require 19. The insolvent shall forthwith deliver over to the Court and assignees all such documents, and shall at all times give to the assignees may court or to the assignees all such information and assistance information as may be required for the proper settlement of his affairs, and it shall be competent to the court, so long as proceedings are pending under this Ordinance, to summon and examine on oath as well the insolvent as all other persons from whom, in the opinion of the court, useful information may be obtained. order of 20. As soon as the vesting order shall have been made, Provisional the insolvent may apply to the court for an order protecting protection. him provisionally from arrest on account of any debt contracted before he was declared insolvent, and if in prison on account of any such debt, directing his release therefrom; and it shall be competent to the court to issue, and from time to time to revoke and re-issue such order, and to insert therein. such conditions or reservations as to the court shall seem fit: Provided always, that if it shall appear that such insolvent has Proviso as to contracted his debts without reasonable prospect of paying misconduct. them, or has been guilty of any fraudulent or dishonest transaction in respect of such debts, or has not made a full discovery of the state of his affairs, or has in any way endeavoured to defeat or delay his creditors, or has, within one year of his being declared insolvent, lost by any gaming or wagering the sum of ten pounds sterling in one day, or the sum of one hundred pounds sterling in all, or been proved before any competent court to have been guilty of any fraudulent conduct, the court shall delay the issue of the said order for a period not exceeding one year, and may in the meantime commit the insolvent to prison: Provided also, that nothing in Proviso as to this Ordinance contained shall relieve any person from his criminal liability to any criminal prosecution whatever, or to any action for assault, libel, slander, or criminal conversation, or to pay in full, or to be imprisoned for nonpayment of any fine, penalty or damages imposed by any court of justice on account of such prosecution or action. liability. allowance. 21. So long as any insolvent shall be kept in prison for Debtors any debt (not being such fine, penalty, or damages as afore- prison said), the assignees shall pay the usual debtors prison allowance, to be recouped by the prisoner or not, as the court shall order. 22. The court may order the assignees to pay to any Allowance to insolvent such a weekly or other periodical allowance as the insolvent. court may deem reasonable with reference to his circumstances and conduct: Provided always, that no distribution among Fraudulent disposition of property. Property in possession of insolvent. Property accruing after insolvency. Distribution property. the creditors or payment of expenses shall be lessened or deferred in order to keep a reserve for any such allowance for a longer period than three weeks in advance. 23. Any gift or other disposal of the insolvent's property made by him without adequate consideration while heavily indebted, and within six calendar months next before his being declared insolvent, shall be deemed primâ facie fraudulent, and may, for the purpose of paying creditors for value, but not otherwise, be declared void by the court, subject nevertheless to repayment in full of any value therefor received by such insolvent. 24. All property in the possession or disposal of the insolvent when the petition that he may be declared insolvent is presented to the court shall (subject to any bonâ fide liens or mortgages attaching thereupon) vest in the assignees or the trusts aforesaid, unless the true owner of such property shall satisfy the court that the same was not left in the possession or disposal of the insolvent with the object of increasing his credit or for any other fraudulent purpose. 25. If, after the date of the vesting order, the insolvent shall become entitled to any property, whether real or personal, and whether in possession or expectancy, the court may, on the application of the assignees, and subject to the provisions hereinafter contained, order that such property shall vest in the assignees, and thereupon the same property and all right thereto shall accordingly vest in the assignees in like manner as if the title of insolvent had accrued prior to the date of the original vesting order. 26. The assignees (unless otherwise ordered by the court) of insolvent's shall with all convenient speed convert into money or other available medium all property vested in them under the provisions of this Ordinance, and distribute the same among the creditors in proportion to their unsatisfied claims on the insolvent, subject nevertheless to the provisions following; that is to say: (1.) The assignees may pay to any clerks or servants of the insolvent so much salary or wages for a period not exceeding six months as may be due to them at the time of the declaration of insolvency. (2.) No creditor shall be entitled to share in such distribution in respect of any claim not comprised in the list or revised list before mentioned. (3.) No claim shall be inserted in such list or revised list which shall not arise from some obligation binding on the debtor before he was declared insolvent, nor any claim which by possibility may never accrue. (4.) Any future liability of the insolvent (being certain to accrue) shall be estimated by the court according to its present value at the time of the declaration of insolvency; in case from any subsequent circumstances the value of such liability shall be altered, the estimate may be revised, but not so as to affect any distribution of the insolvent's property already made. (5.) No claim shall be inserted in such list or revised list which shall have become payable six years before the debtor was declared insolvent, unless some proceeding for the recovery of the same shall have been pending in law or equity at the time of such declaration, or unless within the said six years the judgment or decree of some competent court shall have been obtained for satisfaction thereof, or some payment shall have been made by or on behalf of the insolvent in respect thereof, or of some account in which the same was an item. (6.) No creditor shall be entitled to share in such distribution, in respect of any debt, so far as the same was incurred by the insolvent without valuable consideration, until all the creditors for valuable consideration shall have been fully satisfied. (7.) Every creditor having a specific lien on any part of the insolvent's property shall be entitled to receive payment in full to the extent of the value of his security, and to claim rateably with other creditors for the balance. (8.) No creditor shall be entitled to share in any part of the claim of such creditors was inserted in the list or court. 