Слике страница
PDF
ePub

titled to charge for the performance of the same or similar services in other cases in accordance with laws in force on July 1, 1898, or such as may be thereafter enacted, fixing the compensation of marshals.

b. As Amended by the Chandler Act (1938). "Charge" was substituted for "receive from"; "in force on July 1, 1898" for "now in force"; and "thereafter" for "hereafter."

[blocks in formation]

The Director annually shall lay before Congress statistical tables which will accurately reflect the business transacted by the several bankruptcy courts, a statement of the amounts received and disbursed for the referees' salary fund and referees' expense fund, and all other pertinent data.

As Amended by the Referees' Salary Act (1946).

As Amended by the Chandler Act (1938), sec. 53-read: "Duties of Attorney General.-The Attorney General annually shall lay before Congress statistical tables showing for the whole country and by States and Federal districts and divisions thereof the number of voluntary and involuntary cases referred, a classification of the bankrupts therein by occupations, the number of cases concluded, the number of discharges granted and denied, the net total of proceeds realized, the average amount realized per case, the amount of the administration expenses, total and classified, and the percentages of such total and classified expenses as compared with the total net realization, the total amounts paid to creditors of all classes and the amounts paid to each class, the percentages in a comparison of the total amount and the amount of each class with such total net realization, and the amount of the obligations owing to creditors in total and by classes and the amounts and percentages paid on such total and to such classes out of such net realization. Like information relative to cases arising under the provisions of chapters VIII, IX, X, XI, XII, and XIII of this Act shall be compiled and included in such tables."

The original Act directed the Attorney General to report a shorter list of items.

The Referees' Salary Act (1946) repealed section 54, which formerly read: "Statistics of Bankruptcy Proceedings.-a. Officers shall furnish in writing and transmit by mail such information as is within their knowledge, and as may be shown by the records and papers in their possession, to the Attorney-General, for statistical purposes, within ten days after being requested by him to do so."

Chapter VI

CREDITORS

Sec. 55. (11 U.S.C. § 91.) Meetings of Creditors

a. The court shall cause the first meeting of the creditors of a bankrupt to be held not less than ten nor more than thirty days after the adjudication, at the place or at one of the places designated by the conference pursuant to paragraph (1) of subdivision b of section 37 of this Act as a place at which court shall be held within the judicial district in which the proceeding is pending, or if that place would be unreasonably inconvenient as a place of meeting for the parties in interest, the court shall fix a place for the meeting within said judicial district which is not unreasonably inconvenient for the parties in interest. If such meeting should by any mischance not be held within such time, the court shall fix the date as soon as may be thereafter, when it shall be held.

As amended by Act of May 16, 1951, P.L. 32, 82d Cong., 1st Sess. The reference to place in the Act of 1898 read: "at the county seat of the county in which the bankrupt has had his principal place of business, resided or had his domicile; or if that place would be manifestly inconvenient as a place of meeting for the parties in interest, or if the bankrupt is one who does not do business, reside, or have his domicile within the United States, the court shall fix a place for the meeting which is the most convenient for parties in interest."

b. At the first meeting of creditors, the judge or referee shall preside and, before proceeding with other business, may allow or disallow the claims of creditors there presented, and shall publicly examine the bankrupt or cause him to be examined, and may permit creditors to examine him.

As Amended by the Chandler Act (1938). "Shall," substituted for "may" before "publicly" in the third line of b makes examinations mandatory. The last clause beginning "and may . . ." replaced "at the instance of any creditors."

c. The creditors shall at each meeting take such steps as may be pertinent and necessary for the promotion of the best interests of the estate and the enforcement of this Act.

d. The court shall call a meeting of creditors whenever onefourth or more in number of those who have proved their claims shall file a written request to that effect; if such request is signed by a majority of such creditors, which number represents a majority in amount of such claims, and contains a request for such meeting to be held at a designated place, the court shall

call such meeting at such place within thirty days after the date of the filing of the request.

Formerly e. Original d was dropped by Chandler Act (1938). It read: "A meeting of creditors, subsequent to the first one, may be held at any time and place when all of the creditors who have secured the allowance of their claims sign a written consent to hold a meeting at such time and place."

e.

Whenever the affairs of the estate are ready to be closed a final meeting of creditors shall be ordered: Provided, however, That a no-asset case may be closed without ordering such final meeting.

Formerly f. The proviso was added by the Chandler Act (1938).

a.

Sec. 56. (11 U.S.C. § 92.) Voters at Meetings of Creditors Creditors shall pass upon matters submitted to them at their meetings by a majority vote in number and amount of claims of all creditors whose claims have been allowed and who are present, except as herein otherwise provided.

The Chandler Act (1938) inserted "who."

b. Except as otherwise provided in this Act, creditors holding claims which are secured or have priority shall not in respect to such claims be entitled to vote at creditors' meetings, nor shall such claims be counted in computing either the number of creditors or the amount of their claims, unless the amounts of such claims exceed the values of such securities or priorities, and then only for such excess.

"Except as otherwise provided in this Act" was added by the Chandler Act (1938). Chapters X, XII and XIII provide for voting secured claims.

C. Claims of $50 or less shall not be counted in computing the number of creditors voting or present at creditors' meetings, but shall be counted in computing the amount.

