9911796707
TMI Blog1941 (12) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... es requiring them to prove their claim before the 30th April, 1941. The Official Liquidator contends that under rule 91 of the Rules the applicant is not entitled to have her claim admitted and unless the provisions of the said rule are satisfied, there is no provision by which her claim can be admitted. The said rule runs thus: "If any creditor fails, either owing to ignorance or want of notice, to file proof of his debt with the liquidator within the time specified in the advertisement referred to in rule 83 such creditor may apply to the Judge or Registrar for relief and the Judge or Registrar, may, upon such terms as he thinks just, adjudicate upon such debt himself or direct the liquidator to do so and make such other orders as he sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e English Bankruptcy Act is that enacted in Section 65 which runs thus: "Any creditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid out of any money for the time being in the hands of the trustee any dividend or dividends he may have failed to receive, before that money is applied to the payment of any future dividend or dividends, but he shall not be entitled to disturb the distribution of any dividend declared before his debt was proved by reason that he has not participated therein". ( Vide p. 377 of Williams' Bankruptcy Practice, 14th Edition.) It is the same principle that is now being followed in the administration of insolvents' estates under the Presidency Towns Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n only claim a proportionate share in such assets as may remain undistributed at the time when he proves his claim and without disturbing any distribution made before such proof". In In re General Rolling Stock Company [1872] 7 Ch. A. 646, at 649 , Mellish, L.J., explains' thus the principle that should be observed in these cases: "The Legislature intended us to follow the analogy of other cases where the assets of a debtor are to be divided amongst his creditors, whether in bankruptcy or insolvency, or under a trust for creditors, or under a decree of the Court of Chancery in an administration suit. In these cases the rule is that everybody who had a subsisting claim at the time of the adjudication, the insolvency, the creation of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
