Liquidation Act 1868
| Jurisdiction | UK Non-devolved |
| Citation | 1868 c. 68 |
Liquidation Act, 1868
(31 & 32 Vict.) C A P. LXVIII.
An Act to facilitate Liquidation in certain Cases of Bankruptcy Arrangement and Winding-up.
[31st July 1868]
B E it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, as follows:
Preliminary.
1 Short Title.
1. This Act may be cited as TheLiquidation Act, 1868.
2 Interpretation of Terms.
2. In this Act—
The Term ‘Arrangement’ means Arrangement, Conveyance, or Assignment by a Debtor, with or for the Benefit of his Creditors, by Deed registered under the Bankruptcy Act, 1861:
The Term ‘Deed’ includes any Instrument:
The Term ‘Winding-up’ means the Winding-up of a Company in any Manner under the Companies Act, 1862, and any Act amending the same:
The Term ‘Liquidators’ means Assignees in a Bankruptcy, Trustees, or Inspectors, or other Persons acting on behalf of a Debtor and his Creditors, under an Arrangement, or Official or other Liquidators in a Winding-up.
3 Extent of Act.
3. This Act shall not extend toScotland or Ireland .
4 Application of Act.
4. This Act shall have Effect in the following Cases only:—
(1) (1.) In case of Bankruptcy, where the Adjudication has been made before the passing of this Act, or a Deed of Arrangement has been registered before the passing of this Act and Adjudication of Bankruptcy supervenes before the Completion of the Liquidation under the Deed.
(2) (2.) In case of Arrangement, where the Deed has been registered before the passing of this Act.
(3) (3.) In case of Winding-up, where Proceedings are pending at the passing of this Act.
Division of Assets in Specie.
5 Power to prepare and file Scheme.
5. If in any Case of Bankruptcy, Arrangement, or Winding-up within this Act it appears to the Liquidators that it will be for the Benefit of the Estate in Liquidation that any Part of the Assets thereof should be divided in Specie, or be otherwise disposed of without Sale, they may prepare and file in the Court of Chancery a Scheme in that Behalf.
6 Provision in Scheme as to secured Creditors.
6. A Scheme may in any Case provide that any Class of secured Creditors shall take in or towards Discharge of their Claims on the Estate the Securities held by them at a Value to be determined by the Court or in such Manner as the Court shall direct.
7 Notice of Scheme.
7. Notice of the filing of the Scheme shall be published and given as General Orders under this Act direct.
8 Application for Confirmation.
8. At such Time after the filing of the Scheme as General Orders under this Act direct the Liquidators may apply to the Court in a summary Way for Confirmation thereof.
9 Confirmation of Scheme by Court.
9. After hearing the Liquidators, and any Creditors or other Parties whom the Court thinks entitled to be heard on the Application, the Court, if satisfied that no sufficient Objection has been established to the Scheme, may confirm the Scheme, with or without Alteration or Addition.
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