.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) If, at the end of the period 
                                              of one year following the 
                                              declaration of a dividend stated 
                                              by the Official Trustee to be the 
                                              final dividend, any payments under 
                                              that or any previous dividend 
                                              remain outstanding because the 
                                              creditors in question cannot be 
                                              found, the Official Trustee shall 
                                              cancel the payments and, unless 
                                              payment in full has been achieved, 
                                              shall declare a further dividend 
                                              in favour of the remainder of the 
                                              creditors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) In the case of a final 
                                              dividend, or a further dividend 
                                              declared under the preceding 
                                              subsection, no payment of less 
                                              than ten shillings shall be 
                                              required to be made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) Payments under this section 
                                              shall be in money drawn from the 
                                              debtor's official account:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that property which has 
                                              not been converted into money may 
                                              be transferred to a creditor in 
                                              lieu of the equivalent amount of 
                                              money if the creditor consents.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 55&#8212;Return of Surplus 
                                              Assets to Debtor.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where, after provision has 
                                              been made for all payments and 
                                              transfers of property required to 
                                              be made under the three 
                                              immediately preceding sections, 
                                              any balance remains in the 
                                              debtor's official account, the 
                                              Official Trustee shall pay that 
                                              balance to the debtor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where, after such provision 
                                              has been made, the Official 
                                              Trustee retains property which has 
                                              not been converted into money, he 
                                              shall transfer that property to 
                                              the debtor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If the debtor cannot be found, 
                                              the Court may direct any such 
                                              balance to be transferred to the 
                                              Fees Account, and may give 
                                              directions for the disposal of any 
                                              such property.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 56&#8212;Payments to be made 
                                              only Out of Debtor's Property.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) No person shall be entitled to 
                                              any payment in respect of anything 
                                              done by the Official Trustee in 
                                              relation to a debtor except out of 
                                              any balance in the debtor's 
                                              official account or out of assets 
                                              otherwise vested in the Official 
                                              Trustee in respect of the debtor 
                                              under this Part of this Act:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that if in any 
                                              proceedings costs are given 
                                              against the Official Trustee they 
                                              shall be met out of the Fees 
                                              Account.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) During the continuance of 
                                              insolvency proceedings, no person 
                                              shall be required, under a 
                                              contract entered into with the 
                                              debtor before the protection order 
                                              was made, to supply goods, render 
                                              services or otherwise perform an 
                                              obligation unless he has received 
                                              an assurance in writing from the 
                                              Official Trustee that the debtor's 
                                              estate is sufficient to enable the 
                                              goods or services to be&nbsp; paid for, 
                                              or the performance of the 
                                              obligation otherwise recompensed, 
                                              in accordance with the terms of 
                                              the contract.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Notwithstanding subsection (1) 
                                              of this section, if an assurance 
                                              given under the preceding 
                                              subsection proves incorrect the 
                                              person to whom the assurance was 
                                              given shall be entitled to be 
                                              reimbursed out of the Fees 
                                              Account.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;ARRANGEMENTS WITH 
                                              CREDITORS APART FROM INSOLVENCY 
                                              PROCEEDINGS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 57&#8212;Arrangements to Which 
                                              this Part Applies.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              This Part of this Act shall apply 
                                              to any arrangement with creditors 
                                              made by an insolvent debtor, not 
                                              being a body corporate, whether in 
                                              writing or orally,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) if the arrangement is made at 
                                              a time when insolvency proceedings 
                                              are not in progress against the 
                                              debtor; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) if the debts subject to the 
                                              arrangement amount to at least 
                                              five hundred pounds and constitute 
                                              the whole, or substantially the 
                                              whole, of the debtor's 
                                              indebtedness at the time when the 
                                              arrangement is made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 58&#8212;Arrangements Register.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Official Trustee shall 
                                              make and keep a register, to be 
                                              known as the Arrangements 
                                              Register, in which shall be 
                                              recorded the prescribed 
                                              particulars of instruments lodged 
                                              with the Official Trustee under 
                                              the following section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If the Official Trustee is 
                                              satisfied that an arrangement 
                                              recorded in the Arrangements 
                                              Register has been fully carried 
                                              out, or has otherwise ceased to 
                                              have effect, he shall record the 
                                              fact in the Register.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Arrangements Register and 
                                              copies of instruments recorded 
                                              therein shall at all reasonable 
                                              times be open for public 
                                              inspection on payment of such fee, 
                                              if any, as may be prescribed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Official Trustee shall, on 
                                              application being made by any 
                                              person in the prescribed form, and 
                                              on payment of the prescribed fee, 
