Login : Advocate | Client
Home Post Your Case My Account Law College Law Library

Report No. 26

Clause 14

General.-This follows section 22 of the Provincial Act and sections 15(3), 33(1) and 33(2) of the Presidency Act. An attempt has, however, been made to re-draft the provision so as to deal separately with

(i) duty to produce accounts1, and

(ii) other duties.

As regards (i), again, the clause deals separately with (a) debtor's petition [following the provision in the Presidency Act, section 15(3)] and (b) creditor's petition. In the former case, the debtor should primarily be under a duty to produce accounts, failing which the petition may be dismissed as under the Presidency Act; in the latter case, the duty should be to produce accounts whenever required by the court, etc.2.

Duty to file lists of creditors, etc., should, in the case of debtor's petition, arise on admission of petition. Cf. section 15(3). Presidency Act. The other duties should arise only on adjudication, as in section 33, Presidency Act.

Necessary changes have been made.

Mention of "special manager" has been added as in the Presidency Act.

Sub-clauses (1) and (2).-Need no further comments.

Sub-clauses (3) and (4).-Need no further comments.

Sub-clause (5).-A provision requiring the insolvent to hand over his passport has been added. This does not appear in either of the existing Acts. But a recommendation to this effect has been made by the English Committee3, and such a provision might usefully be adopted.

1. As to fist of accounts, see clause 7.

2. Cf. Akhoy Chand v. Emp., AIR 1934 Cal 409 (410) (DB).

3. Committee on Bankruptcy Law Amendment, etc., (1957), Cmd. 221, p. 17, para. 47.

Insolvency Laws Back

Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
Powered and driven by Neosys Inc