Insolvency Act.pdf - Intax Info

proved or to be proved in the estate.
(2) An insolvent who is not entitled to apply to the court under subsection (1) and who
has previously given to the Master and to the trustee in writing and by advertisement in the
Gazette not less than six weeks' notice of his intention to apply for his rehabilitation may so
apply-
(a) after 12 months have elapsed from the confirmation of any liquidation and distribution
account in his estate, unless he falls within the provisions of paragraph (b) or (c);
(b) after three years have elapsed from the confirmation of such account if his estate has
either under this Act or a prior written law been sequestrated prior to the sequestration
to which he desires to put an end and if he does not fall within the provisions of
paragraph (c); or
(c)
after five years have elapsed from the date of his conviction of any fraudulent act in
relation to his existing or any previous insolvency or of any offence under section 137,
138 or 139 or any other corresponding provision of a prior written law.
(3) An insolvent in whose estate no claim has been proved and no trustee has been
appointed may apply for his rehabilitation after six months have elapsed from the date of
sequestration:
Provided that he has previously given to the Master and his creditors in writing and by
advertisement in the Gazette not less than six weeks' notice of his intention to make the
application.
(4) A trustee receiving the notice mentioned in subsection (2) shall report to the Master
any facts which in his opinion would justify the court in refusing, suspending or qualifying an
order for the insolvent's rehabilitation.
110. Security to be furnished prior to application for rehabilitation
Not less than three weeks before making any such application as is mentioned in section
109, the insolvent shall furnish to the Registrar security, to the amount or value of P50, for the
payment of costs of any person who may appear to oppose the rehabilitation and be awarded
costs by the court.
111. Facts to be averred by insolvent on application for rehabilitation
(1) Every insolvent making an application for the rehabilitation of his estate shall make
and submit an affidavit that he has made a full and fair surrender of his estate and has not
granted or promised any preference or security or made or promised any payment or entered
into any secret or collusive agreement with intent to induce his trustee or any creditor not to
oppose his rehabilitation.
(2) Such affidavit shall include a statement of his assets and liabilities and of his
earnings at the date of application.
(3) Information shall also be laid before the court as to what dividend was paid to his
creditors, what further assets are available for realization and the estimated value thereof, the
total amount of all claims proved against the estate, and the total amount of his liabilities at the
date of the sequestration of the estate.
(4) Where application is pursuant to section 109(1) the insolvent shall set out the
particulars of the offer of composition and shall state whether there are or are not any other
creditors whose claims have not been proved in the estate and if there are shall state their
names and addresses and particulars of their claims.
112. Opposition to or refusal by court of rehabilitation
(1) Upon the day fixed for the hearing of any such application the Master shall report
thereon to the court and the trustee or any of the creditors or other persons interested in the
estate may appear in person or by counsel to oppose the grant of the application.
(2) Whether the application be opposed or not, the court may refuse to grant an order of
rehabilitation and may suspend the grant of the same or may attach such conditions thereto as
it may think fit and may order the applicant to pay the costs of any opposition thereto if it is
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