Page:UKSRO 1890.pdf/49

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BANKRUPTCY, ENGLAND.
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Proceedings if scheme approved. [208.]

30. When a composition or scheme is approved of, the Official Receiver shall, on payment of all proper costs, charges, and expenses of and incidental to the proceedings, and all fees and per-centages payable to the Official Receiver and the Board of Trade, forthwith put the debtor (or, as the case may be, the trustee under the composition or scheme, or the other person or persons to whom under the composition or scheme the property of the debtor is to be assigned) into possession of the debtor's property. The Court shall also discharge the Receiving Order.

Cases in which Official Receiver is to be trustee. [209.] 31. In every case of a composition or scheme in which a trustee is not appointed, or, if appointed, declines to act, or becomes incapable of acting, or is removed, the Official Receiver shall, unless and until another trustee is appointed by the creditors, be the trustee for the purpose of receiving and distributing the composition, or for the purpose of administering the debtor's property, and carrying out the terms of the com- position or scheme, as the case may be.

Security by trustee under composition or scheme. [210.]

32. Where under a composition or scheme of arrangement a trustee is appointed, he shall, after the composition or scheme has been approved by the Court give security to the satisfaction of the Board of Trade in like manner as if he were a trustee in bankruptcy. If the trustee fail to give such security within the time required, he may be removed by the Board of Trade.


Default in payment of composition. [211.]

33. Where a composition or scheme has been approved, and default is made in any payment thereunder either by the debtor or the trustee (if any), no action to enforce such payment shall lie, but the remedy of any person aggrieved shall be by application to the Court.


Vesting of property on annulment of composition.[212.]

34. Where a composition or scheme is annulled, the property of the debtor shall, unless the Court otherwise directs, forthwith vest in the Official Receiver to whom the estate was originally assigned, without any special order being made or necessary.

Annulment of composition or scheme.[218.]

35. Where a composition or scheme is annulled, the trustee under the composition or scheme shall account to the trustee under the bankruptcy for any money or property of the debtor which has come to his hands, and pay or deliver over to the said trustee any money or property which has not been duly administered.

Dividends under composition.or scheme.[214.]

36. Where under any composition or scheme provision is made for the payment of any moneys to creditors entitled thereto, and any claim, in respect of which a proof has been lodged, is disputed, the Court may, if it shall think fit, direct that the amount which would be payable upon such claim, if established, shall be secured in such manner as the Court shall direct, until the determination of the claim so disputed; and on the determination thereof, the sum so secured shall be paid as the Court may direct.