(1)The F1. . . trustee may (but if there are commissioners only with the consent of the commissioners, the creditors or the [F2sheriff])—
(a)refer to arbitration any claim or question of whatever nature which may arise 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;
and the decree arbitral or compromise shall be binding on the creditors and the debtor.
(2)Where any claim or question is referred to arbitration under this section, the Accountant in Bankruptcy may vary any time limit in respect of which any procedure under this Act has to be carried out.
(3)The F1. . . trustee shall insert a copy of the decree arbitral, or record the compromise, in the sederunt book.
Textual Amendments
F1Words in s. 65 repealed (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 226, 227(3), Sch. 6 Pt. 1 (with s. 223); S.S.I. 2008/115, art. 3(2)(3), Sch. 2 (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))
F2Word in s. 65(1) substituted (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 36, 227(3), Sch. 1 para. 57 (with s. 223); S.S.I. 2008/115, art. 3(1)(i) (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))