Section 2Part 1 — Introductory
Definitions
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In this Act —
“bankruptcy petition” or “petition” means a petition praying that the affairs of the debtor may be wound up, and the debtor’s property administered, under the provisions of the law of bankruptcy;
“Court” means the Chief Court of Bankruptcy;
“Court of Appeal” has the meaning ascribed to it in the Court of Appeal Act (2023 Revision);
“creditors” include any two or more persons to whom a debt is owing jointly;
“debtor” includes any person, whether a British subject or not, who at the time when any act of bankruptcy was done or suffered by that person —
was personally present in the Islands;
ordinarily resided or had a place of residence in the Islands;
was carrying on business in the Islands, personally or by means of an agent or manager; or
was a member of a firm or partnership which carried on business in the Islands;
“deed of arrangement” means a deed or instrument providing by way of trust, inspectorship or otherwise, for the distribution of all or part of the property of a debtor among all the debtor’s creditors, and for the payment of a composition to all the debtor’s creditors out of the debtor’s property or otherwise;
“person” includes a body corporate and a firm;
“prescribed” means prescribed by rules of Court;
“property” includes money, goods, things in action, land and every description of property real or personal, also obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of or incident to property as above defined;
“secured creditor” means any person holding a mortgage, charge or lien upon the property of the debtor as security for a debt due to that person from such debtor; and
“Trustee” means the Trustee in Bankruptcy, whether acting as receiver or Trustee.
Defined Terms
bankruptcy petitionpetitionCourtCourt of Appealcreditorsdebtordeed of arrangementpersonprescribedpropertysecured creditorTrustee
Cross References
- Section of Court Of Appeal Act
has the meaning ascribed to it in the Court of Appeal Act (2023 Revision)