Claims of creditors Section 177: Claims of creditors. *177. (1) A creditor who has not proved his debt before the declaration of any dividend is not entitled to disturb, by reason that he has not participated in it, the distribution of that dividend or any other dividend declared before his debt was proved, but— (a) … Read more

Final dividend Section 176: Final dividend. *176. (1) Where the bankruptcy trustee has realised the entire estate of the bankrupt or so much of it as could be realised in the opinion of the bankruptcy trustee, he shall give notice: (a) of his intention to declare a final dividend; or (b) that no dividend or … Read more

Distribution of property Section 175: Distribution of property. *175. (1) The bankruptcy trustee may, with the approval of the committee of creditors, divide in its existing form amongst the creditors, according to its estimated value, any property in its existing form which from its peculiar nature or other special circumstances cannot be readily or advantageously … Read more

Distribution of interim dividend Section 174: Distribution of interim dividend. *174. (1) Whenever the bankruptcy trustee has sufficient funds in his hand, he may declare and distribute interim dividend among the creditors in respect of the bankruptcy debts which they have respectively proved. (2) Where the bankruptcy trustee has declared any interim dividend, he shall … Read more

Mutual credit and set-off Section 173: Mutual credit and set-off. *173. (1) Where before the bankruptcy commencement date, there have been mutual dealings between the bankrupt and any creditor, the bankruptcy trustee shall— (a) take an account of what is due from each party to the other in respect of the mutual dealings and the … Read more

Proof of debt by secured creditors Section 172: Proof of debt by secured creditors. *172. (1) Where a secured creditor realises his security, he may produce proof of the balance due to him. (2) Where a secured creditor surrenders his security to the bankruptcy trustee for the general benefit of the creditors, he may produce … Read more

Proof of debt Section 171: Proof of debt. *171. (1) The bankruptcy trustee shall give notice to each of the creditors to submit proof of debt within fourteen days of preparing the list of creditors under section 132. (2) The proof of debt shall— (a) require the creditor to give full particulars of debt, including … Read more

Administration of estate of deceased bankrupt Section 170: Administration of estate of deceased bankrupt. *170. (1) All the provisions of Chapter V relating to the administration and distribution of the estate of the bankrupt shall, so far as the same are applicable, apply to the administration of the estate of a deceased bankrupt. (2) While … Read more

Continuance of proceedings on death of bankrupt Section 169: Continuance of proceedings on death of bankrupt. *169. If a bankrupt dies, the bankruptcy proceedings shall continue as if he were alive.

Obligations under contracts Section 168: Obligations under contracts. *168. (1) This section shall apply where a contract has been entered into by the bankrupt with a person before the bankruptcy commencement date. (2) Any party to a contract, other than the bankrupt under sub-section (1), may apply to the Adjudicating Authority for— (a) an order … Read more