Page:United States Statutes at Large Volume 66.djvu/480

 434 11 USC 776.

11 USC 724.

11 USC ch. 11. eonfirmation arrangement.

11 USC chs. 1-7.

11 USC 824. Statement and fees to accompany petition.

11 USC 859. A llowabl claims.

PUBLIC LAW 4 5 6 - J U L Y 7, 1952

[66

STAT,

SEC. 39. The introductory clauses of section 376 of such Act, as amended, are amended to read as follows: "SEC. 376. If the statement of the executory contracts and the schedules and statement of affairs, as provided by paragraph (1) of section 324 of this Act, are not duly filed, or if an arrangement is withdrawn or abandoned prior to its acceptance, or is not accepted at the meeting of creditors or within such further time as the court may fix, or if the money or other consideration required to be deposited is not deposited or the application for confirmation is not filed within the time fixed by the court, or if confirmation of the arrangement is refused, the court shall—". SEC. 40. Chapter X I of such Act, as amended, is amended by inserting in its numerical order the following section: "SEC. 381. Where, after the confirmation of an arrangement, the court shall enter an order directing that bankruptcy be proceeded with— " (1) the trustee shall, upon his appointment and qualification, be vested with the title to all the property of the debtor as of the date of the entry of the order directing that bankruptcy be proceeded with; "(2) the unsecured debts incurred by the debtor after the confirmation of the arrangement and before the date of the entry of the final order directing that bankruptcy be proceeded with shall, unless and except as otherwise provided in the arrangement or in the order confirming the arrangement, share on a parity with the prior unsecured debts of the sanie classes, provable in the ensuing bankruptcy proceeding, and for such purpose the prior unsecured debts shall be deemed to be reduced to the amounts respectively provided for them in the arrangement or in the order confirming the arrangement, less any payment made thereunder; and "(3) the provisions of chapters I to VII, inclusive, of this Act, shall, insofar as they are not inconsistent or in conflict with the provisions of this section, apply to the rights, duties, and liabilities of the creditors holding debts incurred by the debtor after the confirmation of the arrangement and before the date of the final order directing that bankruptcy be proceeded with, and of all persons with respect to the property of the debtor, and, for the purposes of such application, the date of bankruptcy shall be taken to be the date of the entry of the order directing that bankruptcy be proceeded with." SEC. 41. Section 424 of such Act, as amended, is amended to read as follows: "SEC. 424. The petition shall be accompanied by— "(1) a statement of the executory contracts of the debtor, and the schedules and statement of affairs, if not previously filed: Provided.^ however, That if the debtor files with the petition a list of his creditors and their addresses and a summary of his assets and liabilities, the court may, on application by the debtor, grant for cause shown further time, not exceeding ten days, for filing the statement of the executory contracts and the schedules and statements of affairs, and such time shall not further be extended except for cause shown and on such notice and to such persons as the court may direct; and "(2) payment to the clerk of the fees, if not already paid, required by this Act." SEC. 42. Section 459 of such Act, as amended, is amended to read as follows: "SEC. 459. Upon the entry of an order under the provisions of this chapter directing that bankruptcy be proceeded with, only claims for

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