Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
after-acquired propertyall property acquired by the bankrupt between the commencement of bankruptcy and his discharge passes to the trustee except as
completed executionsa judgement creditor cannot retain the benefit of an execution or attachment unless he has completed it-before the date of the
protected transactionsthese fall into three categoriesa under section 50payments by the bankrupt to creditorspayments or deliveries to the
debtors property at commencement of bankruptcy1 doctrine of relation backthe trustees title to the debtors property is deemed to relate back to the
divisible propertythe property of the bankrupt divisible among creditors includesproperty belonging to the bankrupt at the commencement of the
termination of office of trusteethe trustee may vacate office in the following ways1 resignationhe may resign at a meeting of creditors and with
resolutions of creditorsnormally decisions at meetings of creditors are taken by ordinary resolution viz a resolution passed by a simple majority in
accounts of trusteesthe trustee must keep proper books of account which may be inspected by the creditors at any time the cash book must be audited
right of indemnityif the official receiver or trustee has seized or disposed of any property in the possession of the debtor without notice or claim
powers of trusteea of his own initiative he may1 sell and transfer any part of the bankrupts property2 gives receipts for
rights and duties of trusteethe rights and duties of trustee are as followspowers of trustee sell and transfer any part of the bankrupts
committee of inspectionappointmenta committee of inspection may be appointed by the creditors at their first or any subsequent meeting to supervise
the trustee in bankruptcy1 appointment of trusteethe trustee is appointedby the creditors by ordinary resolution orby the committee of inspection if
effect of dischargean order of discharge releases the bankrupt from all disabilities imposed by the bankruptcy except those which apply for a fixed
application of dischargeapplication may be made at any time after adjudication but cannot be heard until the conclusion of the public examination
annulment of orderthe order may be annulled ifin the opinion of the court the debtor ought not to have been adjudicated bankruptall the debts have
consequences of adjudicationthe consequences of the making of the adjudication order are1 the order must be advertised in the gazette and a local
adjudication orderthe court may adjudge the debtor bankrupt on the application of the or or any creditor in the following casesif the creditors so
compositions and schemes of arrangementthe debtor may lodge a written proposal with the official receiver for a composition or other arrangement of
receiving orderit includes five main important points as followseffect of receiving order the consequences of the making of the receiving order
first meeting of creditorsthe official receiver must convene this meeting within 60 days of the receiving order unless the court extends the time by
rescission of receiving orderthe order may be rescinded by the court ifthe court has sanctioned a composition or scheme of arrangementthe debts have
effect of receiving orderthe consequences of the making of the receiving order arethe debtor retains ownership but loses possession and control of
petition by creditorany creditor including an assignee of a debt may petition providedthe debt due to him amounts to at least shs 1000the debt is
presentation and hearingthe petition is presented to the court and must be served on the debtor at least eight days before the hearing if the debtor