SCHEDULES
SCHEDULE 4 Discharge on Composition
3
The commissioners or, if there are no commissioners, the Accountant in Bankruptcy—
a
if they consider (or he considers) that the offer of composition will be timeously implemented and that, if the rules set out in section 51 of, and Schedule 1 to, this Act were applicable, its implementation would secure payment of a dividend of at least 25p in the £ in respect of the ordinary debts; and
b
if satisfied with the caution or other security specified in the offer,
shall recommend that the offer should be placed before the creditors.