SCHEDULE 4 Discharge on Composition
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F1(1)
On an order under paragraph 11 of this Schedule discharging the debtor becoming effective—
(a)
the debtor shall be re-invested in his estate as existing at the date of the order;
(b)
the debtor shall, subject to paragraph 14 of this Schedule, be discharged of all debts for which he was liable at the date of sequestration (other than any debts mentioned in section 55(2) of this Act); and
(c)
the claims of creditors in the sequestration shall be converted into claims for their respective shares in the composition.
F1(2)
The discharge of the debtor by virtue of an order under paragraph 11 above shall not affect any right of a secured creditor—
(a)
for a debt in respect of which the debtor has been discharged to enforce his security for payment of the debt and any interest due and payable on the debt until the debt is paid in full; or
(b)
for an obligation in respect of which the debtor has been discharged to enforce his security in respect of the obligation.