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IRISH BANKRUPT AND INSOLVENT ACT 1857 - SECT 262

Proving debt to be an election not to proceed by action, &c.

262. No creditor who has instituted any suit against any bankrupt ... in
respect of a demand prior to the bankruptcy ..., or which might have been
proved or admitted as a debt under the bankruptcy ..., shall prove or be
admitted as a creditor under such bankruptcy ..., or have any claim entered
upon the proceedings, without relinquishing such suit; and the proving or
claiming a debt under any bankruptcy ... by any creditor shall be deemed an
election by such creditor to take the benefit of such bankruptcy ... with
respect to the debt so proved or claimed: Provided that such creditor shall
not be liable to the payment to such bankrupt ... or his assignees of the
costs of such suit so relinquished; and that where any such creditor shall
have instituted any suit against such bankrupt ..., jointly with any other
person, his relinquishing such suit against the bankrupt ... shall not affect
such suit against such other person: Provided also, that any creditor who
shall have so proved or claimed, if the petition of bankruptcy ... be
afterwards superseded or dismissed, may proceed in the suit as if he had not
so proved or claimed.[

© 1857 Crown Copyright

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