Singapore legislation
Section 358
Section 358
Discharge or annulment of bankruptcy order by certificate of Official Assignee where composition or scheme accepted by creditors
(1)
Where a composition or scheme is accepted by the creditors by a special resolution under section 357, the Official Assignee may —
discharge the bankrupt by issuing a certificate of discharge; or
if the composition or scheme is accepted by all creditors, annul the bankruptcy order by issuing a certificate of annulment.
(2)
Notice of every discharge or annulment under subsection (1) must be given to the Registrar and be published in the Gazette and in such other manner as the Official Assignee thinks fit.
(3)
The Official Assignee must, upon the application of a bankrupt or the bankrupt’s creditor or any other interested person, issue to the applicant a copy of the certificate of discharge or certificate of annulment upon the payment of the prescribed fee.
(4)
A certificate of discharge or certificate of annulment issued under subsection (1) is binding on all the creditors so far as it relates to any debts due to them from the bankrupt and provable in bankruptcy.
(5)
The Court may, on an application by the Official Assignee or any creditor, annul the composition or scheme by revoking the certificate of discharge or certificate of annulment (as the case may be), if —
the bankrupt defaults in paying any instalment due under the composition or scheme; or
the Court is satisfied that —
the composition or scheme cannot, in consequence of legal difficulties or for any sufficient cause, proceed without injustice or undue delay to the creditors or to the bankrupt; or
the acceptance of the proposal by the creditors was obtained by fraud.
(6)
An annulment of the composition or scheme under subsection (5) does not affect the validity of any sale, disposition or payment duly made or thing duly done under or pursuant to the composition or scheme.
(7)
Where the Official Assignee annuls a bankruptcy order under this section, any sale or other disposition of property, payment duly made or other thing duly done by or under the authority of the Official Assignee or by the Court is valid except that the property of the bankrupt reverts to the bankrupt or, on an application by any person interested, vests in such person as the Court may appoint and on such terms as the Court may direct.
(8)
The Court may include in its order such supplemental provisions as may be authorised by the Rules.