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Section 59 – The Provincial Insolvency Act,1920

The Provincial Insolvency Act,1920

Section 59. Duties and powers of receiver

Subject to the provisions of this Act, the receiver shall, with all convenient speed, realize the property of the debtor and distribute dividends among the creditors entitled thereto, and for that purpose may-

(a) Sell all or any part of the property of the insolvent;

(b) Give receipts for any money received by him; and may by leave of the Court, do all or any of the following things, namely;

(c) Carry on the business of the insolvent so fir as may be necessary for the beneficial winding up of the same;

(d) Institute, defend or continue any suit or other legal proceeding relating to the property of the insolvent;

(e) Employ a pleader or other agent to take any proceedings or do any business which may be sanctioned by the Court;

(f) Accept at the consideration for the sale of any property of the insolvent a sum of money payable at a future time subject to such stipulations as to security and otherwise as the Court thinks fit;

(g) Mortgage or pledge any part of the property of the insolvent for the purpose of raising money for the payment of his debts;

(h) Refer any dispute to arbitration, and compromise all debts, claims and liabilities, on such terms as may be agreed upon; and

(i) Divide in its existing form amongst the creditors, according to its estimated value any property which, from its peculiar nature or other special circumstances, cannot readily or advantageously be sold.

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The Provincial Insolvency Act,1920

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