Singapore legislation
Section 376
Section 376
Order under section 375 in relation to leaseholds
(1)
The Court must not make any order under section 375 vesting property of a leasehold nature in any person, except on terms making that person —
subject to the same liabilities and obligations as the bankrupt was subject to under the lease on the day the bankruptcy order was made; or
if the Court thinks fit, subject to the same liabilities and obligations as that person would be subject to if the lease had been assigned to that person on that day.
(2)
For the purposes of an order under section 375 relating to only part of any property comprised in a lease, the requirements of subsection (1) apply as if the lease comprised only the property to which the order relates.
(3)
Where subsection (1) applies and no person is willing to accept an order under section 375 on the terms mentioned in subsection (1), the Court may (by order under section 375) vest the estate or interest of the bankrupt in the property in —
any person who is liable (whether personally or in a representative capacity and whether alone or jointly with the bankrupt) to perform the lessee’s covenants in the lease; or
such person mentioned in paragraph (a) freed and discharged from all estates, encumbrances and interests created by the bankrupt.
(4)
Where subsection (1) applies, and a person declines to accept any order under section 375, that person is excluded from all interest in the property.