1858. IRVING v. GRAY. 6. To divide proceeds among credi tors. for payment thereof, or refrain to sue. And also upon the (a) See rule 9, post, p. 51, pp. 77, 86, 93. 1858. IRVING v. GRAY. monies as may direct. FURTHER, that they the said debtors shall and will also from time to time, when and as received and if received by them, deposit the monies and securities for money which shall constitute or be produced from their said estate, in such bank or banks or otherwise as the said inspectors or 7. To deposit inspector for the time being may from time to time direct, inspectors to the credit of an account to be kept in respect of this estate, in such names or name as the said inspectors or inspector for the time being from time to time shall direct or sanction; and such account may from time to time be altered and transferred to and kept in the names or name of the said inspectors or inspector for the time being, or of such other persons or person, and to be payable upon such cheques or orders or otherwise as the said inspectors or inspector for the time being may from time to time direct; and the said debtors shall not nor will, nor shall nor will any of them, afterwards draw out any part of such monies, except with the consent of the said inspectors or inspector for the time being, nor with such consent except only for the purpose of the same being applied as in these presents mentioned, or as such inspectors or inspector for the time being shall for the time being direct; and shall not nor will engage in any other business so as to incur any new debt, or enter into any new contract so as to dispose of, prejudice or affect any part of the said estate, except with the previous consent of the same inspectors or inspector for the time being. And also, that they, the said debtors or one of them, 8. To keep shall and will from time to time upon the like request and proper books direction, and under the like inspection and control of the said inspectors or inspector for the time being, keep proper books of account of all receipts, payments and transactions relating to the said estate, and at all times when required so to do, make out correct and proper accounts and balance sheets of or shewing the business and affairs of the said of account. 1858. IRVING v. GRAY. estate; and also furnish true and correct copies thereof to the said inspectors or inspector for the time being, and particularly shall and will once in every month make out accounts of all cash transactions relating to their said estate, and, if required so to do, deliver to them or him correct copies thereof, and shall and will preserve for and deliver to them or him all letters written to and copies of letters written by the said debtors or any of them, and all documents and papers concerning the said estate; and at all times produce and shew to them or him all such books of account, accounts, letters, documents and papers, and the several vouchers referring thereto, and give all information and assistance in the power of the said debtors or any of them, both towards the full understanding thereof and the general conduct of their affairs. AND FURTHER shall and will observe, perform, fulfil and keep all and every the agreements, declarations, provisions, stipulations and restrictions hereinafter contained and generally expressed or made applicable, so far as the same or any of them ought to be or are or is capable of being observed, performed, fulfilled and kept by them or any of them. And shall and will wholly wind up their affairs under the direction, inspection and control of the said inspectors or inspector for the time being. AND THIS creditors (a). INDENTURE FURTHER WITNESSETH, that in consideration of the premises, the several creditors parties hereto of the third part, for themselves respectively, and their respective partners, executors and administrators' acts and deeds only, and so that each sole creditor shall be answerable only for himself, and so that the partners or partner in every partnership, being creditors, shall be jointly answerable only for the acts, deeds and defaults of the same partnership, and the partners or partner therein, do hereby, so far as (a) Post, p. 84. 9. Letter of licence from HILARY VACATION, 21 VICT. they lawfully can (but subject nevertheless to the provisions hereinafter contained) give and grant unto the said debtors, so long as these presents shall be in force, and until such debtors shall respectively become released under the provisions hereof, absolute liberty and licence at all times hereafter, upon the request and by the direction of the said inspectors or inspector for the time being, to convert their estate and effects into money, and to wind up all their affairs under the inspection and control of the said parties hereto of the second part, or other the inspectors or inspector for the time being. And do hereby, subject to the provisions herein contained, promise and agree to and with the said debtors, and to and with each of them, his executors and administrators that they the said creditors, or their respective executors, administrators, partners or partner, shall not nor will, during the continuance of the said licence, either at law or in equity, or in bankruptcy or otherwise, arrest, imprison, sue or proceed against the said debtors or any of them, or any of their heirs, executors or administrators, or their or his lands, tenements, goods, chattels, estate or effects for or on account of any debt or demand, in respect of which they, the said respective parties hereto of the third part, shall be entitled to receive a dividend according to the provisions of these presents. And if they the said last named covenantors, or any of them, shall commit a breach of the aforesaid agreement, then the said debtors, and each of them, their and his heirs, executors, administrators and estate, shall be and are, and is hereby released and discharged of and from all such debts, claims and demands, both at law and in equity, now due and owing from or by the said debtors to such of the said creditors respectively by whom a breach of the aforesaid agreement shall be committed, and as well such as are now payable and can be immediately enforced as those payable 1858. IRVING v. GRAY. 1858. IRVING v. GRAY. Estate to be administered as in bankruptcy. in future or which cannot be immediately enforced. And that in case of such breach, these presents may be pleaded and used in bar and answer to all actions, suits and pro ceedings in respect thereof, as effectually as if a release to the extent aforesaid had been actually executed by the same creditor or creditors and herein contained. AND FURTHER, it is hereby, either by way of agreement, declaration or proviso, as the case may be or may require, agreed, declared and provided, between and by the said parties hereto, in manner following (that is to say), all of them, or some or one of them, as the case may be, agreeing and declaring as to and for and in respect of the matters to be by them or him, or their or his partners or partner respectively, done or permitted, or assented to, and as to their or his own acts and defaults, and the acts and defaults of their or his partners or partner only, that is to say: 1st. That the said partnership estate, with the exception of such allowances and payments of effects or monies to the said debtors respectively as the said inspectors or inspector for the time being may, in their or his discretion, authorize and direct, but not exceeding in quantity or amount the allowances which might have been made to the said debtors out of their estate and effects, under the statutes relating to bankrupts, in case a petition for adjudication of bankruptcy had been filed against them on the 12th day of November, 1856, and they had been thereunder adjudicated bankrupts; and in case the same dividend or dividends should have been paid to creditors under such adjudication as shall be paid by virtue of the provisions hereof, and which allowances and payments, to the quantity and amount aforesaid, or to any less quantity or amount, the said inspectors or inspector for the time being may direct and authorize, shall be administered as nearly as circum |