Section 21: Where composition not accepted or approved

21. Where composition not accepted or approved (1) Where a receiving order is made against a debtor, then, if the creditors at the first meeting or any adjournment thereof by ordinary resolution resolve that the debtor be adjudged bankrupt, or pass no resolution, or if the creditors do not meet, or if a composition or scheme is not accepted or approved in pursuance of this Act within 14 days after the conclusion of the examination B4 – 11 [Issue 1] Bankruptcy Act of the debtor, or such further time as the Court may allow, the Court shall adjudge the debtor bankrupt, and thereupon the property of the bankrupt shall become divisible among his creditors and shall vest in a trustee. (2) Notice of every order adjudging a debtor bankrupt, stating the name, address, and description of the bankrupt, the date of the adjudication, shall be published in the Gazette and in 2 local papers in the prescribed manner, and the date of the order shall for the purposes of this Act be the date of the adjudication.