Topic: Section 68. Duty and powers of official assignee as to realization

(1) Subject to the provisions of this Act, the official assignee shall, with all convenient speed, realize the property of the insolvent, and for that purpose may—

(a) Sell all or any part of the property of the insolvent;

(b) Give receipts for any money received by him;

And may, by leave of the Court, do all or any of the following things namely:—

(c) Carry on the business of the insolvent so far as may be necessary for the beneficial winding up of the same;

(d) Institute, defend or continue any suit or other legal proceeding relating to the property of the insolvent;

(e) Employ a legal practitioner or other agent to take any proceedings or do any business which may be sanctioned by the Court;

(f) Accept as the consideration for the sale of any property of the insolvent a sum of money payable at a future time or fully paid shares, debentures or debenture stock in any limited company subject to such stipulations as to security and otherwise as the Court thinks fit;

(g) Mortgage or pledge any part of the property of the insolvent for the purpose of raising money for the payment of his debts or for the purpose of carrying on the business;

(h) Refer any dispute to arbitration, and compromise all debts, claims and liabilities, on such terms as may be agreed upon;

(i) Divide in its existing form amongst the creditors, according to its estimated value, any property which, from its peculiar nature or other special circumstances, cannot readily or advantageously be sold.

1[(2) The official assignee shall account to the Court and pay over all monies and deal with all securities in such manner {For Madras, the words "as is laid down in this Act or" have been ins.here by the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 of 1943), s.3} as is prescribed or as the Court directs.