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Page 238

CHAPTER 21
CONTRIBUTORIES AND CREDITORS

unsecured creditors, (b) debts provable, and (c) the valuation of annuities and future and contingent liabilities (s. 317).
Secured Creditors.-A secured creditor is one who holds some security for a debt due to him from the company, such as a mortgage, charge or lien. He may:
1. Realise his security and prove for the balance after deducting the amount realised.
2. Surrender his security to the liquidator and prove whole debt.
3. Value his security and rank for dividend in respect of the balance due after deducting the value of his security.

If a secured creditor has valued his security, the liquidator may (a) redeem the security at that value; or (b) require the security to be sold. The creditor may, on the other hand, serve notice in writing on the liquidator requiring him to elect whether or not he will exercise either of these powers, and if the liquidator does not within six months signify his intention to elect, he loses his right to exercise the powers. The liquidator may also, within twenty-eight days after a proof, require the creditor to give up the security on payment of his estimated value, with the addition of 20 per cent. (r. 140).
If a creditor has made a mistake in the valuation of his security, he may amend it by application to the Court. If he subsequently realises his security, the amount realised must be substituted for the amount in the proof.
If a secured creditor votes without giving particulars of his security, he will be deemed to have surrendered it, unless the Court is satisfied that the omission was due to inadvertence (r. 139).

Proof of Debts.-The debts which can be proved in a liquidation when the company is insolvent are all debts and liabilities, present or future, certain or contingent, owing at the date of the commencement of the liquidation. There cannot be proved, (a) demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise or breach of trust, or (b) debts contracted after the commencement of the liquidation. (9)
If the company is not insolvent, there may be proved all debts

9 Bankruptcy Act. 1914, s. 30.

travel books:
where is HTML where is HEAD where is TITLE unsecured creditors, (b) debts provable, and (c) what is valuation of annuities and future and contingent liabilities (s. 317). Secured Creditors.-A secured creditor is one who holds some security for a debt due to him from what is company, such as a mortgage, charge or lien. He may: 1. Realise his security and prove for what is balance after deducting what is amount realised. 2. Surrender his security to what is liquidator and prove whole debt. 3. Value his security and rank for dividend in respect of what is balance due after deducting what is value of his security. If a secured creditor has valued his security, what is liquidator may (a) redeem what is security at that value; or (b) require what is security to be sold. what is creditor may, on what is other hand, serve notice in writing on what is liquidator requiring him to elect whether or not he will exercise either of these powers, and if what is liquidator does not within six months signify his intention to elect, he loses his right to exercise what is powers. what is liquidator may also, within twenty-eight days after a proof, require what is creditor to give up what is security on payment of his estimated value, with what is addition of 20 per cent. (r. 140). If a creditor has made a mistake in what is valuation of his security, he may amend it by application to what is Court. If he subsequently realises his security, what is amount realised must be substituted for what is amount in what is proof. If a secured creditor votes without giving particulars of his security, he will be deemed to have surrendered it, unless what is Court is satisfied that what is omission was due to inadvertence (r. 139). Proof of Debts.-The debts which can be proved in a liquidation when what is company is insolvent are all debts and liabilities, present or future, certain or contingent, owing at what is date of what is commencement of what is liquidation. There cannot be proved, (a) demands in what is nature of unliquidated damages arising otherwise than by reason of a contract, promise or breach of trust, or (b) debts contracted after what is commencement of what is liquidation. (9) If what is company is not insolvent, there may be proved all debts 9 Bankruptcy Act. 1914, s. 30. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 238 where is strong CHAPTER 21 CONTRIBUTORIES AND CREDITORS where is p align="justify" unsecured creditors, (b) debts provable, and (c) what is valuation of annuities and future and contingent liabilities (s. 317). Secured Creditors.-A secured creditor is one who holds some security for a debt due to him from what is company, such as a mortgage, charge or lien. He may: 1. Realise his security and prove for what is balance after deducting what is amount realised. 2. Surrender his security to what is liquidator and prove whole debt. 3. Value his security and rank for dividend in respect of what is balance due after deducting what is value of his security. If a secured creditor has valued his security, what is liquidator may (a) redeem what is security at that value; or (b) require what is security to be sold. what is creditor may, on what is other hand, serve notice in writing on what is liquidator requiring him to elect whether or not he will exercise either of these powers, and if what is liquidator does not within six months signify his intention to elect, he loses his right to exercise what is powers. what is liquidator may also, within twenty-eight days after a proof, require what is creditor to give up what is security on payment of his estimated value, with what is addition of 20 per cent. (r. 140). If a creditor has made a mistake in what is valuation of his security, he may amend it by application to what is Court. If he subsequently realises his security, what is amount realised must be substituted for what is amount in what is proof. If a secured creditor votes without giving particulars of his security, he will be deemed to have surrendered it, unless what is Court is satisfied that what is omission was due to inadvertence (r. 139). Proof of Debts.-The debts which can be proved in a liquidation when what is company is insolvent are all debts and liabilities, present or future, certain or contingent, owing at what is date of what is commencement of what is liquidation. There cannot be proved, (a) demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise or breach of trust, or (b) debts contracted after what is commencement of what is liquidation. (9) If what is company is not insolvent, there may be proved all debts 9 Bankruptcy Act. 1914, s. 30. where is Server.Execute("_SiteMap.asp") %

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