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Contents  

Part I PRELIMINARY

Part II COURT PROCEDURE

Court and chambers

Proceedings

Applications and practice

Affidavits

Security in court

Witnesses and depositions

Warrants, arrests and commitments

Service and execution of process

Appeals

Part III OFFICIAL ASSIGNEE

Report of Official Assignee

Part IV TRUSTEE IN BANKRUPTCY

Part V VOLUNTARY ARRANGEMENTS

Proposal for voluntary arrangement

Interim order

Preparation of nominee’s report

Action on proposal

Procedure for review of meeting’s decision

Completion of arrangement

Part VI PROCEEDINGS IN BANKRUPTCY

Statutory demand

Creditor’s bankruptcy application

Service of creditor’s bankruptcy application

Hearing of creditor’s bankruptcy application

Actions to follow upon making of bankruptcy order on creditor’s bankruptcy application

Debtor’s bankruptcy application

Actions to follow upon making of bankruptcy order on debtor’s bankruptcy application

Interim receiver

Part VII BANKRUPTCY ADMINISTRATION

Creditors’ meeting

Statements of affairs

Examination of bankrupt and others

Settlement of list of debtors to estate

Procedure for proving debts

Quantification of claim

Secured creditors

Taking accounts of property mortgaged and sale thereof

Admission and rejection of proofs

Approval of composition or scheme

Appropriation of pay, salary, pensions, etc.

Disclaimer of lease

Disputed title to property

Special manager

Security by special manager

Distribution of dividends

Part VIII ANNULMENT AND DISCHARGE

Part IX COSTS AND TAXATION

Part IXA ELECTRONIC FILING SYSTEM

Part X MISCELLANEOUS PROVISIONS

Administration of estates of deceased insolvent

Persons of unsound mind

Registers

Accounts and audit

THE SCHEDULE

Legislative History

 
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Taking accounts of property mortgaged and sale thereof
Person claiming to be mortgagee
194.
—(1)  Upon an application made to the court by any person claiming to be a mortgagee of any part of the bankrupt’s immovable property, whether the mortgage is of a legal or equitable nature, the court shall proceed to inquire whether the person is such mortgagee and for what consideration and under what circumstances.
(2)  If it is found that the person is such mortgagee, and if no sufficient objection appears to the title of the person to the sum claimed by him under the mortgage, the court shall direct such accounts and inquiries to be taken as are necessary for ascertaining the principal, interest and costs due upon the mortgage and the rents and profits or dividends, interest or other proceeds received by the person or by any other person by his order or for his use, in case he has been in possession of the property over which the mortgage extends or any part thereof.
(3)  The court, if satisfied that there ought to be a sale, shall direct notice to be given, in such manner as it thinks fit, as to when and where and by whom and in what way the property or the interest therein so mortgaged is to be sold, and that the sale be made accordingly and that the Official Assignee or the trustee, as the case may be, unless it is otherwise ordered, shall have the conduct of the sale.
(4)  It shall not be imperative on any such mortgagee referred to in paragraph (1) or (2) to make such application under paragraph (1).
(5)  At any sale under this rule, the mortgagee may bid and purchase.
(6)  All proper parties shall join in the conveyance to the purchaser as the court directs.
Application of proceeds of sale
195.
—(1)  The moneys arising from a sale under rule 194 shall be applied —
(a)
firstly in payment of the costs, charges and expenses of the Official Assignee or the trustee of and occasioned by the application to the court and of and attending the sale; and
(b)
secondly in payment and satisfaction, so far as the same will extend, of what is found due to the mortgagee for principal, interest and costs,
and the surplus of the said moneys, if any, shall be paid to the Official Assignee or the trustee, as the case may be.
(2)  Where the moneys arising from the sale are insufficient to pay and satisfy what is so found due to the mortgagee, he shall be entitled to prove as a creditor for the deficiency and receive dividends thereon rateably with the other creditors, but not so as to disturb any dividend then already declared.
Interrogatories, etc.
196.  For the better taking of such inquiries and accounts and making a title to the purchaser, all parties —
(a)
may be examined by the court upon interrogatories or otherwise as it thinks fit; and
(b)
shall produce before the court upon oath all deeds, papers, books and writings in their respective custody or power relating to the estate or effects of the bankruptcy as the court directs.