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IRISH BANKRUPT AND INSOLVENT ACT 1857 - SECT 149

149. Any bankrupt, at any time after adjudication, may call a meeting of his
creditors (whereof and of the purport whereof ten days' notice shall be given
in the ... Gazette); and if the bankrupt or his friends shall make an offer of
composition, and three-fifths in number and value of the creditors assembled
at such meeting, or represented at such meeting by an agent authorized in
writing, shall agree to accept the same, ... the Court may, upon such
acceptance being testified in writing, and upon payment of such sum as
the Court shall direct, annul the adjudication of bankruptcy; and every
creditor of such bankrupt shall be bound to accept of such composition.

[It shall be lawful for the Court, in any case where such offer of composition
has been made and accepted and where the Court considers it desirable to do
so, to cause a special sitting of the Court to be held, whereof and of purport
whereof, ten days' notice shall be given in the ... Gazette, and the
resolution of three-fifths in number and value of the creditors at such
sitting to confirm, alter or annul the whole or any part of such acceptance of
the offer of composition shall be as valid as if it had been part of the
original acceptance; provided, however, that if one-third in number and value
of the creditors of such bankrupt do not attend such sitting the resolution
thereof shall not be valid unless the same is confirmed or approved by
the Court.]

© 1857 Crown Copyright

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