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BANKRUPTCY AMENDMENT ACT (NORTHERN IRELAND) 1929 - SECT 5

5.(1) Sections three hundred and forty-six and three hundred and forty-seven
of the Act of 1857 shall cease to have effect and the following provisions
shall have effect in lieu thereof:

"At such sitting or at any adjournment thereof the creditors shall prove their
debts, [such proofs to be in all respects as proofs in bankruptcy]; and the
petitioning debtor shall attend [and make oath of the truth of the account
filed by him and may be examined thereon, and if at such sitting or at any
adjournment thereof three-fifths in number and value of the creditors who have
proved debts to the amount of ten pounds shall] assent to the proposal of such
petitioner or to any modification thereof, the terms thereof shall be reduced
into writing and the creditors shall sign the same; and such resolution or
agreement, subject to such confirmation as hereinafter mentioned, shall
thenceforth be binding and of full force as well against such petitioning
debtor as against all persons who were creditors at the date of [his
petition,] and who had notice of the said sitting; and the court, after
hearing such creditors by themselves, their counsel, or [attorneys,] as may
desire to be heard, either for or against such resolution or agreement, may
approve and confirm the same, and cause it to be filed and entered on record,
[and grant to the petitioner a certificate thereof.]"

Subs.(2) amends s.2(5) of 1890 c.24.

Secured creditors.

© 1929 Crown Copyright

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