Bare Act Search Results

Provincial Insolvency Act, 1920 Section 50

Title: Disallowance and Reduction of Entries in Schedule

State: Central

Year: 1920

(1) Where the receiver thinks that a debt has been improperly entered in the schedule, the Court may, on the application of the receiver and after notice to the creditor, and such inquiry (if any) as the Court thinks necessary, expunge such entry or reduce the amount of the debt. (2) The Court may also, after like inquiry, expunge an entry or reduce the amount of a debt upon the application of a creditor where no receiver has been appointed, or where the receiver declines to interfere in the matter or, in the case of a composition or scheme, upon the application of the debtor.

Provincial Insolvency Act, 1920 Section 52

Title: Duties of Court Executing Decree as to Property Taken in Execution

State: Central

Year: 1920

Where execution of a decree has issued against any property of a debtor which is saleable in execution and before the sale thereof notice is given to the Court executing the decree that an insolvency petition by or against the debtor has been admitted, the Court shall, on application, direct the property, if in the possession of the Court, to be delivered to the receiver, but the costs of the suit in which the decree was made and of the execution shall be a first charge on the property so delivered, and the receiver may sell the property or an adequate part thereof for the purpose of satisfying the charge.

Provincial Insolvency Act, 1920 Section 64

Title: Final Dividend

State: Central

Year: 1920

When the receiver has realised all the property of the insolvent or so much thereof as can, in the opinion of the Court, be realised without needlessly protracting the receivership, he shall declare a final dividend; but before so doing, he shall give notice in manner prescribed to the persons whose claims to be creditors have been notified but not proved, that if they do not prove their claims within the time limited by the notice, he will proceed to make a final dividend without regard to their claims.After the expiration of the time so limited, or if the Court, on application by any such claimant, grants him further time for establishing his claim, then any the expiration of such further time, the property of the insolvent shall be divided among the creditors entered in the schedule without regard to the claims of any other persons.

Provincial Insolvency Act, 1920 Section 63

Title: Right of Creditor Who Has Not Proved Debt Before Declaration of a Dividend

State: Central

Year: 1920

Any creditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid, out of debt any money for the time being in the hands of the receiver, any of dividend or dividends which he may have failed to receive before at money is applied to the payment of any future dividend or dividends; but he shall not be entitled to disturb the distribution of any dividend declared before his debt was proved by reason that he as not participated therein.

PROVINCIAL INSOLVENCY ACT, 1920 Section 59A

Title: Power to require information regarding insolvent's property

State: Central

Year: 1920

(1) The Court, if specially empowered in this behalf by an order of the State Government, or any officer of the Court so empowered by a like order, may, on the application of the receiver or any creditor who has proved his debt, at any time after an order of adjudication has been made, summon before it in the prescribed manner any person known or suspected to have in his possession any property belonging to the insolvent, or supposed to be indebted to the insolvent, or any person whom the Court or such officer, as the case may be, may deem capable of giving information respecting the insolvent or his dealings or property, and the Court or such officer may require any such person to produce any documents in his custody or power relating to the insolvent or to his dealings or property. (2) If any person so summoned, after having been tendered a reasonable sum, refuses to come before the Court or such officer at the time appointed, or refuses to produce any such document, having no lawful impediment made known to and allowed by the Court or such officer, the Court or such officer may, by warrant, cause him to be apprehended and brought up for examination. (3) The Court or such.....

Provincial Insolvency Act, 1920 Section 59

Title: Duties and Powers of Receiver

State: Central

Year: 1920

Subject to the provisions of this Act, the receiver shall, with all convenient speed, realise the property of the debtor and distribute dividends among the creditors entitled thereto, and for that purpose may (a) sell all or any part of the property of the insolvent; (b) give receipts for any money received by him; and may, by leave of the Court, do all or any of the following things, namely: (c) carry on the business of the insolvent so far as may be necessary for the beneficial winding up of the same; (d) institute, defend or continue any suit or other legal proceeding relating to the property of the insolvent; (e) employ a pleader or other agent to take any proceedings or do any business which may be sanctioned by the Court; (f) accept as the consideration for the sale of any property of the insolvent a sum of money payable at a future time subject to such stipulations as to security and otherwise as the Court thinks fit; (g) mortgage or pledge any part of the property of the insolvent for the purpose of raising money for the payment of his debts; (h) refer any dispute to arbitration, and compromise all debts, claims and liabilities, on such terms as may be.....

Provincial Insolvency Act, 1920 Section 58

Title: Powers of Court if No Receiver Appointed

State: Central

Year: 1920

Where no receiver is appointed, the Court shall have all the rights of, and may exercise all the powers conferred on, a receiver under this Act.

Provincial Insolvency Act, 1920 Section 55

Title: Protection of Bona Fide Transactions

State: Central

Year: 1920

Subject to the foregoing provisions of this Act with respect to the effect of insolvency on an execution, and with respect to the avoidance of certain transfers and preferences, nothing in this Act shall invalidate in the case of an insolvency (a) any payment by the insolvent to any of his creditors; (b) any payment or delivery to the insolvent; (c) any transfer by the insolvent for valuable consideration; or (d) any contract or dealing by or with the insolvent for valuable consideration: Provided that any such transaction takes place before the date of the order of adjudication, and that the person with whom such transaction takes place has not at the time notice of the presentation of any insolvency petition by or against the debtor.

Provincial Insolvency Act, 1920 Section 53

Title: Avoidance of Voluntary Transfer

State: Central

Year: 1920

Provincial Insolvency Act, 1920 Section 48

Title: Interest

State: Central

Year: 1920

(1) On any debt or sum certain whereon interest is not reserved or agreed for, and which is overdue when the debtor is adjudged an insolvent, and which is provable under this Act, the creditor may prove for interest at a rate not exceeding six per centum per annum (a) if the debt or sum is payable by virtue of a written instrument at a certain time, from the time when such debt or sum was payable to the date of such adjudication; or, (b) if the debt or sum is payable otherwise, 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 to the date of such adjudication. (2) Where a debt which has been proved under this Act includes interest or any pecuniary consideration in lieu of interest, the interest or consideration shall, for the purposes of dividend, be calculated at a rate not exceeding six per centum per annum, without prejudice to the right of a creditor to receive out of the debtor's estate any higher rate of interest to which he may be entitled after all the debts proved have been paid in full.