PART V

Winding up by Trustee

110. —If, at the statutory sitting referred to in section 17 (3) or at any adjournment thereof, at least three-fifths in number and value of the creditors voting at the meeting, either in person or by a person authorised in writing in that behalf, by resolution declare that the estate of the bankrupt be wound up by a trustee and a committee of inspection, and appoint for that purpose a trustee and a committee of inspection of not more than five creditors qualified to vote at the meeting, the Court, on application being made to it in that behalf, may order that the property of the bankrupt be so wound up.

111. —On the making of an order under section 110 the Official Assignee shall be divested of the property of the bankrupt vesting in him under this Act and such property shall vest in the trustee.

112. —(1) In the winding up the trustee shall be subject to the control of the Court and have regard to any directions given to him by the committee of inspection or by resolution of the creditors at the statutory sitting or any subsequent sitting.

(2) Subject to subsection (1), the trustee shall have all the powers and may perform all the functions conferred by this Act on the Official Assignee in relation to property vested in him and the provisions of this Act (other than those of Parts IV and VI ) shall apply, with any necessary modifications, in relation to the winding up of the property of a bankrupt by a trustee and a committee of inspection as they apply in relation to the administration of such property by the Official Assignee and the trustee shall be substituted for the Official Assignee in such provisions where appropriate.

(3) The statutory sitting shall make provision for:

(a) the remuneration of the trustee,

(b) the making of regular reports by the trustee at subsequent sittings in relation to the winding up,

(c) the procedure to be followed by the trustee in the lodgment of monies received by him,

(d) the audit of the trustee's accounts, and

(e) such other matters as may be prescribed.

113. —When the bankrupt's property has been fully realised and a final dividend has been paid to the creditors, the trustee shall report to the Court, and the Court, if satisfied that the estate has been fully wound up, shall declare the bankruptcy discharged and order that the trustee be released.

114. —Where an order is made under this Part for the winding up of the bankrupt's property by a trustee and a committee of inspection, the Court shall, subject to the provisions of this Part, have power to make such orders and give such directions in relation to the bankrupt, his creditors, debtors and property and in relation to the examination of persons (including the bankrupt) and other matters as it would have had if a trustee and a committee of inspection had not been appointed under this Part.