Insolvency Act.pdf - Intax Info

(b)
(c)
an objection has been lodged and the account has been amended in accordance with
the direction of the Master and has again been open for inspection if necessary as
prescribed in section 98(3)(ii) and no application has been made to the court within the
prescribed time to set aside the Master's decision; or
an objection has been lodged but withdrawn or has not been sustained and the
objector has not applied to the court within the time prescribed in section 98,
the Master shall confirm the account and his confirmation shall have the effect of a final
sentence, except as against such persons as may be permitted by the court to re-open the
account before any dividend has been paid thereunder.
(2) On the application of the trustee the Master shall forthwith, after the second meeting
of creditors, fix a period or periods within which creditors shall prove their claims and, on the
expiry of any period so fixed, creditors who have not proved shall, without prejudice to the rights
of any mortgagee under the proviso to section 90(1), be excluded from the benefit of any
distribution under any account lodged with the Master before their claims are proved.
(3) The Master shall give directions to the trustee as to the publication of a notice fixing
such period or periods.
100. Distribution of estate and collection of contributions from creditors
(1) Immediately after the confirmation of any account the trustee shall proceed to
distribute the estate in accordance therewith or to collect from the creditors liable to contribute
thereunder the amounts for which they may be liable respectively.
(2) The trustee shall give notice of the confirmation of the account in the Gazette stating,
if it be the case, that a dividend is in the course of payment or, if it be the case, that a
contribution is in course of collection and that every creditor liable to contribute is required to
pay to the trustee the amount for which he is so liable.
(3) That notice shall specify fully the address at which the payment of the contribution is
to be made.
101. Trustee to produce acquittances for dividends or to pay over unpaid dividends
(1) The trustee shall without delay lodge with the Master the receipts for dividends and if
there is a contribution account the vouchers and acquittances necessary to complete the
account.
(2) If any such dividend remains unpaid for a period of three months after the
confirmation of the account the trustee shall immediately pay the same to the Master for the
account of the creditor.
(3) If the trustee, at the expiry of the said period of three months, has failed to furnish the
Master with a proper receipt for any dividend which has not been deposited as aforesaid, his
failure shall be prima facie evidence that such dividend is still in his hands and the Master may
institute proceedings against that trustee to answer for his default.
(4) The court at the hearing of those proceedings may order the trustee to pay by way of
penalty such sum not exceeding the amount of any dividend which has been unduly detained as
it may think fit.
102. Application to court for an order to pay dividend
If a trustee delays payment of any dividend, any creditor entitled thereto may, after
notice to the trustee, apply to the court for an order compelling the trustee to pay him that
dividend.
103. Surplus money to be paid to Master
(1) Immediately after the confirmation of the final account the trustee shall pay into the
hands of the Master any surplus moneys not required for payment of claims, charges and
interest.
(2) Those surplus moneys shall be held by the Master to the credit of the estate and
repaid to the insolvent after his rehabilitation upon his request.
(3) The Master or the insolvent may proceed by motion against any trustee who, being
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