Page:United States Statutes at Large Volume 76.djvu/619

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[76 Stat. 571]
[76 Stat. 571]
PUBLIC LAW 87-000—MMMM. DD, 1962

76 STAT. ]

PUBLIC LAW 87-681-SEPT. 25, 1962


SEC. 7. Subsection b of section 59 of the Bankruptcy Act (11 U.S.C. 95(b)) is amended to read as follows: 66 Stat. 425. "b. Three or more creditors who have provable claims not contin- Petitions, gent as to liability against a person, amounting in the aggregate to Requirements. $500 in excess of the value of any securities held by them, or, if all of the creditors of the person are less than twelve in number, then one or more of the creditors whose claim or claims equal that amount^, may file a petition to have him adjudged a bankrupt; but the claim or claims, if unliquidated, shall not be counted in computing the number and the aggregate amount of the claims of the creditors joining in the petition, if the court determines that the claim or claims cannot be readily determined or estimated to be sufficient, together with the claims of the other creditors, to aggregate $500, without unduly delaying the decision upon the adjudication." SEC. 8. Clause (1) of subsection a of section 64 of the Bankruptcy Act (11 U.S.C. 104(a)(1)) is amended to read as follows: 66 Stat. 426. "(1) the costs and expenses of administration, including the order of payactual and necessary costs and expenses of preserving the estate '"ent*. subsequent to filing the petition; the fees for the referees' salary and expense fund; the filing fees paid by creditors in involuntary cases or by persons other than the bankrupts in voluntary cases; where property of the bankrupt, transferred or concealed by him either before or after the filing of the petition,'is recovered for the benefit of the estate of the bankrupt by the efforts and at the cost and expense of one or more creditors, the reasonable costs and expenses of the recovery; the trustee's expenses in opposing the bankrupt's discharge or in connection with the criminal prosecution of an offense punishable under chapter 9 of title 18 of the United States Code, or an ofl'ense concerning the business or is use 151-155. property of the bankrupt punishable under other laws. Federal or State; the fees and mileage payable to witnesses as now' or hereafter provided by the laws of the United States, and one reasonable attorney's fee, for the professional services actually rendered, irrespective of the number of attorneys employed, to the bankrupt in voluntary and involuntary cases, and to the petitioning creditors in involuntary cases, and if the court adjudges the debtor bankrupt over the debtor's objection or pursuant to a voluntary petition filed by the debtor during the pendency of an involuntary proceeding, for the reasonable costs and expenses incurred, or the reasonable disbursements made, by them, including but not limited to compensation of accountants and appraisers employed by them, in such amount as the court may allow. Where an order is entered in a proceeding under any chapter of this Act directing that bankruptcy be proceeded with, the costs and expenses of administration incurred in the ensuing bankruptcy proceeding shall have priority in advance of payment of the unpaid costs and expenses of administration, including the allowances provided for in such chapter, incurred in the superseded proceeding and in the suspended bankruptcy proceeding, if any;". SEC. 9. Subsection b of section 70 of the Bankruptcy Act (11 U.S.C. 110(b)) is amended to read as follows: 52 Stat. sso. "b. The trustee shall assume or reject an executory contract, includ- Executory coning an unexpired lease of real property, within sixty days after the f^cts. adjudication or within thirty days after the qualification of the trustee, whichever is later, but the court may for cause shown extend or reduce the time. Any such contract or lease not assumed or rejected within that time shall be deemed to be rejected. If a ti-ustee is not appointed, any such contract or lease shall be deemed to be rejected within thirty days after the date of the order directing that a trustee be not