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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.
There can be no proof for interest accruing due after a receiving order unless there is a surplus, and it makes no difference that the interest is included in a lump sum, which the bankrupt has covenanted to pay. The Court of Bankruptcy regards the substance of the transaction. (Ex p. Bath, re Phillips, 22 Ch. D. 450, decided on G. R. 77 of the Rules of 1870, the first part of which was substantially the same as the above provision.) Where a debt bearing a higher rate of interest than 4 per cent. by contract is merged in a judgment, the right to prove for the interest above 4 per cent. is gone. (Re European Central Rail. Co., 4 Ch. D. 33.)
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.
By Rule 173, subject to the power of the Court to extend the time, the trustee, within fourteen days after receiving a proof, shall in writing either admit or reject it in whole or in part, or require further evidence in support of it. It was held, under the Act of 1869, that if the trustee neglected to give notice of the rejection of a proof, he would be taken to have admitted it. (Ex p. Kemp, re Russell, 42 L. J. Bank. 26.)
See also Rule 175 as to admission of proofs where dividend about to be declared.
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.
It was held that under Rule 73 of the Rules of 1870, as under the previous practice, the trustee was entitled at any time afterwards to apply to expunge a proof which he had originally wrongly admitted, and that mere lapse of time was no objection, though the creditor was entitled to retain any dividend already received. (Ex p. Harper, re Tait, 21 Ch. D. 537.)
24. If a creditor is dissatified 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.
By Rule 174, subject to the power of the Court to extend the time, no application to reverse or vary the decision of an official receiver or trustee in rejecting a proof shall be entertained after the expiration of twenty-one days from the date of the decision complained of.
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.
A creditor may now apply to expunge if the trustee declines to interfere. This express enactment seems to continue the law the same as it was under the Act of 1869. (See Ex p. Merriman, re Stenson, 25 Ch. D. 144.) The provision as to the debtor applying to expunge in the case of a composition or scheme seems to embody the decision in Ex p. Bacon, re Bond, 17 Ch. D. 47. In that case it was held that
the fact that the proof had been on the file of proceedings for more than a year did not estop the bankrupt from making the application, the file in bankruptcy not being of the nature of a record.
Appeals from an official receiver to the Court must be brought within twenty-one days, section 139.
Appeals against the rejection of a proof, or applications to expunge or reduce a proof, where the amount of the proof exceeds 2001., must be heard in Court, Rule 5 (g).
Appeals from rejection of a proof to be brought within twenty-one days, Rule 174, except where proofs admitted after notice of dividend, where the time is seven days, see Rule 175.
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.
List of proofs, Rule 171.
Transmission of proofs by official receiver to trustee, Rule 172.
The THIRD SCHEDULE.
LIST OF METROPOLITAN COUNTY COURTS.
The Bloomsbury County Court of Middlesex.
7 & 8 Vict. c. 70 An Act for facilitating arrangements be
tween debtors and creditors. 12 & 13 Vict. c. 106 - The Bankruptcy Law Consolidation Act,
1849. 24 & 25 Vict. c. 134 - The Bankruptcy Act, 1861. 32 & 33 Vict. c. 71 The Bankruptcy Act, 1869.
The FIFTH SCHEDULE.
13 Edw. 1, c. 18, The statutes of Westminster the Second,
chapter eighteen, Execution either by levy-
saving only his oxen and beasts of the
in part; namely,
Sections twenty-one and twenty-two.
Except sections six, seven, and eight. 38 & 39 Vict. c. 77, The Supreme Court of Judicature Act, 1875. in part. in part; namely,
Sections nine and thirty-two.
MADE PURSUANT TO
SECTION 127 OF THE BANKRUPTCY ACT, 1883.
ARRANGEMENT OF RULES.
Receiving Order ..... 150-154
8-15 Composition or Scheme 159-167
Proxies and Voting Letters 163
64 Proceedings by Company. 191
Proceedings by or against
70 Administration of Estate of
Person dying Insolvent 200-202
Books, &c. to be kept by
Accounts and Audit 207-217
Payments into and out of
98-110 Security by Trustee or
Remuneration of Special
Rules under section 5 of
144-148 Debtors Act.... 265-270
It is ordered as follows:-
General Rules shall be judicially noticed, and shall have effect as if