107. Possession of property by Official Assignee

(1)

The Official Assignee shall forthwith after the bankruptcy order take possession of —

(a)

the deeds, books and documents which relate to the bankrupt’s estate or affairs and which belong to him or are under his control; and

(b)

all other parts of his property capable of manual delivery.

(2)

The Official Assignee shall, in relation to and for the purpose of acquiring or retaining possession of the property of the bankrupt, be in the same position as if he were a receiver of the property appointed by the court, and the court may on his application enforce the acquisition or retention accordingly.

(3)

Where any part of the property of the bankrupt consists of stock, shares in ships, shares or any other property transferable in the books of any company, office or person, the Official Assignee may exercise the right to transfer the property to the same extent as the bankrupt might have exercised it if he had not become bankrupt.

(4)

Where any part of the property of the bankrupt consists of things in action, those things shall be deemed to have been duly assigned to the Official Assignee.

(5)

Any banker or agent of the bankrupt or any other person who holds any property to the account of, or for, the bankrupt shall pay and deliver to the Official Assignee all moneys and securities in his possession or under his control which he is not by law entitled to retain as against the bankrupt or the Official Assignee.

(6)

Any person who fails to comply with subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.

Terms defined in this Act

bankrupt
Defined · s 2
“bankrupt” means —(a)the individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
Open s 2
bankruptcy order
Defined · s 2
“bankruptcy order” means an order adjudging a debtor bankrupt;
Open s 2
company
Defined · s 101
“company” includes any body corporate (whether incorporated in Singapore or elsewhere); and references to directors and other officers of a company and to voting power at any general meeting of a company shall have effect with any necessary modifications. For the purposes of sections 99 and 100, any question whether a person is an associate of another person shall be determined in accordance with this section. A person is an associate of an individual if that person is the individual’s spouse, or is a relative, or the spouse of a relative of the individual or his spouse. A person is an associate of an individual with whom he is in partnership, and of the spouse or a relative of any individual with whom he is in partnership. A person is an associate of an individual whom he employs or by whom he is employed and for this purpose, any director or other officer of a company shall be treated as employed by that company. A person in his capacity as trustee of a trust is an associate of an individual if the beneficiaries of the trust include, or the terms of the trust confer a power that may be exercised for the benefit of, that individual or an associate of that individual. A company is an associate of an individual if that individual has control of it or if that individual and persons who are his associates together have control of it. For the purposes of this section, a person is a relative of an individual if he is that individual’s brother, sister, uncle, aunt, nephew, niece, lineal ancestor or lineal descendant, treating —(a)any relationship of the half blood as a relationship of the whole blood and the step-child or adopted child of any person as his child; and(b)an illegitimate child as the legitimate child of his mother and reputed father. References in this section to a spouse shall include a former spouse. For the purposes of this section, an individual shall be taken to have control of a company if —(a)the directors of the company or of another company which has control of it (or any of them) are accustomed to act in accordance with his directions or instructions; or(b)he is entitled to exercise, or control the exercise of, one-third or more of the voting power at any general meeting of the company or of another company which has control of it,and where 2 or more persons together satisfy paragraph (a) or (b), they shall be taken to have control of the company. In this section,
Open s 101
court
Defined · s 2
“court” means the court having jurisdiction in bankruptcy under this Act;
Open s 2
Official Assignee
Defined · s 2
“Official Assignee” includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
Open s 2
property
Defined · s 2
“property” includes money, goods, things in action, land and every description of property wherever situated and also obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to, property;
Open s 2

Report

Read on from s 108