HC Deb 04 August 1913 vol 56 cc1233-6

(1) The trustee under a deed of arrangement shall, within seven days from the date on which the statutory declaration certifying the assent of the creditors is filed, give security in the prescribed, manner to the Registrar of the court having jurisdiction in bankruptcy in the district of which the debtor resided or carried on business at the date of the execution of the deed, or if he then resided or carried on business in the London bankruptcy district, to the senior bankruptcy registrar of the High Court, in a sum equal to the estimated assets available for distribution amongst the unsecured creditors as. shown by the affidavit filed on registration, to administer the deed properly and account fully for the assets which conic to his hands, unless a majority in number and value of the assigning debtor's, creditors, either by resolution passed at a meeting convened by notice to all the creditors, or by writing addressed to the trustee, dispense with his giving such security:

Provided that, when such a dispensation has been so given, the trustee shall forthwith make and file with the Registrar of Bills of Sale a statutory declaration to that effect, which declaration shall be primâ facie evidence of the facts declared.

(2) If a trustee under a deed of arrangement fails to comply with the requirements of this Section, the court having jurisdiction in bankruptcy in the district of which the debtor resided or carried on business at the date of the execution of the deed, or, if he then resided or carried on business in the London bankruptcy district, the High Court, on the application of any creditor and after hearing such persons as it may think fit, may declare the deed of arrangement to be void or may make an order appointing another trustee in the place of the trustee appointed by the deed of arrangement.

(3) A certificate that the security required by this Section has been given by a trustee, signed by the Registrar to whom it was given and filed with the Registrar of Bills of Sale, shall be conclusive evidence of the fact.

(4) All moneys received by a trustee. under a deed of arrangement shall be, banked by him to an account to be opened in the name of the debtors' estate.

Amendment made: In Sub-section (1), after the word "shall" ["which declaration shall be prima facie evidence"], insert the words "in favour of a purchaser for value be conclusive evidence, and in other cases."—[Mr. Cassel.]

The remaining Government Orders were read and postponed.

Whereupon Mr. SPEAKER, pursuant to the Order of the House of 22nd July, proposed the Question, "That this House do now adjourn."

Adjourned accordingly at Two minutes before One a.m., Tuesday, 5th August, 1913.