                                              provide copies of any entry in the 
                                              Arrangements Register or any 
                                              instrument recorded therein.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 59&#8212;Arrangements Voidable 
                                              Unless Registered.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An arrangement to which this 
                                              Part of this Act applies shall be 
                                              voidable unless, within fourteen 
                                              days after the arrangement has 
                                              become binding on the debtor, two 
                                              copies of the instrument embodying 
                                              the arrangement, or, where the 
                                              arrangement was oral, of an 
                                              instrument recording the details 
                                              of the arrangement, have been 
                                              lodged with the Official Trustee 
                                              for entry in the Arrangements 
                                              Register.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If, on an application by the 
                                              Official Trustee or any person 
                                              interested, it appears to the 
                                              Court that an arrangement is 
                                              voidable by virtue&nbsp; of the 
                                              preceding subsection, the Court 
                                              shall declare the arrangement to 
                                              have been void from the beginning, 
                                              or from such later date as may 
                                              appear just, unless it considers 
                                              that the failure to register was 
                                              neither wilful nor negligent.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) An arrangement which is 
                                              voidable by virtue of subsection 
                                              (1) of this section shall not on 
                                              that ground be avoided otherwise 
                                              than by the Court under the 
                                              preceding subsection.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where an arrangement is 
                                              declared void under this section 
                                              the Court may make a protection 
                                              order against the debtor and this 
                                              Act shall thereafter apply as if 
                                              the protection order had been then 
                                              made on a creditor's petition by 
                                              the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 60&#8212;Setting Aside of 
                                              Arrangement.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) If, on the application of any 
                                              person interested, it appears to 
                                              the Court, as respects an 
                                              arrangement to which this Part of 
                                              this Act applies, not being an 
                                              arrangement subject to avoidance 
                                              under the preceding section,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) that default has been made in 
                                              carrying the arrangement into 
                                              effect;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) that for any reason it is 
                                              impracticable or would be unjust 
                                              to proceed with the arrangement; 
                                              or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) that the agreement of 
                                              creditors to the arrangement was 
                                              procured by fraud, </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              the Court may set aside the 
                                              arrangement but without prejudice 
                                              to anything previously done 
                                              thereunder.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where an arrangement is set 
                                              aside under this section the Court 
                                              may make a protection order 
                                              against the debtor and this Act 
                                              shall thereafter apply as if the 
                                              protection order had been then 
                                              made on a creditor's petition by 
                                              the Official Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 61&#8212;Arrangement not to 
                                              Count as Suspension of Payments.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where an arrangement has been duly 
                                              registered under this Part of this 
                                              Act neither the arrangement itself 
                                              nor any act done for the purpose 
                                              of entering into the arrangement 
                                              shall be treated as falling within 
                                              paragraph (a) of subsection (1) of 
                                              section 9 of this Act for the 
                                              purpose of founding a petition for 
                                              a protection order against the 
                                              debtor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART V&#8212;MODIFICATIONS IN SPECIAL 
                                              CASES</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 62&#8212;Debtors Not of Full Age 
                                              and Capacity.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Subject to the provisions of 
                                              this section, this Act shall apply 
                                              in relation to debtors who are not 
                                              of full age and capacity in the 
                                              same manner as it applies in 
                                              relation to debtors who are of 
                                              full age and capacity.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a debtor is an infant or 
                                              of unsound mind the Court may, on 
                                              the application of the Official 
                                              Trustee or any person interested, 
                                              appoint a person to act as the 
                                              debtor's guardian in insolvency 
                                              proceedings.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) In the case of a debtor who is 
                                              of unsound mind this Act shall 
                                              apply in relation to property 
                                              vested in any person as committee 
                                              of the debtor or otherwise on his 
                                              behalf as it applies in relation 
                                              to property vested in the debtor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 63&#8212;Joint Debtors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where insolvency proceedings 
                                              are instituted in respect of two 
                                              or more debtors jointly, debts not 
                                              owed jointly by all the debtors 
                                              shall be disregarded for the 
                                              purpose of section 9 or 10 of this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a protection order is 
                                              made in respect of two or more 
                                              debtors jointly,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) any petition pending against 
                                              any of the debtors individually 
                                              shall lapse;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) subject to the provisions of 
                                              this section, the insolvency 
                                              proceedings shall extend to debts 
                                              owed by the debtors separately as 
                                              well as to their joint debts, and 
                                              assets of the debtors shall vest 
                                              in the Official Trustee whether or 
                                              not they are referable to the 
                                              joint debts;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) in addition to the joint 
                                              official account opened under 
