No. 7/2018
Cap.6:07
INSOLVENCY
liquidator of the partner's separate estate to the liquidator of the partnership estate or,
if the liquidator of the partner's estate is also the liquidator of the partnership estate,
as from the date of the acceptance of the composition.
( 15) The said notice must be accompanied by a copy of the deed embodying
the composition.
(16)At any time during the period of six weeks referred to in subsection 12(a),
the liquidator of the partnership estate may take over the assets of the estate of the
insolvent partner if he or she fulfils the obligations of the insolvent partner in terms
of the composition, other than obligations to render any service or obligations which
only the insolvent partner can fulfil:
Provided that if the composition provides for the giving of any specific security,
the Master need determine what other security the liquidator of the partnership estate
may give in lieu thereof.
( 17) Any moneys to be paid and anything to be done for the benefit of creditors
in pursuance of a composition must be paid and done, as far as practicable, through the
liquidator.
( 18) Any creditor who has failed to prove his or her claim before the liquidator
has made a final distribution among those creditors who have proved their claims, may
recover direct from the debtor within six months from the confirmation by the Master
of the account under which the distribution was made, any payments to which he or
she may be entitled under the composition and the liquidator has no duty in regard
thereto.
(19) After the said distribution the creditor has no claim against the insolvent
estate.
(20) When a composition has been entered into between a debtor and the
creditors of his or her estate and the liquidation order has not been discharged or set
aside, the liquidator of that estate must frame a liquidation account and distribution
account of the assets which are or will become available for distribution among the
creditors under the composition.
(21) All the provisions of this Act that relate to a liquidation account and
distribution account of assets among creditors apply in connection with the liquidation
account and distribution account, and the assets.
PART XXIII
CORPORATE RESCUE
Sus-PART
A -CoRPORATE REscuE
PROCEEDINGS
121 Application
(I) In this Part(a)
"affected person", in relation to a company, means(i) a shareholder or creditor of the company; and
(ii) any registered trade union representing employees of the company;
and
(iii) if any of the employees of the company are not represented by a
registered trade union, each of those employees or their respective
representatives;
(b)
"corporate rescue" means proceedings to facilitate the rehabilitation of a
company that is financially distressed by providing for(i) the temporary supervision of the company, and of the management
of its affairs, business and property; and
286
Select target paragraph3
Add to table of contents