ABSTRACT
Section 284 CA 1963 applies the rules for admitting debts for the time being in force under the law of bankruptcy to the liquidation of companies. Thus Schedule 1 to the Bankruptcy Act 1988 is incorporated into company law. The rules in the Schedule to the Bankruptcy Act provide the procedure for valuing the debts due by the bankrupt. See also RSC Ord 74. Not all debts are due at the date of commencement of bankruptcy. There may be a credit period before the amount is due. The debt may be contingent, as in the case of a guarantee. The claim may involve a number of payments due over a future period, such as rent.
