Insolvency Act.pdf - Intax Info

79. Power to compound for debts due to the estate and to submit matters in dispute to
arbitration
(1) The trustee may (subject to the approval of the creditors where the debt exceeds
P100) agree to any offer of composition made to the insolvent estate by any debtor and take
any reasonable part of the debt in discharge of the whole or may give reasonable time, regard
being had to section 93.
(2) If specially authorized by a resolution of creditors, the trustee may submit to the
determination of arbitrators any dispute concerning the estate or any claim or demand upon the
estate, when the opposite party consents to arbitration.
(3) If specially authorized by a resolution of creditors, the trustee may compromise or
admit any claim or demand against the estate, including an unliquidated claim.
(4) When an unliquidated claim has been so compromised or admitted, or when it has
been settled by a judgment of a court, the same may be proved against the estate in the
manner set forth in section 43.
80. Continuance of pending legal proceedings by surviving or new trustee
(1) Whenever a trustee dies or is removed, no legal proceedings relative to the insolvent
estate shall lapse by reason of the death or removal.
(2) The court in which any such proceedings are pending may, upon receiving notice of
the death or removal, allow the name of the surviving or new trustee to be substituted in the
place of the former; and the proceedings shall continue as if the surviving or new trustee had
been a party to the same.
81. Remuneration of trustee or curator bonis
(1) Every trustee or curator bonis shall be entitled to a reasonable remuneration for his
services, to be taxed by the Master according to tariff B set out in the Second Schedule:
Provided that-
(i)
(ii)
the Master may, for good cause, reduce or increase his remuneration; and
the Master may disallow his remuneration either wholly or in part on account of any
failure or delay in the discharge of his duties.
(2) No person who employs, or is a fellow employee of, or is in the ordinary employment
of, the trustee shall be entitled to receive any remuneration out of the estate for services
rendered to the estate, and no trustee shall be entitled either by himself or by his partner to
receive out of the estate any remuneration for services rendered to the estate, except the
remuneration to which under this Act he is entitled as trustee.
PART VI
Application of Assets (ss 82-92)
Costs and Preferent Claims (ss 82-86)
82. Funeral expenses; deathbed expenses
(1) In priority to all other claims or charges against the estate under sequestration there
shall be paid out of the free residue of the estate, and if the free residue is insufficient, out of the
remaining assets in proportion to their value, in the order of preferences herein set forth-
(a)
(b)
the funeral expenses of the insolvent or, if they were incurred within three months prior
to the sequestration, the funeral expenses of his wife or minor child, but the amount
payable under this paragraph shall not exceed P50 in all;
the death-bed expenses of the insolvent, or, if they were incurred within the three
months prior to the sequestration, the death-bed expenses of his wife or minor child,
but the amount payable under this paragraph shall not exceed P50 in all.
(2) Death-bed expenses shall include medical attendances, nursing, drugs and medical
necessaries, which shall rank pari passu.
83. Costs of sequestration
(1) Subject to section 82, there shall be paid out of the free residue of the estate, in
priority to all claims, the costs of sequestration with the exception of those specified in section
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