Added by the Chandler Act (1938). Counting claims too small to bear the expense of representation merely invites their use as pawns in any contest involving larger stakes.

Sec. 57. (11 U.S.C. § 93.) Proof and Allowance of Claims

a. A proof of claim shall consist of a statement under oath, in writing and signed by a creditor, setting forth the claim; the consideration therefor; whether any and, if so, what securities are held therefor; and whether any and, if so, what payments have been made thereon; and that the claim is justly owing from the bankrupt to the creditor.

As Amended by the Chandler Act (1938). "Claim" in the last clause was substituted for "sum claimed" in the original Act to cover contingent and unliquidated claims.

b. Whenever a claim is founded upon an instrument of writing, such instrument, unless lost or destroyed, shall be filed with the proof of claim. If such instrument is lost or destroyed, a statement of such fact and of the circumstances of such loss or destruction shall be filed under oath with the claim. After the claim is allowed or disallowed, such instrument may be withdrawn by permission of the court upon leaving a copy thereof on file with the claim.

C.

Proofs of claim may, for the purpose of allowance, be filed by the claimants in the court of bankruptcy where the proceedings are pending or before the referee if the case has been referred.

As amended by the Chandler Act (1938). "Proofs of claim" was substituted for "Claims after being proved" in the original text, and "of bankruptcy" was added.

d. Claims which have been duly proved shall be allowed upon receipt by or upon presentation to the court, unless objection to their allowance shall be made by parties in interest or unless their consideration be continued for cause by the court upon its own motion: Provided, however, That an unliquidated or contingent claim shall not be allowed unless liquidated or the amount thereof estimated in the manner and within the time directed by the court; and such claim shall not be allowed if the court shall determine that it is not capable of liquidation or of reasonable estimation or that such liquidation or estimation would unduly delay the administration of the estate or any proceeding under this Act.

The proviso was added to the original text by the Chandler Act (1938). English legislation was consulted, including 4 and 5 Geo. V, c. 59 (1914).

Claims of secured creditors and those who have priority may be temporarily allowed to enable such creditors to participate in the proceedings at creditors' meetings held prior to the determination of the value of their securities or priorities, but shall be thus temporarily allowed for such sums only as to the courts seem to be owing over and above the value of their securities or priorities.

"Temporarily" and "thus temporarily" were added to the original text by the Chandler Act (1938).

f.

Objections to claims shall be heard and determined as soon as the convenience of the court and the best interests of the estates and the claimants will permit.

The claims of creditors who have received or acquired prefcrences, liens, conveyances, transfers, assignments or encumbrances, void or voidable under this Act, shall not be allowed un

less such creditors shall surrender such preferences, liens, conveyances, transfers, assignments, or encumbrances.

As Amended by the Chandler Act (1938). This subdivision as amended in 1903 read: "The claims of creditors who have received preferences, voidable under section sixty, subdivision b, or to whom conveyances, transfers, assignments, or incumbrances, void or voidable under section sixty-seven, subdivision e, have been made or given shall not be allowed unless such creditors shall surrender such preferences, conveyances, transfers, assignments, or incumbrances."

The court has power to reject a claim based on a judgment obtained by fraud. Heiser v. Woodruff, 327 U.S. 726, 66 S.Ct. 853, 90 L.Ed. 970 (1946).

h. The value of securities held by secured creditors shall be determined by converting the same into money according to the terms of the agreement pursuant to which such securities were delivered to such creditors, or by such creditors and the trustee by agreement, arbitration, compromise or litigation, as the court may direct, and the amount of such value shall be credited upon such claims, and a dividend shall be paid only on the unpaid balance. Such determination shall be under the supervision and control of the court.

The last sentence was added to the original text by the Chandler Act (1938).

1. Whenever a creditor whose claim against a bankrupt estate is secured by the individual undertaking of any person fails to prove and file such claim, such person may do so in the creditor's name and, if he discharge such undertaking in whole or in part, he shall be subrogated to that extent to the rights of the creditor.

"And file" was inserted in the original text by the Chandler Act (1938) in observance of the distinction between the proof and the filing of a claim.

j. Debts owing to the United States or to any State or any subdivision thereof as a penalty or forfeiture shall not be allowed, except for the amount of the pecuniary loss sustained by the act, transaction, or proceeding out of which the penalty or forfeiture arose, with reasonable and actual costs occasioned thereby and such interest as may have accrued on the amount of such loss according to law.

The Act of July 7, 1952, P.L. 456, 82d Cong., 2d Sess., § 14(a), substituted the words "on the amount of such loss" for the word "thereon", thereby more precisely expressing the apparent intention of the preëxisting law. The Chandler Act (1938) had abbreviated the preëxisting text without intention to change substance. Municipal corporations are assumed to be "subdivisions" of states.

Social security taxes are not penalties. See sec. 902, Social Security Act as amended, 42 U.S.C. 1102 (1940) and sec. 1601, Internal Revenue Code, 26 U.S.C. 1601 (1940). Interest on delinquent taxes is not a penalty, U. S. v. Childs, 266 U.S. 304, 45 S.Ct. 110, 69 L.Ed. 299 (1924). The section does not apply to penalties accruing after the filing of the petition. Boteler v. Ingels,

« ПретходнаНастави »