CTHRepealedAct
Bankruptcy Act 1924
Cf. E.B.A., 1st Schedule.Cf. E.B.A., 1st Schedule.
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### Cf. E.B.A., 1st Schedule.
l. The first meeting of creditors shall be summoned for a day not later than fourteen days after the date of the sequestration order, unless the Court or the Registrar for any special reason deems it expedient that the meeting be held at a later day.
2. The official receiver shall summon the meeting by giving in the prescribed manner not less than seven days’ public notice of the time and place thereof.
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, together with a general and special form of proxy, and a summary of the debtor’s statement of affairs including the causes of his failure, and any observations thereon which the official receiver thinks fit to make; but the proceedings at the first meeting shall not be invalidated by reason of any such notice form 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 in value 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-sixth 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 is known to the person summoning the meeting, together with a general and special form of proxy.
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 those present at the meeting by resolution appoint.
Vic., s. 135 (a).
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 with the official receiver at least twenty-four hours before the time appointed for the meeting.
9\. The wife or husband of a bankrupt shall not be entitled to vote at a meeting of creditors.
Vic., s. 135 (b).
10\. 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.
Vic., s. 138.
11\. 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 to him, after deducting the value of his security. If he votes in respect of his whole debt he shall be deemed to have surrendered his security, unless the Court on application is satisfied that the omission to value the security has arisen from inadvertence.
Vic., s. 139.
12\. A creditor shall not vote in respect of any debt on or secured by a current bill of exchange or promissory note held by him, unless he is willing to treat the liability to him thereon of every person (not being a bankrupt) who is liable thereon antecedently to the debtor as a security in his hands, and for the purposes of voting, but not for the purposes of dividend, to deduct its estimated value from his proof.
Vic., s. 140.
13\. The trustee or the official receiver may, within twenty-eight days after a proof estimating the value of a security as aforesaid has been made use of in voting at any meeting, require the creditor to give up the security for the benefit of the creditors generally on payment of the value so estimated.
14. If a sequestration order is made against one partner of a firm, any creditor to whom that partner is indebted jointly with the other partners of the firm, or any of them, may prove his debt for the purpose of voting at any meeting of creditors, and shall be entitled to vote thereat.
15\. The chairman of a meeting shall have power to admit or reject a proof for the purpose of voting, but his decision shall be subject to appeal to the Court. If he is in doubt whether the proof of a creditor should be admitted or rejected he shall mark the proof as objected to and shall allow the creditor to vote, subject to the vote being declared invalid in the event of the objection being sustained.