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Cap. 13 · Commercial Code (Cap. 13)

Cap. 13 ст. 482Summoning of creditors.

Title I

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(1)Where a declaration of bankruptcy has been filed in terms of article 479, the registrar shall, by notice, call upon the creditors mentioned in the declaration to appear before the Civil Court (Commercial Section), on such date, and at such a time, as shall be specified in the relevant notice, being a date not later than thirty (30) days from the date on which the declaration is made, to show cause why their debtor should not be declared to be in a state of bankruptcy, and to make representations concerning the appointment by the court of a bankruptcy trustee. The registrar shall cause the notice to be served on the creditors mentioned in the declaration, and for the notice together with the declaration to be published by means of a notice containing an abstract in the Gazette and in one (1) or more daily newspapers.

(2) Where a declaration of bankruptcy is demanded in terms of article 481, the registrar shall, by notice, call upon the debtor mentioned in the declaration to appear before the Civil Court (Commercial Section), on such date, and at such a time, as shall be specified in the relevant notice, being a date not be later than thirty

(30) days from the date on which the declaration is demanded, to show cause why he should not be declared to be in a state of bankruptcy. The registrar shall cause the notice to be served on the creditor making the demand, and for the notice together with the declaration to be published by means of a notice containing an abstract in the Gazette and in one (1) or more daily newspapers, calling upon interested persons to show cause why the debtor should not be declared to be in a state of bankruptcy, and to make representations concerning the appointment by the court of a bankruptcy trustee.

(3) Where the court, during the proceedings referred to above, is satisfied that cause has been shown why the debtor should not be declared to be in a state of bankruptcy, the court shall, by judgment, declare that the debtor is not in a state of bankruptcy and shall award costs against the party cast. The court shall also order that an abstract of the judgment be published, by means of a notice in the Gazette.

(4) Where the court, during the proceedings referred to above, is satisfied that cause has been shown why the debtor should be declared to be in a state of bankruptcy, the court shall deliver a judgment declaring the bankruptcy.

(5) In the event that the court is of the view that the declaration of bankruptcy made by the debtor in terms of article 479, or the declaration of bankruptcy demanded by the creditor in terms of article 481, is frivolous or vexatious, the court may award double costs against the party cast.