BANKRUPTCY (IRELAND) AMENDMENT ACT 1872 - SECT 89 Order for winding up by trustee, and appointment of same.

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BANKRUPTCY (IRELAND) AMENDMENT ACT 1872 - SECT 89

Order for winding up by trustee, and appointment of same.

89. The general meeting of creditors to be summoned as aforesaid by the Court,
and in this Act referred to as the first meeting of creditors, shall be held
in the prescribed manner and subject to the prescribed regulations as to the
quorum, adjournment of meeting, and all other matters relating to the conduct
of the meeting or the proceedings thereat.

Provided that

(1)The meeting shall be presided over by one of the registrars of the court,
or, in the event of his being unable to attend through illness or any
unavoidable cause, or, if the Court shall so direct, by such chairman as the
meeting may elect:

(2)A person shall not be entitled to vote as a creditor unless at or
previously to the meeting he has in the prescribed manner proved a debt
provable under the bankruptcy to be due to him:

(3)A creditor shall not vote at the said meeting in respect of any
unliquidated or contingent debt, or any debt the value of which is not
ascertained:

(4)A secured creditor shall, for the purpose of voting, be deemed to be a
creditor only in respect of the balance (if any) due to him after deducting
the value of his security; and the amount of such balance shall, until the
security be realised, be determined in the prescribed manner. He may, however
at or previously to the meeting of creditors, [surrender] his security, and
thereupon he shall rank as a creditor in respect of the whole sum due to him.
[If he votes in respect of his whole debt he shall be deemed to have
surrendered his security unless the Court on application is satisfied that the
omission to value the security has arisen from inadvertence:]

(5)Votes may be given either personally or by proxy:

(6)An ordinary resolution shall be decided by a majority in value of the
creditors present personally or by proxy at the meeting and voting of such
resolution:

(7)A special resolution shall be decided by a majority in number, and three
fourths in value, of the creditors present personally or by proxy at the
meeting and voting on such resolution.

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Northern Irish Legislation

BANKRUPTCY (IRELAND) AMENDMENT ACT 1872 - SECT 89