1. Whenever it may appear for the best interest of the estate assigned, the court, or judge thereof in vacation, may make an order directing the assignee to sell, compound or compromise all bad or doubtful debts upon such terms and conditions as appear proper and most beneficial to the estate; and in like manner the court, or judge thereof in vacation, may make an order directing the assignee to release and discharge any vested, contingent or possible right or interest in or to any estate or effects assigned, upon such terms and conditions as the court, or judge thereof in vacation, may deem proper and just for the best interest of the estate.

2. The assignee shall report his proceedings under this section to the court at its first term, and within the first three days thereof after such proceedings, for approval or rejection, and for such further and other orders as may be deemed proper; provided, any creditor may appear and file his objections to such report within three days after the filing of the report, if the term shall so long continue, if not, within such time as the court may direct, and such objections shall be heard and determined without delay, and nothing in this section authorized to be done by the assignee shall be final until the approval of the court as herein provided; and provided further, that the assignee, before procuring said order, shall give such notice of his application therefor as the court or judge thereof in vacation may direct.