Insolvency Act.pdf - Intax Info

(3) On demand the creditor shall deliver the property to the trustee:
Provided that no person shall be entitled to any preference by virtue of the retention of
any books of account belonging to the insolvent or having reference to his business affairs.
47. Proof of conditional claim
A creditor whose claim is dependent on a condition may prove that claim in the manner
set forth in section 43 subject to the following provisions-
(a) if the condition is of such a nature that it will be fulfilled, if at all, within a year of the
sequestration, that creditor may prove his claim, but may not vote in respect thereof;
and any dividend awarded on such a claim shall be paid by the trustee to the Master,
who shall pay the same to the creditor, if the condition has been fulfilled, and otherwise
(b)
shall return the same to the trustee for distribution among the other creditors;
if the condition is not such as is described in paragraph (a), the creditor may call upon
the trustee to place a value upon the claim and the trustee shall lay before the
presiding officer a certificate of his valuation of the claim with the reasons therefor, and
the presiding officer shall admit that claim to proof at such value as he may determine
or may reject the same:
Provided that when the condition has been fulfilled, the creditor may prove his claim as if
it had been unconditional.
48. Provisions in case of simultaneous sequestration of partnership estate and estate
of a partner
When the estate of a partnership and the estate of a partner are under sequestration
simultaneously, the creditors of the partnership shall not be entitled to prove claims against the
estate of the partner nor the creditors of the partner against the estate of the partnership; but the
trustee of the partnership shall be entitled to any balance of the partner's estate that may remain
over after satisfying the claims of the creditors of the partner's estate in so far as the same is
required to pay the partnership's debts and the trustee of the partner shall be entitled to any
balance of the partnership's estate that may remain over after satisfying the creditors of the
partnership estate, so far as that partner would have been entitled thereto, if he had not been
insolvent.
49. Mode in which claims to be made up
(1) When a debt due by the insolvent was payable before the sequestration and interest
was payable thereon, the claim shall consist of the principal sum with arrears of interest to the
date of sequestration added thereto.
(2) When a debt which was owing by the insolvent before the sequestration is payable
after the sequestration, the claim shall consist of the amount of that debt with a rebate at the
rate of six per cent per annum from the due date to the date of sequestration.
50. Withdrawal of claim and conditions thereof
Every claim which has been proved against an estate may be withdrawn by letters
addressed to the Master and to the trustee and the latter shall in writing notify the other creditors
of the withdrawal:
Provided that-
(i)
(ii)
the creditor so withdrawing his claim shall remain liable for his pro rata share to the
date of the receipt of the withdrawal by the trustee of costs of sequestration and of
such other costs as the trustee is entitled to incur without the authority of a resolution of
creditors or has already incurred in pursuance of such a resolution; and
a creditor so withdrawing shall not be entitled, if he proves again, to share in the
distribution of the estate until all the other creditors have been paid in full.
Voting at Meetings: Recording Resolutions (ss 51-52)
51. Right to vote and reckoning of votes
(1) Except as provided in this section and in section 47, every creditor shall be entitled to
vote at any meeting of creditors as soon as his claim has been proved against the estate.
Copyright Government of Botswana