Insolvency Act

281. Deed of composition to be executed

Edition: 2022-12-31 · In force

(1)As soon as practicable after the Court has approved a composition—

(a)the bankrupt and the Official Receiver shall execute a deed of composition for putting the proposal into effect; and

(b)the Official Receiver shall apply to the Court for confirmation of the deed.

(2)If it is satisfied that the deed conforms with the composition that it has earlier approved, the Court shall—

(a)direct that the deed be lodged in the Court; and

(b)on lodgement of the deed, quash the relevant bankruptcy order.

(3)The deed may not be entered and lodged in the Court unless the prescribed commission has been paid to the Official Receiver.

(4)The quashing under subsection (2) does not revest the bankrupt's property in the bankrupt in accordance with section 274(1).