Div 4Orders under Section 50 of the Act.

Division 4.—Orders under Section 50 of the Act.

Application for receiver before sequestration.

17.—(1.) An affidavit in support of an application under section 50 of the Act shall state such particulars of the property of the debtor, its location and its value as are known to the applicant.

(2.) An application under section 50 of the Act shall be in accordance with Form 7.

Expenses of receiver before sequestration.

18.—(1.) Where the Court has, on application by a creditor under section 50 of the Act, directed an official receiver to take control of the property of a debtor and the amount deposited with the official receiver in accordance with the directions of the Court to meet the fees and expenses of the official receiver in taking control of the property of the debtor is insufficient to meet those fees and expenses, the official receiver may apply to the Court for an order directing the creditor to deposit with the official receiver such additional sum as the Court thinks fit to direct.

(2.) Where, after the Court has on application made by a creditor under section 50 of the Act directed the official receiver to take control of the property of a debtor—

(a) the debtor enters into an assignment, arrangement or composition under Part X. of the Act, or the debtor’s estate is administered under Part XI. of the Act, and the Court authorizes the official receiver to transfer the property to some other person;

(b) a sequestration order is made against the debtor;

(c) the creditor’s petition against the debtor is dismissed; or

(d) a debtor’s petition relating to the debtor is accepted by the Registrar, the creditor is entitled to a refund of the amount deposited by him in accordance with a direction of the Court to meet the fees and expenses of the official receiver in taking control of the property of the debtor or of so much of that amount as has not been duly expended by the official receiver.

Application for damages where petition dismissed.

19. Where, after an order is made under section 50 of the Act on the application of a creditor, the creditor’s petition against the debtor is dismissed, the debtor may, within twenty-one days after the day on which the petition is dismissed, make application to the Court for an order for the assessment of the amount of any damage resulting from the control of the property of the debtor by the official receiver in accordance with the order and for the payment by the creditor to the debtor of an amount equal to the amount of that damage.