Insolvency 1876 (SA)

ANNO TRICESIMO NON0 ET QUADRAGESIMO

A.D. 1876.

No. 54.

An Act to amend the Insoluen t Further Amendment Act, 187'0."

[Assented to, 17th November, 1876.1

THEREAS it is expedient to amend the Insolvent Further heamble.

'F Governor of the Province of South Australia, by and with the advice Amendment Act, 1870"-Be it therefore Enacted by the

and cousent of the Legislat'ive Council and House of Assembly of

the said Province, in Parliament assembled, as follows:

1. Except so far as the same are hereby repealed, and except so Incorporation.

far as the same are incona:Lstent herewith or altered hereby, " The Insolvent Act, 1860," '' The Insolvent Amendment Act, 1867," and the Insolvent Further Amendment Act, 1870," shall be incor- porated herewith, and read and construed together as forming one Act.

debtor, and to take effect under Division v ~. of L' The Insolvent Act, 1860," shall be null and void by reason of non-compliance with all or any of the provisions of the said Acts or either of them; but such deed

2. So much of section 4 of the " Insolvent Further Amendment .Act, 1870" as repeals section 34 of The Insolvent Act, 1860," and section 9 of the said the " Insolvent Further Amendment Act, 1870," are hereby repealed, and the said section 34 of the said

The Insolvent Act, 1860," is hereby revived.

3. Notwithstanding anything contained in the said " Insolvent needg under Divis;on

Further Amendment Act, 1870," no deed for the benefit of creditors ~; ; f l ~ $ ~ t ~; ~

made and executed, or purporting to be made and executed by a voidable but not void.

39' & 40' VICTORIA$ No. 54.

h s o Zvent Purther Amendment Act. --l 876.

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deed may for any such non-compliance be declared fraudulent and void as against the assignees in insolvency upon an application to the Court of Insolvency under section 175 of the said The Insolvent Act, 1860."

major it^ of c m ~ ~ r g 4. In computi~ the requisite majority of

how computed.

creditors of any debtor

executing any sue f deed, no creditor who is not resident in the said Province, or who has not resident therein a known duly authorized

agent, shall be reckoned either in number or value until aftcr the expiration of eix calendar months from the date of the execution of any such deed.

courtnotboundby

5. I n considering any application to declare any such deed fraudulent and void, or in considering any application under the next succeeding section, the Court of lns~hency shall not make any such declaration or abstain from granting any such certificate merely because all or any of the declarations required to be made by the debtor or: by the creditors of the debtor under the said

tecucdobjections

'' Insolvent Further Amendmerlt Act, 1870," do not contain all

the particulars required by the said ,4ct, if thc Court shall be of opinion that any omission or irregularity in any such declaration was not wilful and material.

Trustees may obtain

6. The trustees of any such deed may at ally time apply to the trustees shall eive at least nine d a d notice to the creditors of thc debtor whom names appear in the ~ched.ulc to the deed, by the like means and in like manner as is required to be given by the Official Assignee before the last examination of an insolvent; and at such rneethg the C0ur.t shall proceed to inquire whether such deed has been duly made and executed under thc provisions of Division VI. of The Insolvent Act, 1860," and has been duly signed or assentcd to by three-fourths in value and one-half in number of such creditors; and whether the provisions of The Insolvent Act, 1860," and of the " Insolvent Further Amendment Act, 1870," as amended by

cerhloate from Court

Court of Insolvency to appoint a meeting, of which mceting the

of~nBolvencp	that
deed ie valid.

plied with ; and if at such meeting the Court finds such deed duly this Act and affecting the validity of the said deed have been corn-	executed and assented to, the Court shall thereupon grant a certificate
in the form contained in Schedule A to this Act, and such certificate shdl thereafter in all Courts be conclusive evidence of the due execution and validity of the said deed.

Trustees entitled to 7. Upon production of the ccrtificatc in the last clause mentioned

be regsi.terea ' pro- the trukees bf any such deed shall be entitlcd to be registered as

prietors of land under

" ~ e a l Property A C ~, proprietors of any land or any estate or interest therein the

1861." property of the debtor, which may be under the prat~isions of the

Real Property Act, 1861," on the said trustees producing, and, if

necessary, s ~ e n d e r i n g the certificate of title of any such land, or

any estate ar interest therein.

commieaion payable 8. The trustees of shy such deed may take and. retaii.1 fot their

to trustees, how fixed. own

-

own use, out of the moneys which may come to their hands, as a remuneration for their care and trouble in and about the execution of the trusts thereof, such a edm of money or percentage as may be fixed by such deed in that behalf, or if not fixed, as may be allowed by the Commissioner of Insolvency: Provided that where the amount is fixed by the deed, such amount shall be approved by the Commissioner of Insolvency.

9. This Act shall be considered retrospective, and shall be held to Actretroa~ective~ oxcopt in certain

apply to all deeds purporting or expressed to be made in pursuance c,,e,.

of Division VI., of 'L The Insolvent Act, 1860," executed bdore the

pa'ssing hereof, e%cept deeds as to the validity of which 'tldicial

proceedings may have been heretofore taken, and except deeds a

respect of which any such proceedings may be taken before the

thirtpfirst day of Decembek, one thousand eight hundred and

seventy-six.

In the name and on behalf of Her Majesty, I hereby

assent to this Bill.

A. MUSGRAVE, Governor.

39' & 40' VICTORIiS, No, 54.

#%

IrnsoZvent Further Amendment Act,-1 876.

SCHEDULE A,

In the matter of the Deed of Arrangement of of

in the said Province.

A t the Local Court House, Victoria-square, Adelaide, the day of

18

WHEREAS, by deed dated the day of 18

the above-named debtor, conveyed and aseigned all his estate

and effects to trustees for the benefit of his creditors: And whereas this Court sat this day to inquire whether such deed was duly made and executed under the provisions of Llivision VI. of b b The Insolvent Act, 1860," and wss duly signed or assented to by three-fourths in value and one-half in number of the creditors of the said debtor, and whether the provisions of The Insolvent Act, 1860," and " The Insolvent Further Amendment Act, 1870," affecting the vahdity of the said dced, have been complied with: This Court 60th find that the said deed was duly made and executed, and was duly assented to by three-fourths in value and a ne-half in numher of the creditors of the said, and that all the provisions of the said recited Acts, a s amended by An Act to amend thc ' Insolvent Further Amendment Act, 1870,' '' affecting the validity of the said deed have been duly complied with.

By the Court,

(L.s.) C. D.,

Commissioner.

Adelaide: By authority, W. C. Cox, Government Printer, North-tenace,