Assignment of debt and dividends under an adjudication of Insolvency upon trust for payment of solicitor’s bill of costs
THIS DEED OF ASSIGNMENT is made the______ day of ______
BETWEEN
________________________________________________ [insert the name, address etc. of assignor] [(hereinafter called the assignor) of the one part
and
_____________________________________________ [insert the name, address etc. of assignee] (hereinafter called the transferee) of the other part.
WHEREAS:
- The assignor is indebted to the transferee in Rs. _______ and upwards on the balance of an account for monies advanced and expended and for business done and professional services rendered and for journeys taken for and on behalf of the assignor and in the prosecution of legal proceedings and in managing various matters now in hand on his behalf.
- The assignor is not at presentable without considerable inconvenience to pay the amount now due and owing as aforesaid from him to the transferee and it will not be in his power for some time to come to discharge the expenses incidental to the proceedings already commenced and others which are now about to be instituted on his behalf by the transferee.
- The assignor as one of the creditors of [insolvent] of [address, etc.] has proved a debt under an adjudication of insolvency against the said insolvent to the amount of Rs. ______ on which no dividend has as yet been paid.
- The assignor has agreed to assign to the transferee the said debt proved by him against the estate of the said insolvent and all dividends which may be due or become payable on account thereof upon the trusts and in manner hereinafter mentioned.
NOW THIS DEED made in consideration of the premises WITNESSETH as follows:
- The assignor as beneficial owner assigns unto the transferee all that the said debt due and owing to the assignor from the said insolvent and proved under the adjudication of insolvency against the said insolvent as hereinbefore mentioned and also every dividend and sum of money which may be declared or become due and payable on account thereof TO HOLD the same unto the transferee absolutely upon the trusts and for the purposes hereinafter declared concerning the same.
- The transferee shall hold the said debt due and owing from the said insolvent and shall receive and stand possessed of every dividend and sum of money which he may receive on account of the said debt upon trust:
- There out to retain and reimburse himself all such costs, charges and expenses whatsoever as he may from time to time incur in or about the execution of the trusts hereof and also the said debt or sum of Rs. __________ now due and owing as aforesaid to the transferee from the assignor together with interest for the same at the rate of ______ per cent per annum from the date hereof.
- In the next place in like manner to retain and reimburse himself the full amount of all costs, payments, charges and expenses which the transferee may from time to time incur or which may become due and owing to him for any business to be done on account of the assignor,
- When and so soon as all such sums of money shall have been fully paid off and discharged to pay over to the assignor the residue of the monies which shall hereafter be received by him by virtue to this deed.
IN WITNESS, etc.
[Signatures of assignor and assignee]
