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BANKRUPTCY (IRELAND) AMENDMENT ACT 1872 - SECT 101

Power of trustee to accept composition or general scheme of arrangement.

101. The trustee may, with the sanction of the committee of inspection, do all
or any of the following things.

(1)Mortgage or pledge any part of the property of the bankrupt for the purpose
of raising money for the payment of his debts:

(2)Refer any dispute to arbitration, compromise all debts, claims, and
liabilities, whether present or future, certain or contingent, liquidated or
unliquidated subsisting or supposed to subsist between the bankrupt and any
debtor or person who may have incurred any liability to the bankrupt upon the
receipt of such sums, payable at such times, and generally upon such terms as
may be agreed upon:

(3)Make such compromise or other arrangement as may be thought expedient with
creditors or persons claiming to be creditors in respect of any debts provable
under the bankruptcy:

(4)Make such compromise or other arrangement as may be thought expedient with
respect to any claim arising out of or incidental to the property of the
bankrupt, made or capable of being made on the trustee by any person or by the
trustee on any person:

(5)... divide in its existing form amongst the creditors, according to its
estimated value, any property which from its peculiar nature or other special
circumstances cannot advantageously be realised by sale.

The sanction given for the purposes of this section may be a general
permission to do all or any of the above-mentioned things or a permission to
do all or any of them in any specified case or cases.

© 1872 Crown Copyright

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