Insolvency Act.pdf - Intax Info

proportion to the amount of his claim;
(ii) where a creditor has withdrawn his claim he shall be liable to contribute in respect of
any deficiency only so far as is provided in section 50, and if a creditor has withdrawn
his claim within five days after the date of any resolution, he shall be deemed to have
withdrawn the claim before anything was done in pursuance of that resolution; and
(iii) where all the creditors who would have ranked upon the surplus of the free residue, if
there had been any, have withdrawn their claims and, after payment of their
contribution in terms of proviso (ii), there is still a deficiency, the remaining creditors
whose claims have been proved against the estate shall, notwithstanding the fact that
they would not have ranked upon the surplus of the free residue, if there had been any,
be liable to make good such deficiency, each in proportion to the amount of his claim.
(2) Whenever any creditor who is liable to contribute as aforesaid or under any such
supplementary account as is hereinafter provided for is in the opinion of the Master and of the
trustee unable to pay the contribution or if costs have been incurred in connection with the
recovery of any contribution and are in the opinion of the Master and of the trustee irrecoverable
by the trustee, the trustee may within six months after the confirmation of the account or after
the date when the amount of such costs has been ascertained or within such further period as
the Master may allow, frame a supplementary account-
(a) in the case of a creditor who is unable to pay the contribution, apportioning liability
(b)
therefor among the other creditors; or
in the case of costs so incurred and irrecoverable, apportioning liability therefor among
the creditors or among such of them as are able to pay.
(3) Any creditor contributing to the liability of a defaulting creditor shall be entitled to
recover the amount so contributed from that defaulting creditor.
(4) Sections 97, 98, 99, 100(2) and 101(1) shall apply in respect of such supplementary
account.
(5) The said supplementary account shall be lodged and due notice thereof published in
the Gazette within the six months aforesaid or within such further period as the Master may
have allowed.
PART VII
Trustee's Accounts (ss 93-105)
Form of Accounts (ss 93-96)
93. Liquidation account and plan of distribution
(1) The trustee of every insolvent estate shall, not later than six months after his
appointment, if the gross value of the estate is P500 or more, or in any other case not later than
three months after his appointment, frame and lay before the Master, a liquidation account and
a plan of distribution of the proceeds of property of the estate (if any) available for payment to
creditors, or if all realizable assets of the estate have been realized and brought to account and
the proceeds are insufficient to cover the costs of the sequestration mentioned in section 83, a
plan of contribution apportioning the liability for the deficiency among the creditors who are
liable to contribute.
(2) The liquidation account shall contain an accurate record of all moneys received and
of all moneys disbursed by the trustee otherwise than in the course of a business which he
carried on for the insolvent estate in question.
(3) The record of each such receipt and disbursement shall set forth the amount and
date thereof and sufficient particulars to explain its nature.
(4) The liquidation account shall be accompanied by the trustee's pass book and by
vouchers in support of the record of receipts and disbursements.
(5) If the trustee has carried on any business on behalf of the estate, he shall submit to
the Master, in addition to the liquidation account, a trading account containing the following data
and no others, namely-
Copyright Government of Botswana