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Scottish Court of Session Decisions |
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You are here: BAILII >> Databases >> Scottish Court of Session Decisions >> Pet. - Thomas Dall [1865] ScotLR 1_82_1 (19 December 1865) URL: http://www.bailii.org/scot/cases/ScotCS/1865/01SLR0082_1.html Cite as: [1865] ScotLR 1_82_1, [1865] SLR 1_82_1 |
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Page: 82↓
Section 133 of the Bankruptcy Act does not authorise the Lord Ordinary to accelerate payment of a dividend, except during the first six months after sequestration is awarded.
This petition was presented by the trustee on the sequestrated estate of Robert Knox Wighton, jeweller in Edinburgh, craving authority to accelerate the payment of a dividend to the creditors. The first dividend became payable in terms of the statute on 1st August 1865; but as there were not then funds available for the payment of a dividend the commissioners postponed the declaration of a dividend till the next statutory period, which will not arrive until 1st March 1866. Meanwhile, however, the trustee has realised as much as will pay to the creditors a dividend of 6s. 8d. per pound, and leave a surplus of £434. The creditors, at a meeting held on 5th December 1865, accordingly instructed the trustee to present this petition.
The Lord Ordinary (Mure) reported the petition, being doubtful whether section 133 of the Bankrupt Act, regulating the acceleration of dividends, contemplates the acceleration by the Lord Ordinary of a first dividend, except in the case where it is proposed to make a first dividend at an earlier period than the expiration of the six months from the date of the deliverance awarding sequestration; and whether the power applies to a case where, as here, it is wished to alter the period for payment of a first dividend long after the expiry of six months from the date of the deliverance awarding sequestration.
The Court remitted to the Lord Ordinary to refuse the prayer of the petition.
Counsel for Petitioner— Mr John Millar. Agent— Mr John Leishman, W.S.
