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Bankruptcy (Scotland) Act 1985
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- UK Public General Acts
- 1985 c. 66
- SCHEDULE 4
- Paragraph 5
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This is the original version (as it was originally enacted).
5(1)The permanent trustee shall determine from the completed prescribed forms duly received by him that the offer of composition has been accepted by the creditors, if a majority in number and not less than two-thirds in value of the creditors known to him have accepted it, and otherwise shall determine that they have rejected it.
(2)For the purposes of this paragraph, a prescribed form shall be deemed to be duly received by the permanent trustee if it is received by him not later than 14 days after the date on which it was sent to the creditor.
(3)The permanent trustee shall intimate in writing his determination under this paragraph to the debtor and any other person by whom the offer of composition was made and shall insert his determination in the sederunt book.
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