Gambar halaman
PDF
ePub

dollars deposited with the clerk at the time the petition is filed in each case, except when a fee is not required from a voluntary bankrupt, and such commissions on all moneys disbursed or turned over to any person, including lien holders, by them, as may be allowed by the courts, not to exceed six per centum on the first five hundred dollars or less, four per centum on moneys in excess of five hundred dollars and less than fifteen hundred dollars, two per centum on moneys in excess of fifteen hundred dollars and less than ten thousand dollars, and one per centum on moneys in excess of ten thousand dollars."

The Chandler amendment provided more adequate compensation for trustees in small cases.

(2) Conducting business.-Trustees who conduct the business of the bankrupts as provided in clause (5) of section 2 of this Act shall receive such amount as may be allowed by the court, but in no event to exceed twice the maximum allowance permitted by paragraph (1) of this subdivision c.

d. Apportionment of Fees.-In the event of the appointment, concurrently or successively, of more than one receiver of an estate or of more than one ancillary receiver in the same jurisdiction, or in the event of the administration of an estate by three trustees instead of one trustee or by successive trustees, the court shall apportion the fees and commissions among such receivers, ancillary receivers, or trustees, as the case may be, according to the services actually rendered, so that there shall not be paid to any such group a greater amount than that to which one receiver, ancillary receiver, or trustee, respectively, would be entitled.

As Amended by the Chandler Act (1938). d corresponds to original b, which read: "In the event of an estate being administered by three trustees instead of one trustee or by successive trustees, the court shall apportion the fees and commissions between them according to the services actually rendered, so that there shall not be paid to trustees for the administering of any estate a greater amount than one trustee would be entitled to." Apportionment now applies to receivers and ancillary receivers.

Withholding Compensation.-The court may, in its discretion, withhold all compensation from any receiver, trustee, attorney, or any other person who has been removed from office or dismissed because of the unlawful sharing of fees or for any other cause.

As Amended by the Chandler Act (1938). Based on original c, which read: "The court may, in its discretion, withhold all compensation from any trustee who has been removed for cause."

f. Arrangements.-In the case of an arrangement confirmed under this Act, the compensation of a marshal, receiver, or trustee in a prior pending bankruptcy proceeding superseded by the arrangement proceeding, or of a receiver appointed in an original proceeding for an arrangement under this Act, shall be the same as hereinabove provided for a marshal, receiver, or trustee, as the case may be, for like services. Such compensation shall be

computed upon all moneys disbursed or turned over by him to any persons, including lienholders, upon all moneys to be paid to unsecured creditors upon the confirmation of the arrangement and thereafter, pursuant to the terms of the arrangement, and where under the arrangement any part of the consideration to be paid is other than money, upon the amount of the fair value of such consideration: Provided, however, That the court may, in respect to all moneys to be paid to such unsecured creditors after the confirmation of the arrangement, prescribe such time for the payment of the compensation computed thereon as in the particular case may be fair and equitable.

As amended by the Chandler Act (1938). f replaced the following portion of a, introduced by the amendment of 1910: "And in case of the confirmation of a composition after the trustee has qualified, the court may allow him, as compensation, not to exceed one-half of one per centum of the amount to be paid the creditors on such composition."

Services in compositions and other arrangements were often "more arduous and more responsible" than in other cases, so the amendment removed the lower scale of compensation applicable to compositions. See Weinstein, "The Bankruptcy Law of 1938" 97.

g. Plans of Reorganization.-In the case of a plan of reorganization confirmed under this Act, the compensation of a marshal, receiver, or trustee, in a prior pending bankruptcy proceeding superseded by the reorganization proceeding shall be the same as hereinabove provided for a marshal, receiver, or trustee, as the case may be, for like services. Such compensation shall be computed upon all moneys disbursed or turned over by him to any persons, including lienholders, upon all moneys to be paid to unsecured creditors upon the consummation of the plan of reorganization and thereafter, pursuant to the terms of the plan of reorganization, and where under the plan of reorganization any part of the consideration to be paid to unsecured creditors is other than money, upon the amount of the fair value of such consideration: Provided, however, That the court may, in respect to the moneys to be paid to such unsecured creditors after the consummation of the plan of reorganization, prescribe such time for the payment of the compensation computed thereon as in the particular case may be fair and equitable.

Added by the Chandler Act (1938).

Sec. 49. (11 U.S.C. § 77.) Accounts and Papers of Receivers and Trustees

The accounts and papers of receivers and trustees shall be open to the inspection of officers and all parties in interest. The reference to receivers was inserted by the Chandler Act (1938).

Sec. 50. (11 U.S.C. § 78.) Bonds

a.

Referees, before assuming the duties of their offices and within such time as the district courts of the United States having

jurisdiction shall prescribe, shall qualify by entering into bond to the United States in such sum as shall be fixed by such courts, not to exceed $5,000, with such sureties as shall be approved by such courts, conditioned for the faithful performance of their official duties.

b. Receivers and trustees, before entering upon the performance of their official duties and within five days after their appointment or within such further time, not to exceed five days, as the court may permit, shall qualify by entering into bond to the United States, with such sureties as shall be approved by the courts, conditioned for the faithful performance of their official duties.

c. The court shall fix the amount of receivers' and trustees' bonds and may increase or decrease the amounts at any time when cause therefor appears.

d. The court shall require evidence as to the actual value of the property of sureties.

e. There shall be at least two sureties upon each bond, except as provided in subdivision g of this section.

f. The actual value of the property of the sureties, over and above their liabilities and exemptions, on each bond shall equal at least the amount of such bond.

