Rehearings Denied. 298U.S. No. 792. Carolina , Clinchf ield & Ohio Ry . Co . v. Same . May 4, 298 U.S. 692 (1936)

1. The trustee shall, immediately upon entering upon his duties, send notice by mail to the Commissioner of Internal Revenue, Washington, D. C., of the adjudication p. 696of bankruptcy, and prepare a complete inventory of all the property of the bankrupt or debtor that comes into his possession.

The reports of referees in all proceedings under the Act, and of special masters in proceedings under section 77 and section 77 B of the Act, shall be deemed presumptively correct, but shall be subject to review by the court, and the court may adopt the same, or may modify or reject the same in whole or in part when the court in the exercise of its judgment is fully satisfied that error has been committed: Provided, That when any matter is referred by consent of all parties in interest and the intention is plainly expressed in the consent order that the submission is to the referee or master as an arbitrator, the court may review the same only in p. 699accordance with the principles governing a review of an award and decision by an arbitrator.

4. The commissions of the referee and of the custodian or receiver shall not exceed those payable to referees and receivers under sections 40 and 48 of the Act in the event of a composition in bankruptcy, and the amount of the debts whose maturity is to be extended shall be included for that purpose as part of “the amount to be paid creditors” within the meaning of those sections, but if the compensation so- computed shall appear to be in excess of what is fair and reasonable it shall be correspondingly reduced, the intent of this provision being that the amount of such fees shall be subject at all times to the approval of the court. If the estate is liquidated p. 700under the provisions of subdivision (1) of section 74 of the Act, the referee shall return to the estate any commissions previously received and shall be entitled to commissions on all moneys disbursed to creditors by the trustee as provided in section 40 of the Act.

6. Upon the approval of a personal representative’s petition the case shall be referred to a referee and proceeded with as in all other cases under section 74 and this general order, except that (a) the original and any amended or supplementary inventory filed by the petitioner with the approval of the probate court shall be deemed to be correct, and no inventory shall be made by the custodian or receiver; (b) all claims allowed by the probate court, and only such claims, shall be allowed by the referee; (c) p. 701the petitioner shall file with the application for confirmation a completed list of the claims allowed up to the date of the application, certified as correct by the probate court; and (d) the clerk shall file with the probate court certified copies of all orders of the referee or judge confirming or denying the proposal, dismissing the proceedings before or after confirmation, or directing liquidation of the estate.

At .................................. , in said district, on the .................. day of..........................., A. D. 19.., now comes .......................................... , the above-named debtor, and respectfully represents to the court that, after he had filed in court a schedule of his property and a list of his creditors, as required by law, he offered a proposal for a composition or an extension to his creditors, which proposal has been accepted in writing by a majority in number of all creditors whose claims have been allowed, including secured creditors whose claims are to be affected by the proposal, which number represents a majority in amount of such claims [or and after the first meeting of the creditors, he offered a proposal for an extension to his creditors, which proposal has not been accepted by a majority in number of all creditors whose claims are affected by the proposal, which number represents a majority in amount of such claims, but which proposal includes a feasible method of financial rehabilitation of the above-named debtor and is for the best interest of all the creditors, and includes an equitable liquidation for the secured creditors whose claims are affected]; that the consideration to be paid to the p. 704creditors, the money necessary to pay all debts which have priority, and the costs of the proceedings, amounting in all to the sum of ..................... dollars, have been deposited, subject to the order of the court, in the ........................ Bank, of...................... , a designated depository.

An application for the confirmation of the proposal offered by the debtor under section 74 of the Bankruptcy Act having been filed in court, and it appearing that the proposal has been accepted by a majority in number of creditors whose claims have been allowed, including secured creditors whose claims are to be affected by the proposal, which number represents a majority in amount of such claims; [or and it appearing that the debtor, having failed to obtain the acceptance of a majority of all creditors whose claims are affected by the proposal, submitted the said proposal for an extension after the first meeting of the creditors;] and the consideration and the money required by law to be deposited, having been deposited as ordered, in such place as was designated by the said court, and subject to itsi order; and it also appearing that the proposal includes an equitable and feasible method of liquidation for secured creditors whose claims are affected and of financial rehabilitation for the debtor; that it is for the best interests of all creditors; that the debtor has not been guilty of any of the acts or failed to perform any of the duties which would be a ground for denying his discharge; and that the offer and its acceptance are in good faith and have not been made or procured by any means, promises, or acts contrary p. 705to the acts of Congress relating to bankruptcy: It is therefore hereby ordered that the said proposal be, and it hereby is, confirmed.