Insolvency Act.pdf - Intax Info

Master as soon as the meeting is closed.
(4) If the magistrate has not presided at any meeting, the reason of his absence shall be
recorded in the minutes by the presiding officer.
(5) Every meeting of creditors may be adjourned by the officer presiding thereat for good
and sufficient reasons.
40. First and second meetings
(1) On the receipt of an order placing an estate finally under sequestration the Master
shall immediately convene a first meeting of creditors for the proof of claims and for the election
of a trustee.
(2) The Master shall give not less than 10 days' notice of the time and place of the first
meeting by advertisement in the Gazette.
(3) After the first meeting of creditors and the appointment of a trustee, the Master shall
appoint a second meeting for the proof of claims against the estate, and for the purpose of
receiving the trustee's report as to the affairs and condition of the estate, and of giving the
trustee directions concerning the sale or recovery of any part of the estate or concerning any
matter relating to the administration thereof.
(4) The trustee shall give, by advertisement in the Gazette, not less than 10 days' notice
of the second meeting and of the time and place thereof.
41. When further meetings to be called and notice of same
(1) The trustee may at any time and shall, whenever he is thereto required by the Master
or by creditors representing one-fourth in value of all the claims proved against the estate, call a
meeting of creditors (hereinafter called "a general meeting"), to receive directions concerning
the sale or recovery of any part of the estate or concerning any matter or question relating to the
administration thereof.
(2) At least 10 days' notice of the time and place of the meeting and of the matters or
questions to be submitted thereat shall be given by advertisement in the Gazette.
42. Special meetings
(1) At any time after the second meeting the trustee shall call a special meeting for the
proof of claims whenever he is thereto required by any person who at the time tenders to the
trustee all fees, costs, and expenses incidental to such a meeting.
(2) At least 10 days' notice of any special meeting and of the time and place thereof shall
be given by the trustee by advertisement in the Gazette.
Proof of Debts (ss 43-5)
43. Proof of liquidated claims
(1) Every claim against an estate, not being conditional or unliquidated, which was due
or the cause of which arose before the sequestration of the estate, may be proved by the
creditor or by any person authorized thereto at any time before the final distribution of the
estate.
(2) It shall be the duty of a trustee after examining the books of an insolvent to send
notices of the insolvency to any creditor whose name is on the books, who has not proved a
claim against the estate, in order to give him an opportunity to do so.
(3) Every such claim shall be proved at a meeting of creditors to the satisfaction of the
presiding officer who shall admit or reject the same.
(4) Every such claim shall be proved by affidavit as nearly as may be in the Form C or D
set out in the First Schedule and that affidavit may be made by the creditor or by any person
fully cognizant of the claim, who shall state in the affidavit his means of knowledge and shall set
forth, subject to section 78, the nature and particulars of the claim, whether the same was
acquired by cession or purchase after the institution of the proceedings by which the estate was
placed under sequestration, and if the creditor holds security therefor, the nature, particulars,
and value of that security.
(5) The vouchers and documents in support thereof and the affidavit or a copy thereof
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