Insolvency Act.pdf - Intax Info

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(6) The Master, whenever it appears to him to be desirable, may appoint a person not
disqualified from holding the office of trustee, to be co-trustee with the trustee or trustees of any
estate under sequestration.
(7) When so appointed all the provisions of this Act conferring powers and rights or
imposing duties and obligations on a trustee shall apply to such co-trustee.
(8) In the event of any difference arising between such a co-trustee and the other trustee
or trustees as to the administration of the estate, the Master may, if the difference is referred to
him, determine the matter.
(9) The Master may similarly determine any difference arising between any trustees.
Duties and Powers of Trustees in the Liquidation of the Estate (ss 66-81)
66. Opening of banking account and books
(1) The trustee shall open an account in the name of the estate with a bank, and shall
deposit to the credit of the estate from time to time all sums received by him on behalf of the
estate.
(2) All cheques or orders which may be drawn upon that account shall contain the name
of the payee and the cause of payment and shall be drawn to order and signed by every trustee
of the estate or by his duly authorized agent.
(3) Immediately after his appointment the trustee shall open a book wherein he shall
enter from time to time a statement of all moneys, goods, books, accounts and other documents
received by him on behalf of the estate.
(4) The Master may at any time in writing order the trustee to produce the said book for
inspection, and every creditor who has proved his claim against the estate and, if the Master so
orders, every person claiming to be a creditor may inspect the said book at all reasonable times.
(5) Within 14 days after his appointment the trustee shall give the Master notice in
writing of the bank and branch thereof with which the said account has been or will be opened,
and shall not, without the written permission of the Master, remove that account from that
branch.
(6) The Master and any surety for the trustee, or any inspector appointed by such surety,
shall, at all times, be entitled to the same right to information in regard to that account as the
trustee himself possesses, and to inspect and examine all vouchers in relation thereto, whether
in the hands of the bank or of a trustee.
(7) The Master may, after notice to the trustee, direct at any time, by letter addressed to
the manager of the said branch of the bank, that the trustee shall not be permitted to operate on
the said account and that the said manager shall pay over the balance thereof to him; and the
said manager shall carry out any such direction.
67. Retention of moneys or employment of assets by trustees
(1) Every trustee who, without good and lawful cause, retains any money belonging to
the estate exceeding P40, or knowingly permits his co-trustees to retain such sum of money
longer than the earliest day after its receipt on which it is possible for him or his co-trustee to
pay that money into the bank, or who uses or knowingly permits his co-trustee to use any assets
of the estate except for the benefit of the estate, shall, in addition to any other penalty to which
he may be liable, be liable to pay into the estate an amount not exceeding double the amount so
retained or double the value of the assets so used.
(2) The amount which the trustee is so liable to pay may be deducted out of any claim
that the said trustee may have against the said estate or may be recovered by action in any
competent court at the instance of his co-trustee, the Master or any creditor.
(3) Every person who, being a trustee, himself becomes insolvent while indebted to the
insolvent estate as is specified in subsection (1), for any sum of money belonging to the estate,
shall be for ever incapable of holding the office of trustee, provisional trustee, liquidator, curator
dative, tutor dative, curator bonis, or executor dative.
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