(1) The following applies where a contract has been made with a person who is subsequently [made] bankrupt.
(2) The court may, on the application of any other party to the contract, make an order discharging obligations under the contract on such terms as to payment by the applicant or the bankrupt of damages for non-performance or otherwise as appear to the court to be equitable.
(3) Any damages payable by the bankrupt by virtue of an order of the court under this section are provable as a bankruptcy debt.
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