Section 34
Description of debts provable in bankruptcy
(1)
Demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise or breach of trust shall not be provable in bankruptcy.
(2)
A person having notice of any act of bankruptcy available against the debtor shall not prove under the order for any debt or liability contracted by the debtor subsequently to the date of his so having noticed.
(3)
Save as provided in subsection (2), all debts and liabilities, present or future, certain or contingent, to which the debtor is subject at the date of the receiving order or to which he may become subject before his discharge by reason of any obligation incurred before the date of the receiving order, is deemed to be debts provable in bankruptcy.
(4)
An estimate shall be made by the trustee of the value of any debt or liability provable as provided in subsection (3) which, by reason of its being subject to any contingency or contingencies or for any other reason, does not bear a certain value.
(5)
Any person aggrieved by any estimate made by the trustee as provided in subsection (4) may appeal to the Court.
(6)
If in the opinion of the Court the value of the debt or liability is incapable of being fairly estimated the Court may make an order to that effect, and thereupon the debt or liability shall, for the purposes of this Act, be deemed to be a debt not provable in bankruptcy.
(7)
If in the opinion of the Court the value of the debt or liability is capable of being fairly estimated, the Court may direct the value to be assessed before the Court itself without the intervention of a jury and may give all necessary directions for this purpose and the amount of the value when assessed is deemed to be a debt provable in bankruptcy.
(8)
For the purposes of this Act, "liability" shall include -
Bankruptcy
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(a)
any compensation for work or labour done;
(b)
any obligation or possibility of an obligation to pay money or money's worth on the breach of any express or implied covenant, contract, agreement or undertaking, whether the breach does or does not occur or is or is not likely to occur or capable of occurring before the discharge of the debtor; and
(c)
generally, any express or implied engagement, agreement or undertaking to pay or capable of resulting in the payment of money or money's worth whether the payment is, as respects amount, fixed or unliquidated or as respects time, present or future or certain or dependent on any one contingency or on two or more contingencies or, as to mode of valuation, capable of being ascertained by fixed rules or as matter of opinion.