Singapore legislation

Section 49

Nominee’s report on debtor’s proposal

(1)

Where an interim order has been made, the nominee shall, before the order ceases to have effect, submit a report to the court stating —

(a)

whether, in his opinion, a meeting of the debtor’s creditors should be summoned to consider the debtor’s proposal; and

(b)

if in his opinion such a meeting should be summoned, the date on which, and the time and place at which, he proposes the meeting should be held.

(2)

For the purpose of enabling the nominee to prepare his report, the debtor shall submit to the nominee —

(a)

a document setting out the terms of the voluntary arrangement which the debtor is proposing; and

(b)

where the debtor is an individual, a statement of his affairs containing —

(i)

such particulars of his assets, creditors, debts and other liabilities as may be prescribed; and

(ii)

such other information as may be prescribed; or

(c)

where the debtor is a firm, a statement of its affairs containing —

(i)

such particulars of the assets, creditors, debts and other liabilities of the firm and of each partner therein, as may be prescribed; and (ii)such other information as may be prescribed.

(3)

Where the nominee has failed to submit the report required by this section within the time given, the court may, on an application made by the debtor, do one or both of the following:

(a)

direct that the nominee shall be replaced by another person qualified to act as a nominee;

(b)

direct that the interim order shall continue, or if it has ceased to have effect be renewed, for such further period as the court may think fit.

(4)

The court may, on the application of the nominee, extend the period for which the interim order has effect so as to allow the nominee to have more time to prepare his report.

(5)

If the court is satisfied on receiving the nominee’s report that a meeting of the debtor’s creditors should be summoned to consider the debtor’s proposal, the court shall direct that the period for which the interim order has effect shall be extended for such further period as it may think fit, for the purpose of enabling the debtor’s proposal to be considered by the debtor’s creditors in accordance with the following provisions of this Part.

(6)

The court may discharge the interim order if it is satisfied, on the application of the nominee —

(a)

that the debtor has failed to comply with subsection (2); or

(b)

that for any other reason it would be inappropriate for a meeting of the debtor’s creditors to be summoned to consider the debtor’s proposal.

Read in full context — Bankruptcy Act →