Application for settlement of debt.

Procedure for settlement of debts

1. (1) A debtor or any of his creditors may make an application to the Board within such time as may be prescribed to effect a settlement between the debtor and his creditors.
2. (2) Every application made under sub-section (1) shall be in the prescribed form and shall be signed by the applicant and verified in the prescribed manner.
3. (3) Every application presented by a debtor to the Board shall contain the following particulars, namely:—
   • (a) the place where he resides or holds land;
   • (b) the particulars of all claims against him together with names and residences of his creditors;
   • (c) the particulars of all his property, together with specification of the value of such property and the place or places at which any such property is to be found;
   • (d) the particulars of his family income;
   • (e) a statement whether he has previously filed an application in respect of the same debt before the Board and, if so, with what result.
4. (4) Every application presented by a creditor shall contain the following particulars, namely:—
   • (a) the place where the debtor resides or holds land;
   • (b) the amount and particulars of his claim against such debtor;
   • (c) a statement containing the particulars of property if any, pledged or mortgaged with him by a debtor, the specification of its value and the place or places where the property is to be found.