                                              section 42 of this Act, a separate 
                                              official account shall be opened 
                                              in respect of each debtor, in 
                                              which shall be entered items 
                                              referable to his separate estate 
                                              and his separate debts.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where an insolvency order is 
                                              made in respect of two or more 
                                              debtors jointly,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the joint estate shall be 
                                              applicable in the first instance 
                                              in payment of the joint debts, and 
                                              if there is a surplus of the joint 
                                              estate it shall be dealt with as 
                                              part of the respective separate 
                                              estates in proportion to the 
                                              interest of each debtor in the 
                                              joint estate;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the separate estate of each 
                                              debtor shall be applicable in the 
                                              first instance in payment of his 
                                              separate debts and if there is a 
                                              surplus of any separate estate it 
                                              shall be dealt with, so far as may 
                                              be necessary for satisfying the 
                                              joint debts, as part of the joint 
                                              estate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 64&#8212;Debtors Who are 
                                              Trustees.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where a debtor in respect of 
                                              whom an insolvency order is made 
                                              is, whether by himself or jointly 
                                              with any other person or persons, 
                                              a trustee of any property, and the 
                                              debtor's interest in the property 
                                              as trustee has become vested in 
                                              the Official Trustee under this 
                                              Act, then,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) if the debtor had any 
                                              beneficial interest in the 
                                              property, the Official Trustee 
                                              shall continue to act as trustee 
                                              in place of the debtor until the 
                                              beneficial interest has been 
                                              realised;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) subject to the preceding 
                                              paragraph, the Official Trustee 
                                              shall as soon as is practicable 
                                              take steps to secure the 
                                              appointment of another trustee in 
                                              his place or, if there are two or 
                                              more remaining trustees, to retire 
                                              from the trust.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Nothing in this Act shall 
                                              affect the beneficial interest of 
                                              any person other than the debtor 
                                              in trust property.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) In this section &quot;trustee&quot; 
                                              includes a personal representative 
                                              or other person holding property 
                                              on a fiduciary basis, and &quot;trust 
                                              property&quot; shall be construed 
                                              accordingly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 65&#8212;Participation in 
                                              Insolvency Proceedings by 
                                              Subsequent Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where an insolvency order has 
                                              been made but the insolvency 
                                              proceedings have not yet come to 
                                              an end, any one or more creditors 
                                              of the debtor may, on payment of 
                                              the prescribed fee, apply to the 
                                              Official Trustee for the making by 
                                              him of an order, to be known as a 
                                              participation order, enabling 
                                              creditors to participate in the 
                                              insolvency proceedings in respect 
                                              of new debts:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that an application shall 
                                              not be made unless,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (a) the debtor's indebtedness to 
                                              the applicant or, as the case may 
                                              be, the applicants collectively, 
                                              comprises new debts in liquidated 
                                              sums payable immediately and 
                                              amounting to at least one hundred 
                                              pounds; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (b) debts to that amount remain 
                                              unpaid fourteen days after the 
                                              service on the debtor of a written 
                                              demand for payment.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Sections 11, 13, 15 and 16 of 
                                              this Act shall apply as nearly as 
                                              may be in relation to an 
                                              application under this section 
                                              subject to the following 
                                              modifications, namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) references to a petition shall 
                                              be read as references to the 
                                              application;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) references to a protection 
                                              order shall be read as references 
                                              to a participation order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) sections 13 and 15 shall not 
                                              apply to debts which are not new 
                                              debts, and the period within which 
                                              a proof of debts may be lodged 
                                              shall be limited to three months 
                                              from the making of the 
                                              participation order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) in section 16 the following 
                                              shall be omitted, namely, the 
                                              reference to an arrangement with 
                                              creditors in subsection (2), the 
                                              proviso to subsection (3), and 
                                              subsection (5).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Part III of this Act shall 
                                              apply as nearly as may be in 
                                              relation to a participation order, 
                                              subject to the following 
                                              modifications, namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) references to a protection 
                                              order or an insolvency order shall 
                                              be read as references to the 
                                              participation order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the Official Trustee shall 
                                              open a sub-account within the 
                                              debtor's official account, in this 
                                              section referred to as a 
                                              participation account, to which 
                                              shall be credited the proceeds of 
                                              all after-acquired property which 
                                              becomes vested in the Official 
                                              Trustee after the making of the 
                                              participation order and before any 
                                              such subsequent order is made, 
                                              together with any other moneys 
                                              which become vested in the 
