Bankruptcy Code Amendment Act 1903

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1903/1903-0001/BankruptcyCodeAmendmentAct1903_1.pdf
Published: 2012-09-01

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
The Bankruptcy Code Amendment Act 1903

c i e
AT 1 of 1903

THE BANKRUPTCY CODE AMENDMENT

ACT 1903

The Bankruptcy Code Amendment Act 1903 Index


c AT 1 of 1903 Page 3

c i e
THE BANKRUPTCY CODE AMENDMENT ACT 1903

Index Section Page

1 Short title .......................................................................................................................... 5
2 [Repealed] ........................................................................................................................ 5
3 Provisions as to proof of debts in sections 4 to 14 ...................................................... 5
4 Rights of secured creditors to prove for any balance due......................................... 5
5 Secured creditor surrendering his security may prove for whole debt .................. 5
6 Secured creditor neither realizing nor surrendering security must state in
proof particulars thereof ................................................................................................ 6
7 Trustee may redeem valued security ........................................................................... 6
8 Creditor may amend valuation of security in case of mistake, etc .......................... 6
9 Effect of re-valuation in case of surplus or decrease ................................................. 6
10 If security be realized after valuation or under section 7, the net amount
realized to be treated as amended valuation .............................................................. 7
11 Creditor not complying with above to be excluded from dividend ....................... 7
12 No creditor to receive more than 20 s in the £ ............................................................ 7
13 Creditor lodging proof entitled to see proofs of others ............................................. 7
14 Creditor proving debt to deduct trade discount ........................................................ 7
14A Formal proof of certain debts not required ................................................................. 7
15 [Substitutes section 10 of the Bankruptcy Code 1892.] .............................................. 8
16 [Substitutes sections 28 and 29 of the Bankruptcy Code 1892.] ............................... 8
17 [Amends section 43 of the Bankruptcy Code 1892.] .................................................. 8
18 [Amends section 36 of the Bankruptcy Code 1892.] .................................................. 8
19 [Repealed] ........................................................................................................................ 8
SCHEDULE 9

ENDNOTES 11

TABLE OF LEGISLATION HISTORY 11
TABLE OF RENUMBERED PROVISIONS 11
TABLE OF ENDNOTE REFERENCES 11

The Bankruptcy Code Amendment Act 1903 Section 1


c AT 1 of 1903 Page 5

c i e
THE BANKRUPTCY CODE AMENDMENT ACT 1903

Received Royal Assent: 20 May 1903
Promulgated: 6 July 1903
Commenced: 6 July 1903
AN ACT
to amend the Bankruptcy Code, 1892.
1 Short title

This Act may be cited as ‘The Bankruptcy Code Amendment Act, 1903’.
The Bankruptcy Code, 1892 (hereinafter called ‘the principal Act’), the
Bankruptcy Procedure Act, 1892, and this Act, may be cited together as ‘the
Bankruptcy Acts, 1892 to 1903’; and this Act, so far as is consistent with the
tenor thereof, shall be construed as one with the principal Act and the
Bankruptcy Procedure Act, 1892.
2 [Repealed]
1

3 Provisions as to proof of debts in sections 4 to 14

With respect to the proof of debts, the following provisions contained in
sections numbered 4 to 14 (both inclusive) of this Act, shall take effect, and shall
be deemed to form part of Part III of the principal Act.
4 Rights of secured creditors to prove for any balance due

If a secured creditor realizes his security he may prove for the balance due to
him, after deducting the net amount realized.
5 Secured creditor surrendering his security may prove for whole debt

If a secured creditor surrenders his security to the trustee for the general benefit
of the creditors, he may prove for his whole debt.
Section 6 The Bankruptcy Code Amendment Act 1903


Page 6 AT 1 of 1903 c

6 Secured creditor neither realizing nor surrendering security must state

in proof particulars thereof

If a secured creditor does not either realize or surrender his security, he shall,
before ranking for dividend, state in his proof the particulars of his security, the
date when it was given, and the value at which he assesses it, and shall be
entitled to receive a dividend only in respect of the balance due to him after
deducting the value so assessed.
7 Trustee may redeem valued security

