§ 168. "Gazetted" means published in the London Gazette: "General rules" include forms: "Goods" includes all chattels personal: 66 High Court" means Her Majesty's High Court of "Local bank" means any bank in or in the neighbour- "Oath" includes affirmation, statutory declaration, and attestation on honour: Ordinary resolution" means a resolution decided by a majority in value of the creditors present, personally or by proxy, at a meeting of creditors and voting on the resolution: "Person" includes a body of persons corporate or unincorporate: "Prescribed" means prescribed by general rules within the meaning of this Act: Property" includes money, goods, things in action, "Resolution" means ordinary resolution : gage charge or lien on the property of the debtor, "Schedule means schedule to this Act: "Sheriff" includes any officer charged with the execution of a writ or other process: Special resolution" means a resolution decided by a majority in number and three-fourths in value of 66 the creditors present, personally or by proxy, at a §§ 168, 169. meeting of creditors and voting on the resolution : Treasury means the Commissioners of Her Majesty's Treasury: "Trustee" means the trustee in bankruptcy of a debtor's estate. (2). The schedules to this Act shall be construed and have effect as part of this Act. Repeal. com 169. (1.) The enactments described in the Fifth (2.) The repeal effected by this Act shall not affect- (b.) any right or privilege acquired, or duty imposed, or (c.) any fine, forfeiture, or other punishment incurred or to be incurred in respect of any offence com- (d.) the institution or continuance of any proceeding or (3.) Notwithstanding the repeal effected by this Act, the proceedings under any bankruptcy petition, liquidation, by arrangement, or composition with creditors under Repeal of enactments. §§ 169, 170. the Bankruptcy Act, 1869, pending at the commencement of this Act shall, except so far as any provision of this Act is expressly applied to pending proceedings, continue, and all the proceedings of the Bankruptcy Act, 1869, shall, except as aforesaid, apply thereto, as if this Act had not passed. Proceedings under 32 & 33 Vict. c. 71, See application of this Act to pending proceedings. Also Sect. 139, as to transfer of estates on vacancy of office of trustee and Sect. 160, as to outstanding estate in a closed bankruptcy; Sect. 161, as to transfers of estates from London registrars in pending bankruptcies; and Sect. 162, as to unclaimed dividends; and Sect. 170, as to pending compositions and liquidations. By construction of this section, and following the ordinary rules of interpretation, the rights, obligations, privileges, duties, &c., acquired, incurred, or imposed, will be determined under and according to the law as it was under each and all of the several enactments repealed, though the determination of such questions may take place long posterior to the commencement of this Act. And as to the Bankruptcy Act, 1869 (except as provided in this Act), all pending proceedings, and all rights and questions whatsoever arising therefrom or in reference thereto, will be determined and interpreted by and according to the Bankruptcy Act, 1869. 170. After the passing of this Act no composition or liquidation by arrangement under sections 125 and 126 of 8s. 125, 126. the Bankruptcy Act, 1869, shall be entered into or allowed without the sanction of the Court or registrar having jurisdiction in the matter; such sanction shall not be granted unless the composition or liquidation appears to the Court or registrar to be reasonable and calculated to benefit the general body of creditors. The Act was passed on the 25th August, 1883. See notes to Sect. 2, as to the operation of this Act and the construction of Acts of Parliament generally. Reasonable and calculated to benefit. It is submitted that, upon the construction of the several sections, as to the applicability of the provisions of this Act, the jurisdiction of the Court to refuse to register resolutions arrived at by creditors has not been extended; the section seems only to reduce into the form of enactment the result of several cases as to the discretion exercisable by the registrars in such cases. And Mr. Registrar Brougham appears to have taken this view of the construction in registering a resolution for liquidation where the liabilities unsecured were 8,8607., and the assets 350., and only equal to a dividend of eightpence in the £, on the ground that there were assets, and the resolution appeared to be bona fide (y). § 170, Sched. I. SCHEDULES. THE FIRST SCHEDULE. MEETINGS OF CREDITORS. 1. The first meeting of creditors shall be summoned Sect. 15. for a day not later than fourteen days after the date of the receiving order, unless the Court for any special reason deem it expedient that the meeting be summoned for a later day. 2. The official receiver shall summon the meeting by giving not less than seven days notice of the time and place thereof in the London Gazette and in a local paper. 3. The official receiver shall also, as soon as practicable, send to each creditor mentioned in the debtor's statement of affairs, a notice of the time and place of the first meeting of creditors, accompanied by a summary of the debtor's statement of affairs, including the causes of (y) Re Cowie, Sol. Jour., September 29, 1883; and see unders. 28 of 1869 Act, Ex parte Merchant Banking Sched. I. his failure, and any observations thereon which the official receiver may think fit to make; but the proceedings at the first meeting shall not be invalidated by reason of any such notice or summary not having been sent or received before the meeting. 4. The meeting shall be held at such place as is in the opinion of the official receiver most convenient for the majority of the creditors. 5. The official receiver or the trustee may at any time summon a meeting of creditors, and shall do so whenever so directed by the Court, or so requested in writing by one fourth in value of the creditors. 6. Meetings subsequent to the first meeting shall be summoned by sending notice of the time and place thereof to each creditor at the address given in his proof, or if he has not proved, at the address given in the debtor's statement of affairs, or at such other address as may be known to the person summoning the meeting. 7. The official receiver, or some person nominated by him shall be the chairman at the first meeting. The chairman at subsequent meetings shall be such person as the meeting by resolution appoint. 8. A person shall not be entitled to vote as a creditor at the first or any other meeting of creditors unless he has duly proved a debt provable in bankruptcy to be due to him from the debtor, and the proof has been duly lodged before the time appointed for the meeting. 9. A creditor shall not vote at any such meeting in respect of any unliquidated or contingent debt, or any debt the value of which is not ascertained. 10. For the purpose of voting, a secured creditor shall, unless he surrenders his security, state in his proof the particulars of his security, the date when it was given, and the value at which he assesses it, and shall be entitled to vote only in respect of the balance (if any) due |