Page:United States Statutes at Large Volume 81.djvu/547

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[81 STAT. 513]
[81 STAT. 513]
PUBLIC LAW 90-000—MMMM. DD, 1968

81 STAT.]

PUBLIC LAW 90-157-NOV. 28, 1967

513

ruptcy be proceeded with sluill, for the purposes of subdivision n Stat. 424. of section 57 of this Act, be deemed to be the first date set for the 66 USC 93. U first meeting of creditors; but if the time for filing claims in a pending bankruptcy proceeding had expired prior to the filing of a petition under this chapter, claims not filed within the time prescribed or as permitted by subdivision n of section 57 of this Act, shall not be allowed in the reinstated bankruptcy proceeding, "b. Any contract which is entered into or assumed by a debtor in Executory conpossession, receiver, or trustee in a proceeding under this chapter and tracts, rejection. which is executory in whole or in part at the time of the entry of an order directing that bankruptcy be proceeded with shall be deemed to be rejected unless expressly assumed within sixty days after the entry of such order or the qualification of the trustee in bankruptcy, whichever is the later, but the court may for cause shown extend or reduce the time. When a contract entered into or assumed in a superseded proceeding is rejected, the resulting liability shall constitute a cost of administration of the superseded proceeding. Filing "c. Upon the filing of the schedule and statement required by sub- claims. of division a of this section, the court shall make an order directing the claims against the debtor in possession, receiver, or trustee, including all claims of the United States, any State, or any subdivision thereof, to be filed, and the holders of such claims to be notified to file their claims within sixty days from the date of the order. The court shall designate the fonn and manner in which the notice shall be given. Notwithstanding the foregoing, claims not duly scheduled as provided in subdivision a of this section and claims arising from rejection of executory contracts under subdivision b of this section may be filed within such further time as the court may direct. Except as otherwise provided in this section, claims against the debtor in possession, receiver, or trustee shall be proved and filed in the manner provided 52 Stat. 866. in section 57 of this Act. U u s e 93. "d. Claims directed to be filed under subdivision c of this section but not filed within the time therein provided shall not be allowed and shall be barred, and the debtor in possession, receiver, or trustee shall be forever discharged from any liabilit}'^ with respect to such claims. When all claims which have been duly allowed have been paid in full, claims directed to be filed but not filed within the time prescribed pursuant to subdivision c and claims not allowable under paragraph (4) of subdivision a of this section because not filed within the time prescribed therein may nevertheless be filed within such time as the court may fix or for cause shown extend and, if duly proved, shall be allowed against any surplus remaining in such case." Superseding SEC. 3. Section 378 of the Bankruptcy Act (11 U.S.C. 778) is amended bankruptcy proceeding. to read as follows: "SEC. 378. a. Upon the entry of an order directing that bankruptcy 52 Stat. 913. be proceeded with— "(1) in the case of a petition filed under section 321 of this Act, 11 USC 721. the bankruptcy proceeding shall be deemed reinstated and thereafter shall be conducted, so far as possible, as if such petition under this chapter had not been filed; "(2) in the case of a petition filed under section 322 of this Act, 11 USC 722. the proceeding shall be conducted, so far as possible, in the same manner and with like effect as if a voluntary petition for adjudication in bankruptcy had been filed and a decree of adjudication had been entered on the day when the petition under this chapter was filed; and the trustee nominated by creditors under this chapter shall be appointed by the court, or, if not so nominated or if the trustee so nominated fails to qualify within five days after notice to him of the entry of such order, a trustee shall be appointed by the court;