(a) Where a security is valued the trustee may at any time redeem it
on payment to the creditor of the assessed value.
Trustee if dissatisfied as to value of security may require sale of property
comprised therein
(b) If the trustee is dissatisfied with the value at which a security is
assessed, he may require that the property comprised in any
security so valued be offered for sale at such times and on such
terms and conditions as may be agreed on between the creditor
and the trustee, or as, in default of such agreement, the court may
direct. If the sale be by public auction the creditor, or the trustee
on behalf of the estate, may bid or purchase:
Provision as to creditor’s option to redeem or sell security
(c) Provided that the creditor may, at any time, by notice in writing,
require the trustee to elect whether he will or will not exercise his
power of redeeming the security or requiring it to be realized, and
if the trustee does not, within six months after receiving the
notice, signify in writing to the creditor his election to exercise the
power, he shall not be entitled to exercise it; and any estate, right,
title, or interest comprised in the security which is vested in the
trustee, shall vest in the creditor, and the amount of his debt shall
be reduced by the amount at which the security has been valued.
8 Creditor may amend valuation of security in case of mistake, etc

Where a creditor has so valued his security, he may at any time amend the
valuation and proof on showing to the satisfaction of the trustee, or the court,
that the valuation and proof were made bona fide on a mistaken estimate, or
that the security has diminished or increased in value since its previous
valuation; but every such amendment shall be made at the cost of the creditor,
and upon such terms as the court shall order, unless the trustee shall allow the
amendment without application to the court.
9 Effect of re-valuation in case of surplus or decrease

Where a valuation has been amended in accordance with the foregoing rule, the
creditor shall forthwith repay any surplus dividend which he may have
The Bankruptcy Code Amendment Act 1903 Section 10


c AT 1 of 1903 Page 7

received in excess of that to which he would have been entitled on the amended
valuation, or, as the case may be, shall be entitled to be paid out of any money
for the time being available for dividend any dividend or share of dividend
which he may have failed to receive by reason of the inaccuracy of the original
valuation, before the money is made applicable to the payment of any future
dividend, but he shall not be entitled to disturb the distribution of any dividend
declared before the date of the amendment.
10 If security be realized after valuation or under section 7, the net

amount realized to be treated as amended valuation

If a creditor after having valued his security, subsequently realizes it, or, if it is
realized under the provisions of section 7 of this Act, the net amount realized
shall be substituted for the amount of any valuation previously made by the
creditor, and shall be treated in all respects as an amended valuation made by
the creditor.
11 Creditor not complying with above to be excluded from dividend

If a secured creditor does not comply with the foregoing provisions he shall be
excluded from all share in any dividend.
12 No creditor to receive more than 20 s in the £

Subject to the provisions of section 7 of this Act, a creditor shall in no case
receive more than twenty shillings in the pound and interest as provided by the
principal Act.
13 Creditor lodging proof entitled to see proofs of others

Every creditor who has lodged a proof shall be entitled to see and examine the
proofs of other creditors at all reasonable times.
14 Creditor proving debt to deduct trade discount

A creditor proving his debt shall deduct therefrom all trade discounts, but he
shall not be compelled to deduct any discount, not exceeding five per centum
on the net amount of his claim, which he may have agreed to allow for payment
in cash.
14A Formal proof of certain debts not required

Formal proof of debts in respect of contributions payable under the Social
Security Act 1975, or of contributions or premiums payable under Part III of the
Social Security Act 1973 (as those Acts of Parliament have or, as the case may be,
had effect in the Isle of Man by virtue of an order under section 1 of the Social
Security Legislation (Application) Act 1974) to which priority is given by the
Section 15 The Bankruptcy Code Amendment Act 1903


Page 8 AT 1 of 1903 c

Preferential Payments Act 1908, shall not be required except in cases where it may
otherwise be provided by rules under the principal Act.2

15 [Substitutes section 10 of the Bankruptcy Code 1892.]

16 [Substitutes sections 28 and 29 of the Bankruptcy Code 1892.]

17 [Amends section 43 of the Bankruptcy Code 1892.]

18 [Amends section 36 of the Bankruptcy Code 1892.]

19 [Repealed]
3

The Bankruptcy Code Amendment Act 1903 Schedule



c AT 1 of 1903 Page 9

Schedule
4

The Bankruptcy Code Amendment Act 1903 Endnotes


c AT 1 of 1903 Page 11

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
S 2 repealed by Statute Law Revision Act 1983 Sch 2. 2
S 14A substituted by GC154/75. 3
S 19 repealed by High Court Act 1991 Sch 5. 4
Schedule repealed by Statute Law Revision Act 1983 Sch 2.