PART IV. OFFICIAL RECEIVERS AND STAFF OF BOARD OF TRADE. (163.) Who are eligible for the office of official receiver, and by whom are they appointed? may Official receiver, who eligible for office, and by whom appointed. The Board of Trade may from time to time appoint such persons as they think fit to be official receivers of debtor's estates, and remove any person so appointed from such office (s. 66). (164.) Under whose authority do the official re- By what ceivers act? authority official re ceivers act. Under the general authority and directions of the Board of Trade, but they are also officers of the Court to which they are attached (s. 66). (165.) What is the status of the official receiver? Status of His duties have relation both to the conduct of the debtor and to the administration of his estate. For the purpose of affidavits verifying proofs, petitions, or other proceedings under the Act he may administer oaths. The trustee is bound to supply him with such information, and give him such access to, and facilities for inspecting the bankrupt's books and documents, and generally to give him such aid as may be requisite for enabling him to perform his duties under the Act (s. 68). official receiver. (166.) What are the duties of the official receiver Duties of as regards the debtor? official receiver as (1.) To investigate the conduct of the debtor, regards and to report to the Court, stating whether debtor. there is reason to believe that the debtor has committed a misdemeanour under the Debtor's Duties of official receiver as regards estate of debtor. Act, 1869, or any amendment thereof, or under the Bankruptcy Act, 1883, or which would justify the Court in refusing, suspending, or qualifying an order for his discharge. (2.) To make such other reports concerning the conduct of the debtor as the Board of Trade may direct. (3.) To take such part as may be directed by the Board in the public examination of the debtor. (4.) To take such part, and give such assistance, in relation to the prosecution of any fraudulent debtor as the Board may direct (s. 69). (167.) What are the duties of the official receiver as regards the estate of a debtor? (1.) Pending the appointment of a trustee, to act as interim receiver of the debtor's estate, and, where a special manager is not appointed as manager thereof. (2.) To authorise the special manager to raise money or make advances for the purpose of the estate in any case where in the interests of the creditors it appears necessary to do so. (3.) To summon and preside at the first meeting of creditors. (4.) To issue forms of proxy for use at meetings of creditors. (5.) To report to the creditors as to any proposal which the debtor may have made with respect to the mode of liquidating his affairs. (6.) To advertise the receiving order, the date of the first meeting, and such other matters as may be necessary to advertise. it (7.) To act as trustee during any vacancy in the office of trustee (s. 70). (168.) What are the powers of the official receiver Powers of as interim receiver or manager? official receiver as ceiver or manager. He has the same powers as if he were a interim rereceiver and manager appointed by the High Court, but it is his duty, as far as practicable, to consult the wishes of the creditors with respect to the management of the debtor's property, and he may for that purpose, if he thinks it advisable, summon meetings of the persons claiming to be creditors. He must not, unless the Board of Trade otherwise order, incur any expense beyond such as is requisite for the protection of the debtor's property or the disposing of perishable goods: but when the debtor cannot himself prepare a proper statement of affairs, the official receiver may, subject to any prescribed conditions, and at the expense of the estate, employ some person or persons to assist in the preparation of the statement of affairs (8.70). (168a.) May a creditor appoint the official receiver Official to act as his general or special proxy? Yes (r. 21, 1st sch.). receivers may act as proxy. Remuneration of trustee in bankruptcy. PART V. TRUSTEES IN BANKRUPTCY. Remuneration of Trustee. (169.) To what remuneration is a trustee in bankruptcy entitled? Where the creditors appoint any person to be trustee, his remuneration (if any) is to be fixed by an ordinary resolution of the creditors, or if the creditors so resolve, by the Committee of inspection, and is to be in the nature of a commission or percentage, of which one part is to be payable on the amount realised, after deducting any sums paid to secured creditors out of the proceeds of their securities, and the other part on the amount distributed in dividend. The resolution must express what expenses the remuneration is to cover, and no liability attaches to the bankrupt's estate, or to the creditors, in respect of any expenses which the remuneration is expressed to cover. Where no remuneration has been voted to a trustee he is allowed out of the estate such proper costs and expenses incurred by him in or about the bankruptcy as the taxing officer may allow (s. 72). (170.) Is it open to any creditor or the banktrustee in rupt to take any course with a view of having the remuneration voted to a trustee reduced? Reduction of remune ration of certain cases. Board of Trade to fix amount of remunera If one-fourth in number or value of the creditors dissent from the resolution fixing the trustee's remuneration, or the bankrupt satisfies tion. the Board of Trade that the remuneration is unnecessarily large, the Board of Trade is to fix the amount of the remuneration (s. 72). (171.) May a trustee receive from the bankrupt Trustee not any remuneration in addition to the remuneration payable out of the estate? to receive any remuneration in addition to that pay able out of A trustee is not, under any circumstances whatever, to make any arrangement for, or accept from the bankrupt, or any solicitor, the estate. auctioneer, or any other person that may be employed about a bankruptcy, any gift, remuneration, or pecuniary or other consideration, or benefit whatever beyond the remuneration fixed by the creditors and payable out of the estate (s. 72). Receipts, payments, accounts, audits. (172.) What are the duties of the trustee as to the moneys received by him, and what liabilities does he incur by a neglect of such duties? The trustee should, in such manner and at such times as the Board of Trade, with the concurrence of the Treasury, direct, pay the money received by him to the Bankruptcy Estates Account at the Bank of England; but if it appears to the committee of inspection that for the purpose of carrying on the debtor's business, or of obtaining advances, or because of the probable amount of the cash balance, or if the committee shall satisfy the Board that for any other reason, it is for the advantage of the creditors that the trustee should have an account with a local bank, the Board is, on the application of the committee of inspection, to authorise the trustee to make his payments into and out of such local bank as the committee may H Duties of trustee as to moneys received by him. Liability for neglect of duties. |