Insolvency Act.pdf - Intax Info

proceedings to enforce that right within seven days after the trustee has given notice that he
disputes such right.
(2) The trustee shall not be obliged to restore that property, unless the seller refunds all
moneys received by him on account of the purchase price.
(3) A sale shall be deemed to be for cash, unless the seller has expressly or tacitly
agreed that any part of the purchase price shall not be claimable at the time of delivery of the
property sold.
(4) Except as aforesaid, no seller shall be entitled to redelivery or retransfer of any
property sold and delivered or transferred to the insolvent by reason only that the insolvent has
failed to make due payment of the purchase price.
(5) When property belonging to any person other than the insolvent is in the possession
of the insolvent at the time of the sequestration of his estate, that person shall give notice in
writing thereof to the legal representative of the estate within 14 days of the sequestration, and,
if he fails to do so, shall lose all right to recover that property, if the same has in good faith been
sold as part of the insolvent's estate, but shall be entitled to recover the net proceeds of that
property from the trustee.
37. Leases
(1) No lease entered into by the insolvent as lessee shall be terminated merely by
reason of the sequestration of his estate but the trustee may determine the same by notice in
writing to the lessor, subject to a concurrent claim by the lessor against the estate for any
damages he may have sustained by reason of the non-performance of the terms of such lease.
(2) If the trustee does not within three months of his appointment notify the lessor that he
is prepared to continue the lease on behalf of the estate, he shall be deemed to have
determined the lease at the end of such three months.
(3) The rent due under any lease so determined, from the date of the sequestration of
the estate of the lessee to the determination or the sale thereof by the trustee, shall be included
in the costs of administration.
(4) The fact that a lease has been determined by the trustee shall deprive him of any
right to compensation for improvements made during the period of that lease.
38. Effect of sequestration on apprenticeship agreements
(1) The sequestration of an estate shall be a complete discharge of the indenture of
apprenticeship or articles of agreement of any person then apprenticed or articled to the
insolvent if that person gives notice in writing to the trustee to that effect.
(2) Upon application made by that person the trustee may consent to his proving a
concurrent claim against the estate for such of any money paid by him or for him to the insolvent
as a fee as the trustee, subject to an appeal to the court, thinks reasonable, regard being had to
the amount of the fee, the unexpired term of the indenture or articles, and the other
circumstances of the case.
PART IV
Meetings of Creditors (ss 39-57)
Meetings: How Convened and When (ss 39-42)
39. Time and place of meetings of creditors
(1) Whenever the Master appoints any meeting of creditors under this Part, he shall
appoint it to be held at such time and place as appears to him to be most convenient for all
parties concerned and may, if necessary, alter the time and place of any such meeting:
Provided that notice of the alteration shall be given in the Gazette.
(2) All meetings of creditors held in the South East District shall be presided over by the
Master, and such meetings of creditors as are held in any other district shall be held in
accordance with the direction of the Master and presided over by a magistrate of the district, or
by an officer holding the rank of chief or principal clerk appointed by him for that purpose. (3)
Every such magistrate or other officer shall certify the proceedings and transmit the same to the
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