Insolvency Act.pdf - Intax Info

a trustee, or apply, at the cost of the estate, to the court, by petition to set aside the
sequestration, and the court may make such order thereon as it thinks fit.
Examination of the Insolvent (ss 55-57)
55. Insolvent to attend without notice first and second meetings of creditors
(1) The insolvent shall attend the first and second meetings of creditors and every
adjournment thereof unless he has previously obtained written permission from the presiding
officer to absent himself.
(2) He shall attend any other meeting, if required to do so by written notice from the
trustee.
(3) For the purpose of securing the attendance of the insolvent and any such person as
may be examined under section 56 at any meeting mentioned in this section, and for the
purpose of securing the production of any books or other documents at such meeting, the
presiding officer shall have all the powers vested in the court or a magistrate by section 133, for
the purpose of securing the attendance of a person duly summoned under section 131.
(4) The presiding officer may summon for examination under section 56 any person who
in his opinion may be able to afford any information as to the state of the affairs of the insolvent.
56. Examination of insolvent
(1) At any such meeting as is mentioned in section 55 the officer presiding, the trustee or
any creditor or an agent of any of them may examine, and take the evidence on oath of, the
insolvent, his wife (or her husband, as the case may be), any relative of the insolvent within the
fourth degree of consanguinity or affinity, any person who was, within the two years preceding
the sequestration of the estate, in the employment of the insolvent, any person who has during
that period or since the sequestration had any dealings whatsoever with the insolvent or taken
any part in any transactions affecting the insolvent or the insolvent's affairs, and any such
person who is referred to in section 55.
(4) on the matters specified in paragraphs (i), (ii) and (iii) of the proviso hereof:
Provided that the presiding officer may disallow any question which appears to be
irrelevant or which tends to prolong the examination unnecessarily, and shall disallow any
question falling outside matters described in this subsection-
(i) concerning all matters relating to the insolvent's trade dealings, or estate, wherever the
same may be situate or which may tend to disclose the existence of any assets, or any
secret alienation, or concealment of his estate, or any preference given by the
insolvent, or any other transaction which, under this Act, may be set aside by the
trustee;
(ii) concerning all books of account, entries, documents, papers, or vouchers, relating or
suspected of relating to the business of the insolvent or the administration of the
estate, whether or not the same have been produced at such examination;
(iii)
concerning the cause of the insolvency, the state of the insolvent's affairs, the nature
and condition of his employment or occupation, the amount of his income or profits
since the date of the sequestration order, the acquisition by him of any property or
rights to property since the date of the sequestration order, or his prospect of acquiring
any property in the future.
(2) The presiding officer shall cause the statement of any person giving evidence under
this section to be reduced to writing and to be read over to and signed by him, and shall certify
the same and annex it to the proceedings in the estate:
Provided that any statement by a person who may be required to give evidence under
this section which has been made to the trustee, and reduced to writing, may be read over to
that person when giving such evidence and if adhered to and signed by him shall be certified by
the presiding officer and annexed to the proceedings, and shall be deemed to be evidence
given under this section; and any such statement shall be admissible in evidence in any
proceedings instituted against the person making it.
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