                                              Official Trustee by virtue of the 
                                              participation order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) subject to section 52 of this 
                                              Act, the participation account 
                                              shall be used only for the payment 
                                              of dividends in respect of debts 
                                              ranking for dividend by virtue of 
                                              the participation order, and 
                                              dividends in respect of such debts 
                                              shall be paid only out of the 
                                              participation account;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) if there is a surplus on the 
                                              participation account and a 
                                              deficiency on the debtor's main 
                                              account, or a surplus on the main 
                                              account and a deficiency on the 
                                              participation account, the surplus 
                                              shall be transferred to the credit 
                                              of the main account or the 
                                              participation account, as the case 
                                              may be;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) where more than one 
                                              participation order has been made 
                                              a surplus shall be dealt with on 
                                              the principle that the main 
                                              account is to be credited in 
                                              preference to a participation 
                                              account and an earlier 
                                              participation account is to be 
                                              credited in preference to a later 
                                              participation account.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where a participation order is 
                                              made,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) if the debtor is a bankrupt 
                                              and his appointed discharge date 
                                              is less than two years ahead, 
                                              then, subject to sections 31 and 
                                              32 of this Act, it shall be 
                                              postponed to the date two years 
                                              after the participation order is 
                                              made;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) if the debtor is not a 
                                              bankrupt and has not been 
                                              discharged from the insolvency 
                                              order, then, subject to sections 
                                              23 and 31 of this Act, his 
                                              appointed discharge date shall be 
                                              postponed to the date two years 
                                              after the participation order is 
                                              made;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) if the debtor has been 
                                              discharged from the insolvency 
                                              order and, where applicable, from 
                                              bankruptcy, his discharge shall be 
                                              treated as revoked, and,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              subject to sections 23, 31 and 32 
                                              of this Act, his appointed 
                                              discharge date shall be the date 
                                              two years after the participation 
                                              order is made;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) the debtor shall surrender 
                                              his certificate of discharge to 
                                              the Official Trustee;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii) the debtor shall not be 
                                              treated as having contravened 
                                              section 24, 26 or 27 of this Act 
                                              by reason of any act done by him 
                                              between his discharge and the 
                                              revocation thereof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) In this section &quot;new debt&quot; 
                                              means a debt incurred by the 
                                              debtor since the making of the 
                                              protection order or, if the 
                                              participation order is a second or 
                                              subsequent participation order, 
                                              means a debt incurred by the 
                                              debtor since the making of the 
                                              last participation order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VI&#8212;ADMINISTRATION OF ESTATES 
                                              OF DECEASED INSOLVENTS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 66&#8212;Administration Orders.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the estate of a deceased 
                                              debtor is insufficient to pay his 
                                              debts the representative or any 
                                              creditor of the deceased may, on 
                                              payment of the prescribed fee, 
                                              apply to the Official Trustee for 
                                              the making by him of an order, to 
                                              be known as an administration 
                                              order for the administration of 
                                              the estate under this Part of this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where an application under 
                                              this section is made by a&nbsp; 
                                              creditor, the applicant shall at 
                                              the same time serve a copy of the 
                                              application on the representative 
                                              of the deceased.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) After seven days have elapsed 
                                              following the making of the 
                                              application, the Official Trustee 
                                              shall consider the application and 
                                              evidence in support thereof, 
                                              together, in the case of a 
                                              creditor's application, with any 
                                              representations made by the 
                                              representative of the deceased, 
                                              and,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) if he considers that the 
                                              application was duly made he shall 
                                              make an administration order 
                                              thereon; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) if he considers that the 
                                              application was not duly made he 
                                              shall give notice to the applicant 
                                              and, in the case of a creditor's 
                                              application, to the representative 
                                              of the deceased that the 
                                              application is dismissed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) References in this Part of 
                                              this Act to the representative of 
                                              a deceased debtor shall be 
                                              construed as references to his 
                                              personal representative if he has 
                                              any or, if he has not and was 
                                              subject to customary law, as 
                                              references to his successor under 
                                              customary law.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where there is no 
                                              representative of the deceased, 
                                              provisions of this Part requiring 
                                              anything to be done by or in 
                                              relation to the representative 
                                              shall not apply.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 67&#8212;Effect of 
                                              Administration Order.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) On and by virtue of the making 
                                              of an administration order there 
                                              shall vest in the Official Trustee 
