BANKRUPTCY AMENDMENT ACT (NORTHERN IRELAND) 1929 - SECT 30 Short title, construction, and citation.

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BANKRUPTCY AMENDMENT ACT (NORTHERN IRELAND) 1929 - SECT 30

Short title, construction, and citation.

30.(1) This Act may be cited as the Bankruptcy Amendment Act (Northern
Ireland), 1929.

(2) This Act shall be construed as one with the Act of 1857, the Act of 1872,
and the Act of 1889, and those Acts and this Act may be cited together as the
Bankruptcy Acts (Northern Ireland), 1857 to 1929.1. If a secured creditor
realises his security, he may prove for the balance due to him, after
deducting the net amount realised.

2. If a secured creditor surrenders his security to the [assignees] or trustee
for the general benefit of the creditors, he may prove for his whole debt.

3. If a secured creditor does not either realise 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.

4.(a) Where a security is so valued the official assignee or trustee may at
any time redeem it on payment to the creditor of the assessed value.

(b) If the official assignee or 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 official assignee
or trustee, or as, in default of such agreement, the court may direct. If the
sale be by public auction the creditor, or the official assignee or trustee on
behalf of the estate, may bid or purchase.

(c) Provided that the creditor may at any time, by notice in writing, require
the official assignee or trustee to elect whether he will or will not exercise
his power of redeeming the security or requiring it to be realised, and if the
official assignee or 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 the equity of redemption, or any
other interest in the property comprised in the security which is vested in
the official assignee or 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.

5. 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 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.

6. Where a valuation has been amended in accordance with the foregoing rule,
the creditor shall forthwith repay any surplus dividend which he may have
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 that 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.

7. If a creditor after having valued his security subsequently realises it, or
if it is realised under the provisions of rule 4, the net amount realised
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.

8. If a secured creditor does not comply with the foregoing rules he shall be
excluded from all share in any dividend.

9. Subject to the provisions of rule 4, a creditor shall in no case receive
more than [#1] in the pound, and interest, where the creditor is entitled to
prove for interest.

Second Schedule rep. by SLR (NI) 1952

"(7) If on the administration of the estate of a deceased debtor any surplus
remains in the hands of the official assignee or trustee, after payment in
full of all the creditors of the deceased, with interest, and of the costs of
the proceedings under the petition for administration, the personal
representative of the deceased shall be entitled to that surplus.

(7A) The court may, on the application of the personal representative of a
deceased debtor, order that any surplus property of the deceased remaining in
the possession of, or vested in, or otherwise subject to the control of the
official assignee or trustee, shall vest in such person as the court may
appoint or, in default of any such appointment, revert to the personal
representative of the deceased for all the estate or interest therein of the
deceased on such terms and subject to such conditions, if any, as the court
may declare by order.

(7B) An order made in pursuance of sub-section (7A) shall for all purposes be
deemed to be a conveyance or assignment of property and may be registered
accordingly."

In section 28(1) in the definition of "Prescribed" for the words from "rules
of court" onwards substitute "bankruptcy rules"

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Northern Irish Legislation

BANKRUPTCY AMENDMENT ACT (NORTHERN IRELAND) 1929 - SECT 30