Clause 31

by deleting subsection (1) and substituting the following subsection:“(1) Where a composition or scheme is accepted by the creditors by a special resolution under section 95, the Official Assignee may —

discharge the bankrupt by issuing a certificate of discharge; or

if the composition or scheme is accepted by all creditors, annul the bankruptcy order by issuing a certificate of annulment.”;

by inserting, immediately after the word “every” in subsection (2), the words “discharge or”;

by inserting, immediately after the words “copy of the” in subsection (3), the words “certificate of discharge or”;

by inserting, immediately after the word “A” in subsection (4), the words “certificate of discharge or”;

by deleting subsection (6) and substituting the following subsections:“(6) The court may, on an application by the Official Assignee or any creditor, annul the composition or scheme by revoking the certificate of discharge or certificate of annulment (as the case may be), if —

the bankrupt defaults in paying any instalment due under the composition or scheme; or

the court is satisfied that —

the composition or scheme cannot, in consequence of legal difficulties or for any sufficient cause, proceed without injustice or undue delay to the creditors or to the bankrupt; or

the acceptance of the proposal by the creditors was obtained by fraud.(6A) An annulment of the composition or scheme under subsection (6) does not affect the validity of any sale, disposition or payment duly made or thing duly done under or pursuant to the composition or scheme.”; and

by deleting the word “Annulment” in the section heading and substituting the words “Discharge or annulment”.