                                              to the same extent and, subject to 
                                              the following subsections, with 
                                              the same incidents, all movable 
                                              and immovable property which, 
                                              immediately before the order was 
                                              made, was vested for the purposes 
                                              of the administration of the 
                                              deceased's estate in his 
                                              representative or, by virtue of 
                                              section 1 of the Administration of 
                                              Estates Act, 1961 (Act 63), in the 
                                              Chief Justice; and the 
                                              representative shall have no right 
                                              of retainer in respect of debts 
                                              owed to him.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Property which has become 
                                              vested in the Official Trustee 
                                              under this section shall not be 
                                              subject to attachment, distress or 
                                              other proceedings for the 
                                              enforcement of an obligation 
                                              against the debtor's estate, 
                                              whether founded on a judgment or 
                                              not:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that this subsection 
                                              shall not apply to proceedings for 
                                              the enforcement of a security.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The administration order shall 
                                              not affect the validity of any 
                                              realisation or distribution of 
                                              assets made by the representative, 
                                              or any other act of administration 
                                              done by him, before he received 
                                              notice of the making of the 
                                              administration order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Within seven days after the 
                                              making of an administration order, 
                                              or such longer period as the 
                                              Official Trustee may allow, the 
                                              representative of the deceased 
                                              shall lodge with the Official 
                                              Trustee a copy of any will left by 
                                              the deceased, whether or not it 
                                              has been admitted to probate, and 
                                              a statement containing,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) particulars of the assets of 
                                              the deceased;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) a list of creditors, showing 
                                              the amounts and due dates of debts 
                                              and particulars of securities 
                                              held;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) a description of any steps 
                                              already taken by the 
                                              representative by way of realising 
                                              and distributing the assets;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) a description of any funeral, 
                                              testamentary or administration 
                                              expenses incurred.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 68&#8212;Creditor's Proof of 
                                              Debt.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) At any time during the period 
                                              of three months following the 
                                              making of an administration order 
                                              any creditor of the deceased may 
                                              lodge with the Official Trustee a 
                                              statement, to be known as a proof 
                                              of debts, in accordance with the 
                                              following subsection.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A proof of debts shall be in 
                                              two parts, the first part 
                                              containing brief particulars of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the amount outstanding of 
                                              every debt owed to the creditor by 
                                              the deceased's estate;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the amount outstanding of any 
                                              debt owed by the creditor to the 
                                              deceased's estate;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the nature and value of any 
                                              securities held by the creditor, 
                                              or held on behalf of the 
                                              deceased's estate, in respect of 
                                              the said debts,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and the second part containing 
                                              details of the transactions from 
                                              which the said debts arose.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A copy of the first part of 
                                              every proof lodged under this 
                                              section shall be given by the 
                                              Official Trustee to the 
                                              representative of the deceased and 
                                              to each creditor who is mentioned 
                                              in the statement lodged by the 
                                              representative or who, not being 
                                              so mentioned, himself lodges a 
                                              proof; and if the representative 
                                              knows or believes that the proof 
                                              is false in any material 
                                              particular it shall be his duty to 
                                              inform the Official Trustee 
                                              thereof as soon as is practicable.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Official Trustee shall 
                                              examine every proof of debts 
                                              lodged by a creditor and if, after 
                                              considering any representations 
                                              made by the representative or any 
                                              creditor, it appears to him that 
                                              any item is improperly included or 
                                              any value&nbsp; incorrectly stated or 
                                              that the proof is otherwise 
                                              incorrect he shall give notice of 
                                              the objection to the creditor, who 
                                              may lodge an amended proof within 
                                              the period specified in the notice 
                                              or such extended period as the 
                                              Official Trustee may allow.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) If it does not appear to the 
                                              Official Trustee that a proof is 
                                              incorrect he shall give notice to 
                                              the creditor that he admits the 
                                              proof subject to verification 
                                              under section 45 of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) If the creditor fails to lodge 
                                              an amended proof or a further 
                                              amended proof, as the case may be, 
                                              within the period allowed under 
                                              subsection (4) of this section and 
                                              the Official Trustee is still of 
                                              opinion that the previous proof is 
                                              incorrect he shall give notice to 
                                              the creditor that he rejects the 
                                              proof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 69&#8212;First Meeting of 
                                              Creditors.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Official Trustee shall 
                                              call a first meeting of creditors 
                                              for a date not less than six or 
                                              more than eight weeks after the 
