Bankruptcy Clause - Law Dictionary Search Results
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ipso facto clause
ipso facto clause : a clause in an agreement stipulating the consequences (as termination of a lease or acceleration of a payment) of the insolvency of one of the parties called also bankruptcy clause ipso facto bankruptcy clause NOTE: An ipso facto clause is invalid under the Bankruptcy Code because a trustee is not bound by any provision or applicable law that is conditioned on the debtor's insolvency. ...
Arrangements between debtors and creditors
Arrangements between debtors and creditors. The 125th and 126th sections of the (English) Bankruptcy Act, 1869, which repealed an Act of 1861, allowed liquidation by arrangement and composition with creditors by resolutions passed at similar representative meetings to take the place of proceedings in bankruptcy. The (English) Bankruptcy Act, 1883, having repealed the Act of 1869 without re-enacting these clauses, arrangements with creditors outside the law of bankruptcy became common, and in order to legalize and regulate these arrangements, the (English) Deeds of Arrangement Act, 1887, was passed and amended in 1890 by 53 & 54 Vict. c. 24. The law has now been consolidated by the (English) Deeds of Arrangement Act, 1914 (4 & 5 Geo. 5, c. 47), which repeals the Act of 1887, and also parts of the Bankruptcy and (English) Deeds of Arrangement Act, 1913, and contains practically the whole statute law on the subject. The Act is divided into five parts: (1) defining the deeds of arrangement...
Married women's property
Married women's property, At Common Law, a woman, by marrying, transferred the ownership of all her property, real and personal, present and future, to her husband absolutely, so that he might sell, pay his debts out of, give away, or dispose by will of it as he pleased, with these exceptions and modifications:-1) Her freehold estate became his to manage and take the profits of during the joint lives only. After his death, leaving her surviving, it passed to her absolutely; after her death, leaving him surviving, provided that it was an estate in possession and issue who could in her it had been born during the marriage, it passed to him as 'tenant by the curtesy (q.v.) of England,' during his life, and after his death to her heir-at-law.(2) Her leasehold estate, her personal estate in expectancy, and the debts owing to her and other 'choses in action,' became his absolutely if he did some act to appropriate or reduce them into possession during the marriage, or if he survived her. If ...
Meeting
Meeting, an assembly of persons whose consent is required for anything to decide, by a proper majority of votes, whether or not that thing shall be done; e.g., the meeting of the town council under s. 22 of the (English) Municipal Corporations Acts, 1882 (45 & 46 Vict. c. 50), or (English) Local Government Act, 1933 (23 & 24 Geo.5, c. 51), s. 75.By Common Law in the absence of other provisions a corporation is bound by the majority present at a regular corporate meeting and not only by an absolute majority of the corporation (this does not apply to companies), Perrott and Perrott Ltd. v. Stephenson, (1934) 1 Ch 171; and see Kyd on Corporations, Vol. 1, p. 400; or of the parish or parish council: see PARISH COUNCIL; PARISHMEETING. Also a meeting of the shareholders of a company under ss. 66-80 of the (English) Companies Clauses Act, 1845 (8 & 9 Vict. c. 16). As to meetings of creditors, see (English) Bankruptcy Act, 1914, ss. 13, 79 and 95. A company formed under the Companies Act, 1929...
Certiorari
Certiorari (to be more fully informed of), an original writ issuing out of the Crown side of the King's Bench Division of the High Court of Justice, addressed, in the king's name, to judges or officers of inferior Courts, commanding them to certify or to return the records of a cause depending before them, to the end that justice maybe done.Certiorari lies to remove into the High Court of Justice, King's Bench Division, which, superseding the King's bench, is the sovereign Court of justice in criminal causes, all indictments, coroners' inquisitions, summary convictions by magistrates, orders of removal of paupers, and of poor's rates, also orders made by commissioners of sewers and other commissioners, town councils, and railway companies, for the purpose of being examined and 'quashed,' if contrary to law. The writ may be granted either at the instance of the prosecutor or the defendant. A prosecutor was formerly entitled to a writ of certiorari as a matter of right, but a defendant c...
Administrator
Administrator, means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002). [Income Tax Act, 1961, s. 80C(8)(i)].Administrator means a person appointed by competent authority to administer the estate of a deceased person when there is no executor. [Indian Succession Act (39 of 1925) s. 2(a)]--he to whom the property of a person dying intestate, or without executors appointed, accepting, or surviving, is committed by the Probate Court (now the Probate, Divorce and Admiralty Division of the High Court of Justice). (English) Supreme Court of Judicature (Consolidation) Act, 1925, s. 56(3). By the (English) Court of Probate Act,1857 (20 & 21 Vict. c. 77) (re-enacted in (English) Supreme Court of Judicature (Consolidation) Act, 1925, s. 175), 'Administration' includes all letters of administration of the effects of deceased persons, whether with or without the will annexed, and whether granted for ge...
Gazette
Gazette [fr. gaza, treasure; or gazetta, the name of a coin, about a farthing], the official newspaper of the Government, said to have been first published of Oxford in 1665; on the removal of the Court to London, the title was changed to the London Gazette. It is published on Tuesdays and Fridays, and contains all the acts of state, proclamations, and appointments to offices under the Crown; also all Orders in Council, and such other Orders, Rules, and Regulations as are directed by Act of Parliament to be published therein; also dissolu-tions of partnership, and notices of proceedings in bankruptcy. There is also an Edinburgh Gazette. It is presumed that another Gazette will be issued for N. Ireland, which will be of the same effect as the Dublin Gazette; with regard to S. ireland it does not seem certain what steps will be taken in this direction. By various Acts (especially the (English) Documentary Evidence Acts, 1868, 1882, and 1895) publication in the Gazette is made evidence of...
Imprisonment
Imprisonment, 'imprisonment' shall mean imprisonment of either description as defined in theIndian Penal Code. [General Clauses Act, 1897 (10 of 1897), s. 3(27)]The restraint of a person's liberty under the custody of another. It extends in law to confinement not only in a gaol, but in a house, or stocks, or to hold-ing a man in the street, etc.; for in all these cases the person so restrained is said to be a prisoner, so long as he has not his liberty freely to go about his business as at other times, Co. Litt. 253. See FALSE IMPRISONMENT.Imprisonment for Crime.--Any common law mis-demeanour is punishable after conviction on indictment by fine or imprisonment or both, at the discretion of the court. Imprisonment for not more than two years is very frequently authorised, as an alternative to penal servitude, by the (English) Offences against the Person Act, 1861, and other Acts set out in Chitty's Statutes, tit. 'Criminal Law.' As to the right of any person convicted by a Court of Summ...
Proxy
Proxy, a person appointed, usually by written authority, by a person entitled to vote personally, to vote at the discretion of the proxy. See Harben v. Phillips, (1883) 23 Ch D p. 35.As to voting by proxy under the (English) Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), see sections 76, 77 of that Act; amended in the case of a company being shareholder, by the Companies Clauses Acts, 1888 and 1889.A letter 'for the sole purpose of appointing or authorizing a proxy to vote at any one meeting at which votes may be given by proxy, whether the number of persons named in such instrument be one or more,' must bear a penny stamp, must specify the day on which the meeting is to be held, and is to be available only at the meeting so specified, and any adjournment thereof [(English) Stamp Act, 1891, and First Schedule]. The Standing Orders of Parliament (L.S.O. 62 and C.S.O. 62) prohibit the sending out of stamped proxies in connection with extension bills. Directors, acting in ...
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