Singapore legislation

Section 73

of Bankruptcy Act

Section 73

Duties of Official Assignee as to debtor’s estate

(1)

As regards the estate of a debtor, the Official Assignee shall —

(a)

act as the receiver of the debtor’s estate, and act as manager thereof where a special manager has not been appointed;

(b)

raise money or make advances for the purposes of the estate, and authorise the special manager to raise money or make advances for the like purposes in any case where in the interests of the creditors it appears necessary to do so;

(c)

summon and preside at all meetings of creditors held under this Act;

(d)

issue forms of proxy for use at the meetings of creditors;

(e)

report to the creditors as to any proposal which the debtor makes with respect to the mode of liquidating his affairs;

(f)

advertise the receiving order, the date of the debtor’s public examination and such other matters as it is necessary to advertise.

(2)

For the purpose of his duties as receiver or manager the Official Assignee shall have the same powers as if he were a receiver and manager appointed by the court, but shall as far as practicable consult the wishes of the creditors with respect to the management of the debtor’s property, and may for that purpose, if he thinks it advisable, summon meetings of the persons claiming to be creditors.

(3)

The Official Assignee shall account to the court and pay over all moneys and deal with all securities in such manner as, subject to this Act, the court directs.

Read in full context — Bankruptcy Act →