359. Effect of composition or scheme

Terms defined in this Act

• bankrupt

  bankrupt

  Defined · s 2

  “bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;

  Open s 2
• creditor

  creditor

  Defined · s 273

  “creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;

  Open s 273
• debt

  debt

  Defined · s 288

  “debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;

  Open s 288
• liability

  liability

  Defined · s 2

  “liability” means a liability to pay money or money’s worth, regardless 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;

  Open s 2