PART 17

Miscellaneous

Arbitration and compromise
216
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.