                                              publication of an administration 
                                              order, and shall give such notice 
                                              of the meeting as may be 
                                              practicable to each creditor who 
                                              is mentioned in the 
                                              representative's statement or who, 
                                              not being so mentioned, has lodged 
                                              a proof of debts.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) So far in advance as may be 
                                              practicable, the Official Trustee 
                                              shall give to every such creditor 
                                              a copy of the representative's 
                                              statement, together with any 
                                              observations thereon that the 
                                              Official Trustee may wish to make.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <i>
                                              <span style="font-family: Arial">
                                              Sch.</span></i></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Schedule to this Act shall 
                                              apply in relation to the meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 70&#8212;Duties of Deceased's 
                                              Representative.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In addition to the specific 
                                              duties imposed on him by or under 
                                              this Act, it shall be the general 
                                              duty of the representative of the 
                                              deceased, at all times during the 
                                              period between the making of an 
                                              administration order and the 
                                              termination of the administration, 
                                              to comply as promptly and fully as 
                                              is practicable with any direction 
                                              given by the Official Trustee in 
                                              connection with the exercise of 
                                              his functions as to the deceased's 
                                              estate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) During the said period it 
                                              shall be the duty of the 
                                              representative,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to attend every meeting of 
                                              creditors called by the Official 
                                              Trustee and give such information&nbsp; 
                                              to the meeting as may be required 
                                              by the chairman;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) as soon as is practicable to 
                                              give notice to the Official 
                                              Trustee of any change in his name 
                                              or address;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) not to destroy, alter, conceal 
                                              or dispose of any account-book or 
                                              other record of the deceased's 
                                              financial affairs.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 71&#8212;Application of Part III 
                                              of This Act.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where an administration order 
                                              has effect Part III of this Act 
                                              shall apply as nearly as may be 
                                              for the purposes of the 
                                              administration, subject to the 
                                              modifications set out in this 
                                              section.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The following provisions shall 
                                              be omitted, namely,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) sections 37 and 38 (which deal 
                                              with vesting of property);</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) subsection (2) of section 43 
                                              (which restricts the disposition 
                                              of property by the Official 
                                              Trustee);</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) section 50 (which relates to 
                                              divesting of assets where an 
                                              insolvency order is not made);</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) section 53 (which provides for 
                                              the return of personal effects to 
                                              a debtor); and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) section 55 (which requires 
                                              surplus assets to be returned to 
                                              the debtor).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Except where the context 
                                              otherwise requires, the following 
                                              adaptations shall be made, that is 
                                              to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) references to the debtor shall 
                                              be read as references to the 
                                              representative of the deceased;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) references to section 37 of 
                                              this Act shall be read as 
                                              references to section 67;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) references to a protection 
                                              order or an insolvency order shall 
                                              be read as references to an 
                                              administration order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) references to the debtor's 
                                              discharge shall be read as 
                                              references to the termination of 
                                              the administration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Official Trustee shall 
                                              cause all funeral, testamentary 
                                              and administration expenses 
                                              incurred by the representative to 
                                              be met out of the deceased's 
                                              official account in priority to 
                                              all other payments:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that funeral expenses in 
                                              excess of twenty-five pounds shall 
                                              rank as a Class D debt.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where, after provision has 
                                              been made for all payments and 
                                              transfers of property required to 
                                              be made by virtue of the preceding 
                                              provisions of this section, any 
                                              balance remains in the deceased's 
                                              official account, the Official 
                                              Trustee shall pay that balance,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to the representative of the 
                                              deceased, who shall deal with it 
                                              as property of the deceased's 
                                              estate; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) if there is no representative, 
                                              to the Administrator-General, who 
                                              shall deal with it as 
                                              unrepresented estate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 72&#8212;Order Terminating 
                                              Administration.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where an estate has been 
                                              administered under this Part of 
                                              this Act and,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Official Trustee has duly 
                                              completed the distribution of the 
                                              assets of the deceased; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the Official Trustee's 
                                              accounts in the administration 
                                              have been drawn up, and have been 
                                              passed by the Auditor-General, the 
                                              Official Trustee shall apply to 
                                              the Court for an order terminating 
                                              the administration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Official Trustee shall 
                                              give notice of the application, 