27. Any person aggrieved by any act of the assignees may Appeal from apply to the court for redress, and the court may inquire into assignees to the case, and make such order thereupon as it may deem just: Provided always, that except in case of fraud or gross negligence, the assignees shall not be made personally liable in respect of any act done by them in bonâ fide performance of the duties imposed upon them by this Ordinance. 28. The court shall allow to the assignees out of the insol- Allowances to vent's assets all expenses properly incurred by them, and such assignees. Assignees to account. Order of absolute proarrest. Insolvent's certificate. further sum not exceeding seven per cent. on the property paid away by them, as to the court shall seem fit; and such allowance shall be the first charge on the property of the insolvent vested in the said assignees. 29. The assignees shall, within three calendar months of their appointment, furnish to the court a full and particular account in writing of the insolvent's assets and liabilities, and of their dealings in respect of the same, and the court may at any time in its discretion, or on the application of the insolvent or of any creditor, order the assignees to lodge such account as to the court shall seem fit, and every such account shall be verified by the oath or declaration of the assignees as the court shall direct, and shall be lodged in court, and the insolvent or any creditor shall be entitled, within court or office hours, upon payment to the clerk of the court or other officer of any fee to be fixed by any rule of court, to inspect such account, and the court may order the assignee to furnish any creditor with a copy of such account on payment of the proper expense of copying. 30. At any time after the first distribution of the insolvent's assets, the court may, on his application, issue an order protecting him absolutely from arrest, and from the date of any such order the person of the insolvent shall not be liable to arrest in these Settlements on account of any obligation contracted previous to the declaration of his insolvency. 31. Any insolvent may apply to the court for a certificate, and if such insolvent were a trader at the time of the declaration of his insolvency, the court may convene a meeting of the creditors to consider such application, and in case a majority comprising two-thirds in number and value of the creditors present at such meeting shall support such application, may issue such certificate, and if it shall appear to the court that the creditors named in the said list or revised list are satisfied in full, the court (whether such insolvent be a trader or not) may issue such certificate without convening such meeting as aforesaid, and on the issue of such certificate all right and property still remaining in the assignees of the insolvent's estate shall revest in the insolvent, and such certificate shall within these Settlements discharge all property whatever to which the insolvent may be or thereafter become entitled from all liability in respect of any obligation contracted previously to his insolvency, and no engagement intended to secure that such insolvent or his property shall continue liable in respect Proviso as to of any such obligation shall be enforceable at law: Provided time of certificate. always, that no such certificate shall be issued to any insolvent issuing within one year after the declaration of his insolvency; Pro- Proviso as to vided also, that the court may refuse to convene such meeting, refusal or delay of or may refuse or delay for such period as to the court may certificate. seem fit the issue of such certificate, in case the insolvent shall appear to have been guilty of fraud or misconduct in any matter relating to his insolvency, or shall during twelve months next before the declaration of his insolvency have lost by any sort of gaming or wagering the sum of twenty pounds sterling in any one day, or the sum of two hundred pounds sterling in the whole. insolvent. 32. Any insolvent who, with a view to defeat or delay Frauds by his creditors, shall be guilty of improperly absenting himself, of falsification, destruction, suppression, or abstraction of any documents, or of any other fraud, shall be punishable by imprisonment not exceeding three years, with or without hard labour; Provided always, that nothing herein contained shall relieve such insolvent from any punishment to which he would otherwise be liable by law. disobeying 33. Any insolvent or assignee wilfully disobeying any Committal for order of the court may be committed to prison by the court order. till he shall have obeyed such order. statements. 34. Any person wilfully making any false statement in False any oath, declaration, statement, or petition authorised or required by this Ordinance, shall be subjected to the pains and penalties of perjury. court. 35. The Supreme Court may from time to time frame, Rules of alter, and revoke rules for determining the fees to be taken in respect of proceedings under this Ordinance, and for all other matters requisite to give effect to the same, and such rules shall have the same force as if they were enacted herein; Provided always, that no such rule shall remain in force for more than three months, unless the same shall have been first confirmed by the Legislative Council. 36. This Ordinance shall be sufficiently described for all Short title." purposes by the title of "Gold Coast Insolvency Ordinance of 1858." taken before 37. And whereas certain proceedings have taken place in Proceedings the said Forts and Settlements and Protected Territories, the passing of according to the provisions of this Ordinance, previously to this Ordithe passing thereof, and it is expedient to confirm and give acc validity to the same: Be it therefore enacted by the authority with its pro nance, but in visions, confirmed. |