Singapore legislation
Section 102
Section 102
Orders under sections 98 and 99
(1)
Without prejudice to the generality of sections 98(2) and 99(2), an order under either of those sections with respect to a transaction or preference entered into or given by an individual who is subsequently adjudged bankrupt may, subject to this section —
require any property transferred as part of the transaction, or in connection with the giving of the preference, to be vested in the Official Assignee;
require any property to be so vested if it represents in any person’s hands the application of the proceeds of sale of property so transferred or of money so transferred;
release or discharge (in whole or in part) any security given by the individual;
require any person to pay, in respect of benefits received by him from the individual, such sums to the Official Assignee as the court may direct;
provide for any surety or guarantor whose obligations to any person were released or discharged (in whole or in part) under the transaction or by the giving of the preference to be under such new or revived obligations to that person as the court thinks appropriate;
provide for security to be provided for the discharge of any obligation imposed by or arising under the order, for such an obligation to be charged on any property and for the security or charge to have the same priority as a security or charge released or discharged (in whole or in part) under the transaction or by the giving of the unfair preference; and
provide for the extent to which any person whose property is vested by the order in the Official Assignee, or on whom obligations are imposed by the order, is to be able to prove in the bankruptcy for debts or other liabilities which arose from, or were released or discharged (in whole or in part) under or by, the transaction or the giving of the unfair preference.
(2)
An order under section 98 or 99 may affect the property of, or impose any obligation on, any person whether or not he is the person with whom the individual in question entered into the transaction or, as the case may be, the person to whom the unfair preference was given.
(3)
An order under section 98 or 99 shall not —
prejudice any interest in property which was acquired from a person other than that individual and was acquired in good faith, for value and without notice of the relevant circumstances, or prejudice any interest deriving from such an interest; or
require a person who received a benefit from the transaction or unfair preference in good faith, for value and without notice of the relevant circumstances to pay a sum to the Official Assignee, except where he was a party to the transaction or the payment is to be in respect of an unfair preference given to that person at a time when he was a creditor of that individual.
(4)
Any sums required to be paid to the Official Assignee in accordance with an order under section 98 or 99 shall be comprised in the bankrupt’s estate.
(5)
For the purposes of this section, the relevant circumstances, in relation to a transaction or an unfair preference, shall be —
the circumstances by virtue of which an order under section 98 or 99 could be made in respect of the transaction or preference if the individual in question were adjudged bankrupt within the particular period after the transaction is entered into or the unfair preference given; and
if that period has expired, the fact that that individual has been adjudged bankrupt within that period.