Appointment of new trustee of deed of assignment in place of deceased trustee by majority of the creditors
THIS DEED OF APPOINTMENT is made on __________ day of _______.
BETWEEN the several persons firms and companies whose names and seals and the amount of whose debts are subscribed affixed and entered in the schedule hereto (hereinafter called the creditors) of one part and ________________________________- [insert the name, address of chairman new trustee] (hereinafter called the new trustee) of the other part.
WHEREAS:
- The appointment is supplemental to a deed of arrangement dated _________ and expressed to be made between the said [debtor] (therein and hereinafter called the debtor) of the first part [original trustee] of the second part and such of the creditors of the debtor as should assent thereto of the third part whereby the debtor assigned all his property to the said [original trustee] upon the trusts therein contained for the benefit of the creditors who should assent thereto and it was provided that if amongst other things the said [original trustee] should die [ a majority in value of] the creditors who had assented thereto should have power to appoint a new trustee of the said deed in his place.
- The said deed of arrangement was on ________ duly registered with the Registrar of Assurances, _________ (insert the name of place) and entered in Book No. _______ Vol. No. ______ Being No. pages ______ to _______ for the year 20____.
- The said [original trustee] died on............. (4) The creditors being all [or majority in value of] the creditors who have assented to the said deed of arrangement are desirous of appointing the new trustee as trustee thereof in place of the said [original trustee] deceased.
NOW THIS DEED WITNESSETH as follows:
- In pursuance of the power in that behalf conferred on them by the said deed of arrangement and of every other power enabling them the creditors hereby appoint the new trustee to be trustee of the said deed of arrangement in the place of the said [original trustee] deceased.
- The new trustee shall hold all the property of the debtor comprised in the said deed of arrangement upon the trusts and with and subject to the powers and provisions therein contained in all respects as though the name of the new trustee were substituted in the said deed for the name of the said [original trustee] deceased.
IN WITNESS etc.
SCHEDULE
[Signatures and seals of creditors and amounts of their respective debts]
[Signature and seal of new trustee]