                                              together with a summary of the 
                                              accounts in the prescribed form, 
                                              to the representative and to every 
                                              creditor with an admitted proof.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3)&nbsp; The Court shall grant the 
                                              application if satisfied that it 
                                              is duly made.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 73&#8212;Death of Debtor During 
                                              Insolvency Proceedings.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) This section shall apply where 
                                              a debtor in respect of whom 
                                              insolvency proceedings have been 
                                              instituted dies before the 
                                              proceedings have come to an end.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The proceedings shall lapse if 
                                              the death occurs either before a 
                                              protection order has been made or 
                                              while a protection order has 
                                              effect, and in the latter case 
                                              property vested in the Official 
                                              Trustee by virtue of the 
                                              protection order shall devolve in 
                                              accordance with section 1 of the 
                                              Administration of Estates Act, 
                                              1961 (Act 63). </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) If the death occurs after an 
                                              insolvency order has been made the 
                                              proceedings shall continue, except 
                                              so far as they concern the debtor 
                                              personally, as if a participation 
                                              order had been made immediately 
                                              before the death, and,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) no administration order shall 
                                              be made in respect of the 
                                              deceased;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the deceased's representative 
                                              shall be subject to the provisions 
                                              of subsection (4) of section 67 of 
                                              this Act, and of section 70 
                                              thereof, as if references in those 
                                              provisions to the making of an 
                                              administration order were 
                                              references to the death;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) in relation to the disposal of 
                                              surplus assets, subsection (5) of 
                                              section 71 of this Act shall apply 
                                              in place of section 55;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) in relation to the termination 
                                              of the proceedings, section 72 of 
                                              this Act shall apply in place of 
                                              section 36;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) in relation to funeral, 
                                              testamentary and administration 
                                              expenses incurred by the 
                                              deceased's representative, 
                                              subsection (4) of section 71 of 
                                              this Act shall apply.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VII&#8212;SUPPLEMENTAL PROVISIONS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 74&#8212;Offences.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person who does any act in 
                                              contravention of a duty imposed on 
                                              him as a debtor or as the 
                                              representative of a deceased 
                                              debtor by or under this Act is 
                                              guilty of a misdemeanour.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) This section is without 
                                              prejudice to the power of the 
                                              Court to issue a warrant in 
                                              relation to a debtor under section 
                                              28 of this Act, or to punish any 
                                              person for contempt of court or 
                                              for an offence under the Criminal 
                                              Code, 1960 (Act 29).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 75&#8212;Evidence.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              register kept, notice published or 
                                              certificate given under this Act 
                                              shall be prima facie evidence of 
                                              the matters stated therein.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 76&#8212;Rules.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Minister responsible for 
                                              Justice may, by legislative 
                                              instrument, makes Rules, other 
                                              than rules of Court, providing for 
                                              any matter which under this Act is 
                                              to be provided for by rules or 
                                              which otherwise relates to 
                                              procedure under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If it appears to the said 
                                              Minister that any of the monetary 
                                              limits specified in sections 9, 
                                              10, 57 and 65 of this Act should 
                                              be altered he may, by legislative 
                                              instrument, make such amendments 
                                              in this Act as are necessary for 
                                              effecting the alteration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 77&#8212;Interpretation.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              In this Act, unless the context 
                                              otherwise requires,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;address&quot; includes place of 
                                              residence, place of business and 
                                              any post office box number 
                                              habitually used;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;admitted proof&quot; means a proof 
                                              admitted under subsection (6) of 
                                              section 15 of this Act or 
                                              subsection (5) of section 68 
                                              thereof;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;after-acquired property&quot; has the 
                                              meaning assigned to it by 
                                              subsection (2) of section 26 of 
                                              this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;application for judicial 
                                              consideration&quot; has the meaning 
                                              assigned to it by subsection (1) 
                                              of section 17 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;appointed discharge date&quot; has the 
                                              meaning assigned to it by 
                                              subsection (3) of section 30 of 
                                              this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;arrangement with creditors&quot; means 
                                              a contract between a debtor and 
                                              his creditors under which, with a 
                                              view to the payment of debts in 
                                              whole or in part, the creditors 
                                              agree not to exercise, or agree to 
                                              defer or modify the exercise of, 
                                              any of their rights in respect of 
                                              the debtor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;bankrupt&quot; means a person who has 
                                              been adjudged a bankrupt under 
                                              section 23 of this Act and has not 
                                              been discharged;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;civil proceedings&quot; means 
                                              proceedings, other than criminal 
                                              proceedings or proceedings under 
                                              this Act, in or on the order of 
                                              any court, and includes the 