g. Corporations organized for the purpose of becoming sureties on bonds or authorized by law to do so may be accepted as sole sureties upon the bonds of referees, receivers, and trustees whenever the courts are satisfied that the rights of all parties in interest will be thereby amply protected.

h. Bonds of referees, receivers, trustees, and designated depositories shall be filed of record in the office of the clerk of the court and may be proceeded upon in the name of the United States for the use of any person injured by a breach of their conditions or may be enforced as provided in subdivision n of this section.

i. Receivers or trustees shall not be liable personally or on their bonds to the United States for any penalties or forfeitures incurred by the bankrupts under this Act of whose estates they are receivers or trustees.

j. Joint receivers or trustees may give joint or several bonds. k. If any referee, receiver, or trustee shall fail to give bond as herein provided and within the time limited, he shall be deemed to have declined his appointment and such failure shall create a vacancy in his office.

1. Proceedings upon referees' bonds shall not be brought subsequent to two years after the alleged breach of the bond.

m. Proceedings upon receivers' or trustees' bonds shall not be brought subsequent to two years after their respective discharges.

n. In the event of the breach of any obligation of a bond furnished pursuant to this Act, the court may, upon application of any party in interest and after notice, summarily determine the damages and by appropriate process enforce the collection thereof from those liable on the bond.

As Amended by the Chandler Act (1938). throughout the entire section was added.

b. "Five" replaced "ten" in the second line.

The reference to receivers

c. This originally read: "The creditors of a bankrupt estate, at their first meeting after the adjudication, or after a vacancy has occurred in the office of trustee, or after an estate has been reopened, or after a composition has been set aside or a discharge revoked, if there is a vacancy in the office of trustee, shall fix the amount of the bond of the trustee; they may at any time increase the amount of the bond. If the creditors do not fix the amount of the bond of the trustee as herein provided the court shall do so."

[merged small][ocr errors][merged small]

h. "Proceeded" was substituted for "sued" and "or may be enforced as provided in subdivision n of this section" added.

i. "Respectively" which followed "are" was dropped.

7 and m. "Proceedings" replaced "suits." "The estate has been closed" in m was replaced by "their respective discharges."

n. This was added. It removes any doubt about the right to collect damages on bonds by summary process.

Sec. 51. (11 U.S.C. § 79.)

Duties of Clerks

Clerks shall (1) account for, as for other fees received by them, the clerk's fee paid in each case and such other fees as may be received for certified copies of records which may be prepared for persons other than officers; (2) collect the fees of the clerk and trustee and the fees for the referees' salary fund and referees' expense fund provided in paragraph (1) of subdivision c of section 40 of this Act in each case instituted before filing the petition, except where installment payments may be authorized pursuant to section 40 of this Act, and collect the various other fees, allowances and charges for the services of referees and for their expenses, including their services and expenses as conciliation commissioners and as special masters under this Act; (3) collect the fees of the clerk and referee in each ancillary proceeding before filing the petition whereby the ancillary proceeding is instituted; (4) deliver to the referees all papers which may be referred to them or, if the offices of such referees are not in the same cities or towns as the offices of such clerks, transmit such papers by mail and in like manner return papers which were received from such referees after they have been used; and

(5) transmit to the Treasury of the United States all fees, allowances and charges collected for the referees' salary fund and the referees' expense fund, and transmit to the trustee, within ten days after a case has been closed, the fee collected for him at the time of the filing of the petition.

As Amended by the Referees' Salary Act 1946. This amended clauses (2) and (5) with reference to the collection and remittance of fees and allowances to conform to the amendment to sec. 40.

(3) Was introduced by the Chandler Act (1938).

(4) Was originally (3). The Chandler Amendment (1938) deleted "upon application" after "referees" in the first line.

Sec. 52. (11 U.S.C. § 80.) Compensation of Clerks and Marshals

a. Clerks shall charge and collect for their services to each estate, whether in a court of primary or ancillary jurisdiction, a filing fee of $8. The clerk may collect this amount in installments when such installment payments have been authorized by General Order of the Supreme Court of the United States.

As Amended by the Referees' Salary Act (1946). Previously the filing fee was $10, and the first sentence ended, "except when a fee is not required from a voluntary bankrupt." The second sentence regarding installment collection was added by the amendment.

b. Marshals shall charge the estate where an adjudication in bankruptcy is made, except as herein otherwise provided, for the performance of their services in proceedings in bankruptcy, the same fees, and account for them in the same way, as they are entitled to charge for the performance of the same or similar services in other cases in accordance with laws in force on July 1, 1898, or such as may be thereafter enacted, fixing the compensation of marshals.

b. As Amended by the Chandler Act (1938). "Charge" was substituted for "receive from"; "in force on July 1, 1898" for "now in force"; and "thereafter" for "hereafter."

[blocks in formation]

The Director annually shall lay before Congress statistical tables which will accurately reflect the business transacted by the several bankruptcy courts, a statement of the amounts received and disbursed for the referees' salary fund and referees' expense fund, and all other pertinent data.

As Amended by the Referees' Salary Act (1946).

As Amended by the Chandler Act (1938), sec. 53 read: "Duties of Attorney General.-The Attorney General annually shall lay before Congress statistical tables showing for the whole country and by States and Federal districts and divisions thereof the number of voluntary and involuntary cases referred, a classification of the bankrupts therein by occupations, the number of cases concluded, the number of discharges granted and denied, the net total of proceeds realized, the average amount realized

« SebelumnyaLanjutkan »