Sched. II. trustee, shall vest in the creditor, and the amount of his debt shall be reduced by the amount at which the security has been valued. 13. Where a creditor has so valued his security, he may at any time amend the valuation and proof on showing to the satisfaction of the trustee, or the Court, that the valuation and proof were made bonâ fide on a mistaken estimate, or that the security has diminished or increased in value since its previous valuation; but every such amendment shall be made at the cost of the creditor, and upon such terms as the Court shall order, unless the trustee shall allow the amendment without application to the Court. 14. Where a valuation has been amended in accordance with the foregoing rule, the creditor shall forthwith repay any surplus dividend which he may have received in excess of that to which he would have been entitled on the amended valuation, or, as the case may be, shall be entitled to be paid out of any money for the time being available for dividend any dividend or share of dividend which he may have failed to receive by reason of the inaccuracy of the original valuation, before that money is made applicable to the payment of any future dividend, but he shall not be entitled to disturb the distribution of any dividend declared before the date of the amendment. 15. If a creditor after having valued his security subsequently realises it, or if it is realised under the provisions of Rule 12, the net amount realised shall be substituted for the amount of any valuation previously made by the creditor, and shall be treated in all respects as an amended valuation made by the creditor. 16. If a secured creditor does not comply with the foregoing rules he shall be excluded from all share in any dividend. 17. Subject to the provisions of Rule 12, a creditor shall in no case receive more than twenty shillings in the Sched. II. pound, and interest as provided by this Act. Proof in respect of Distinct Contracts. 18. If a debtor was at the date of the receiving order liable in respect of distinct contracts as a member of two or more distinct firms, or as a sole contractor, and also as member of a firm, the circumstance that the firms are in whole or in part composed of the same individuals, or that the sole contractor is also one of the joint contractors, shall not prevent proof in respect of the contracts, against the properties respectively liable on the contracts. Periodical Payments. 19. When any rent or other payment falls due at stated periods, and the receiving order is made at any time other than one of those periods, the person entitled to the rent or payment may prove for a proportionate part thereof up to the date of the order as if the rent or payment grew due from day to day. Interest. 20. On any debt or sum certain, payable at a certain time or otherwise, whereon interest is not reserved or agreed for, and which is overdue at the date of the receiving order and provable in bankruptcy, the creditor may prove for interest at a rate not exceeding four per centum per annum to the date of the order from the time when the debt or sum was payable, if the debt or sum is payable by virtue of a written instrument at a certain time, and if payable otherwise, then from the time when a demand in writing has been made giving the debtor notice that interest will be claimed from the date of the demand until the time of payment. Sched. II. Debt payable at a future time. 21. A creditor may prove for a debt not payable when the debtor committed an act of bankruptcy as if it were payable presently, and may receive dividends equally with the other creditors, deducting only thereout a rebate of interest at the rate of five pounds per centum per annum computed from the declaration of a dividend to the time when the debt would have become payable, according to the terms on which it was contracted. Admission or Rejection of Proofs. 22. The trustee shall examine every proof and the grounds of the debt, and in writing admit or reject it, in whole or in part, or require further evidence in support of it. If he rejects a proof he shall state in writing to the creditor the grounds of the rejection. 23. If the trustee thinks that a proof has been improperly admitted, the Court may, on the application of the trustee, after notice to the creditor who made the proof, expunge the proof or reduce its amount. 24. If a creditor is dissatisfied with the decision of the trustee in respect of a proof, the Court may, on the application of the creditor, reverse or vary the decision. 25. The Court may also expunge or reduce a proof upon the application of a creditor if the trustee declines to interfere in the matter, or, in the case of a composition or scheme, upon the application of the debtor. 26. For the purpose of any of his duties in relation to proofs, the trustee may administer oaths and take affidavits. 27. The official receiver, before the appointment of a trustee, shall have all the powers of a trustee with respect to the examination, admission, and rejection of proofs, and any act or decision of his in relation thereto shall be subject to the like appeal. Scheds. III., THE THIRD SCHEDULE. LIST OF METROPOLITAN COUNTY COURTS. The Bloomsbury County Court of Middlesex. IV. Section 96. THE FOURTH SCHEDULE. STATUTES RELATING TO UNCLAIMED DIvidends. Session and Chapter. Title of Act. 7 & 8 Vict. c. 70 An Act for facilitating arrange 12 & 13 Vict. c. 106 24 & 25 Vict. c. 134 32 & 33 Vict. c. 71. ments between debtors and cre- The Bankruptcy Law Consolidation The Bankruptcy Act, 1861. Section 162. Sched. V. Section 169. THE FIFTH SCHEDULE. ENACTMENTS REPEALED AS TO ENGLAND. 13. Edw.1.c. 18. The statutes of Westminster the Second, in part. chapter eighteen, Execution either by levying of the lands and goods, or by delivery of goods and half the land; at the choice of the creditor; in part; namely, the words "all the chattels of the debtor saving only his oxen and beasts of the plough, and” 32 & 33 Vict. The Debtors Act, 1869. Sub-section (b) of section five, and Sections twenty-one and twenty-two. 32 & 33 Vict. The Bankruptcy Act, 1869. c. 71. 32 & 33 Vict. The Bankruptcy Repeal and Insolvent c. 83. in part. Court Act, 1869. in part; namely, Section nineteen. 33 & 34 Vict. The Absconding Debtors Act, 1870. c. 76. 34 & 35 Vict. The Bankruptcy Disqualification Act, Except sections six, seven, and eight. 38 & 39 Vict. The Supreme Court of Judicature Act, c. 77. in part. 1875. in part; namely, Sections nine and thirty-two. |