Hearing and Confirmation

A time shall be fixed by the court for the hearing upon an application for the confirmation of a composition, and for the hearing of such objections as may be made to its confirmation. The court shall confirm a composition if satisfied that

(1)it is for the best interest of the creditors;

(2)that the insolvent debtor has not been guilty of any of the acts, or of a failure to perform any of the duties which would create a bar to his discharge; and

(3)that the offer and its acceptance are in good faith, and have COL120106 CH. 50 INSOLVENCY LAW not been made or procured except as herein provided, or by any means, promises, or acts herein forbidden. Upon the confirmation of a composition, the consideration shall be distributed as the judge directs, and the case dismissed, and the title to the insolvent debtor's property shall revest in him. Whenever a composition is not confirmed, the estate in insolvency shall be administered as herein provided. The court may, upon application of a party in interest, filed at any time within six

(6)months after the composition has been confirmed, set the same aside, and reinstate the case if it shall be made to appear upon a trial that fraud was practiced in the procuring of such composition, and that the knowledge thereof has come to the petitioner since the confirmation of such composition.