Singapore legislation

Section 391

of Insolvency, Restructuring and Dissolution Act 2018

Section 391

Right of bankrupt to surplus

(1)

The bankrupt is entitled to any surplus remaining after payment in full of the bankrupt’s creditors, with interest as provided by Parts 3 and 13 to 22, and of the costs, charges and expenses of the proceedings under the bankruptcy application.

(2)

Despite subsection (1), the Court may make an order directing the Official Assignee not to pay the surplus or part of the surplus to the bankrupt if —

(a)

the Attorney-General applies for an order under this section; and

(b)

the Court is satisfied that —

(i)

proceedings under any written law dealing with confiscation of the proceeds of crime are pending; and

(ii)

the property of the bankrupt may become subject to a confiscation order or be required to meet some other order made on those proceedings.

(3)

The Court may, on an application, vary or revoke an order made under subsection (2).

Read in full context — Insolvency, Restructuring and Dissolution Act 2018 →