Singapore legislation
Section 348
Section 348
Surrender of security for non-disclosure
(1)
If a secured creditor omits to disclose the secured creditor’s security, the secured creditor must surrender the security for the general benefit of creditors, unless the Court, on application by the secured creditor, relieves the secured creditor from the effect of this section on the ground that the omission is inadvertent or the result of an honest mistake.
(2)
If the Court grants relief to the secured creditor, the Court may direct that the secured creditor’s proof of debt be amended on such terms as the Court thinks just.
(3)
An order of the Court relieving a secured creditor of a bankrupt from the effect of this section must be served on the Official Assignee.