                                              levying of distress, or the 
                                              attachment of a debt, without a 
                                              court order;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Court&quot; means the High Court;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Fees Account&quot; has the meaning 
                                              assigned to it by subsection (2) 
                                              of section 3 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;ground for bankruptcy&quot; means any 
                                              one or more of the grounds 
                                              specified in subsection (1) of 
                                              section 23 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;insolvent&quot; means unable to pay 
                                              debts as they fall due;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;name&quot; in relation to a debtor 
                                              includes any name under which the 
                                              debtor carries on a business, 
                                              whether by himself or with other 
                                              persons;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;official account&quot; in relation to 
                                              a debtor means the account opened 
                                              in respect of the debtor under 
                                              section 42 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;payment in full&quot; means the making 
                                              of provision for all such payments 
                                              and transfers of property as in 
                                              the circumstances are required to 
                                              be made under sections 52 to 54 of 
                                              this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;prescribed&quot; means prescribed by 
                                              Rules made under subsection (1) of 
                                              section 76 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;provable debt&quot; has the meaning 
                                              assigned to it by subsection (1) 
                                              of section 15 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;security&quot; means a mortgage, 
                                              charge or lien on the property of 
                                              the debtor for securing payment of 
                                              a debt, and &quot;secured creditor&quot; and 
                                              &quot;secured debt&quot; shall be construed 
                                              accordingly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 78&#8212;Commencement.</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) This Act shall come into 
                                              operation on such date as the 
                                              Minister responsible for Justice 
                                              may, by legislative instrument, 
                                              appoint, and different dates may 
                                              be appointed for different 
                                              provisions.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A provision of this Act shall 
                                              apply in relation to matters 
                                              arising before the commencement of 
                                              that provision as it applies in 
                                              relation to matters arising 
                                              thereafter:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              Provided that,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (a) no act done or suffered before 
                                              the commencement of Part II of 
                                              this Act shall be taken into 
                                              account in considering whether the 
                                              grounds for bankruptcy exist under 
                                              paragraph (a) or (h) of subsection 
                                              (1) of section 23 of this Act;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (b) Part IV of this Act shall not 
                                              apply to an arrangement with 
                                              creditors made before the 
                                              commencement of that Part.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              SCHEDULE</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              MEETINGS OF CREDITORS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              1. A meeting of creditors shall 
                                              not be competent to act for any 
                                              purpose unless at least three 
                                              creditors with admitted proofs, or 
                                              all such creditors if there are 
                                              less than three, are present 
                                              either in person or by 
                                              representatives holding proxies.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              2. If there is no quorum within 
                                              half an hour after the time 
                                              appointed for a meeting of 
                                              creditors the Official Trustee 
                                              shall adjourn the meeting to such 
                                              date as he may determine, not 
                                              being less than seven or more than 
                                              fourteen days thereafter; and if 
                                              there is still no quorum within 
                                              half an hour after the time 
                                              appointed for the adjourned 
                                              meeting, the meeting shall be 
                                              taken to be cancelled.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              3. The cancellation of a meeting 
                                              under the preceding paragraph 
                                              shall not prevent the Court from 
                                              considering and determining any 
                                              matter as if the meeting had been 
                                              held and closed on the day on 
                                              which it was cancelled:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Provided that this paragraph shall 
                                              not authorise the Court to confirm 
                                              an arrangement with creditors 
                                              which has not been approved by the 
                                              first meeting of creditors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              4.&nbsp; A meeting of creditors shall 
                                              be presided over by the Official 
                                              Trustee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              5. At a meeting of creditors each 
                                              creditor with an admitted proof 
                                              shall be entitled to be heard 
                                              either in person or by a 
                                              representative holding a proxy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              6.(1) Except where this Act 
                                              otherwise provides, questions at a 
                                              meeting of creditors shall be 
                                              decided by a simple majority of 
                                              votes cast.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Each creditor with an admitted 
                                              proof shall be entitled to one 
                                              vote for each complete pound of 
                                              the net amount of his debt as 
                                              shown in his proof at the time 
                                              when the meeting opens.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) For voting purposes the net 
                                              amount of a debt shall be 
                                              calculated by deducting the 
                                              following amounts, if any, from 
                                              the total value of the debts owed 
                                              to the creditor, that is to say,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the total value of securities 
                                              held by the creditor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the total value of obligations 
                                              outstanding in the debtor's favour 
                                              against the creditor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the amount of every dividend 
                                              to which the creditor has become 
                                              entitled.</span></td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
<tr>
  <td width="76" height="50" bgcolor="#003366"></table></td>
        </tr>
