Section 75 sets out the debts that are provable in a bankruptcy or arrangement and gives effect to the committee's recommendation to replace the various proof of debts sections in the present law by an omnibus provision — paragraph 43.14.1 of the committees report. Interest reserved or agreed for on a debt which is overdue at the date of the adjudication may be proved up to that date — subsection (2). Subsection (3) empowers the court, where all the necessary parties agree, to make an order in the bankruptcy proceedings for the assessment of unliquidated damage, notwithstanding that it is not the court before which the claim for damages falls to be determined. Under subsection (4) the court may estimate the value of a debt which is subject to a contingency or which for any other reason is of uncertain value. These subsections re-enact in principle the existing law.
SECTION 75.
Question proposed: "That section 75 stand part of the Bill."
Question put and agreed to.