87. Description of debts provable in bankruptcy
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Demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise or breach of trust shall not be provable in bankruptcy.
A person having notice of the making of a bankruptcy application shall not prove under the bankruptcy order made thereon for any debt or liability contracted by the bankrupt subsequently to the date of his so having notice.
bankruptcy application
“bankruptcy application” means an application to the court for a bankruptcy order;
Subject to this section and section 90, any debt or liability to which the bankrupt —
debt
“debt” means any debt, or any liability to pay money, which is unsecured, present, certain, and of an amount that is fixed or liquidated;
is subject at the date of the bankruptcy order; or
may become subject before his discharge by reason of any obligation incurred before the date of the bankruptcy order,and any interest on such debt or liability which is payable by the bankrupt in respect of any period before the commencement of his bankruptcy shall be provable in bankruptcy.
An estimate shall be made by the Official Assignee of the value of any debt or liability provable under this section which, by reason of its being subject to any contingency or contingencies, or for any other reason, does not bear a certain value.
Official Assignee
“Official Assignee” includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
Any person aggrieved by any such estimate may appeal to the court.
If in the opinion of the court the value of the debt or liability is incapable of being fairly estimated, the court may make an order to that effect, and thereupon the debt or liability shall, for the purposes of this Act, be deemed to be a debt not provable in bankruptcy.
liability
“liability” means a liability to pay money or money’s worth, irrespective of whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;
If in the opinion of the court the value of the debt or liability is capable of being fairly estimated, the court may assess the same and may give all necessary directions for this purpose, and the amount of the value when assessed shall be deemed to be a debt provable in bankruptcy.
debt provable in bankruptcy
“debt provable in bankruptcy” or “provable debt” means any debt or liability that is made provable in bankruptcy under this Act;
An amount payable under any order made by a court under any written law relating to the confiscation of the proceeds of crime shall be provable in bankruptcy.