Bankruptcy Act 1988

Offer of composition.

( cf. 1857, ss. 149, 150 in pt.; 1872, s. 61)

39

39. F26 [ (1) Where a stay on the realisation of the estate of the bankrupt has been granted under section 38 or where the Official Assignee has otherwise consented in writing to suspend the realisation of the bankrupt s estate on such terms as he may specify in such consent, the bankrupt shall call a meeting of his creditors before the Court for the purpose of making an offer of composition to them. ]

(2) At least ten days before the meeting a notice of the meeting specifying the precise offer of composition to be made shall be inserted in Iris Oifigiúil and shall also be sent by post to each creditor at his last known address.

(3) If an offer of composition is made by or on behalf of the bankrupt and three-fifths in number and value of the creditors voting at the meeting, either in person or by an agent authorised in writing in that behalf, accept the offer or any modification of it, it shall be deemed to be accepted, and when approved by the Court shall be binding on all creditors of the bankrupt.

F26 [ (4) A creditor whose debt is less than 500 shall not be entitled to vote. ]

(5) If for any reason the bankrupt has not filed a statement of his affairs as required by section 19 (c) , he shall do so at or before the meeting.

(6) Debts may be proved at the meeting.

Annotations:

Amendments:

F26

Substituted (3.12.2013) by Personal Insolvency Act 2012 (44/2012), s. 149, S.I. No. 462 of 2013.

Editorial Notes:

E14

Previous affecting provision: subs. (4) amended (1.01.2002) by Bankruptcy Act 1988 (Alteration of Monetary Limits) Order 2001 (S.I. No. 595 of 2001), art. 2 and sch., in effect as per art. 2; substituted as per F-note above.