PART 17Miscellaneous

216Arbitration and compromise

(1)The trustee in the sequestration may (but if there are commissioners then only with their consent or with the consent of the creditors or of the sheriff)—

(a)refer to arbitration any claim or question, of whatever nature, arising in the course of the sequestration, or

(b)make a compromise with regard to any claim, of whatever nature, made against or on behalf of the sequestrated estate.

(2)Where a claim or question is referred to arbitration under this section, AiB may vary any time limit for carrying out a procedure under this Act.

(3)A decree arbitral on a reference under paragraph (a) of subsection (1), or a compromise under paragraph (b) of that subsection, is binding on the creditors and on the debtor.