62. Presumption of inability to pay debts
Feedback & supportLast amended by an amending law of 2009. 2 amendments in all.
For the purposes of a creditor’s bankruptcy application, a debtor shall, until he proves to the contrary, be presumed to be unable to pay any debt within the meaning of section 61(1)(c) if the debt is immediately payable and —
creditor
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part V, means a creditor to whom the debtor owes a debt provable in bankruptcy;
(i)the applicant creditor to whom the debt is owed has served on him in the prescribed manner, a statutory demand;
applicant creditor
“applicant creditor”, in relation to a debtor under a debt repayment scheme, means the creditor who makes the relevant bankruptcy application against the debtor;
at least 21 days have elapsed since the statutory demand was served; and
statutory demand
“statutory demand” means a demand in the prescribed form which requires the person to whom it is addressed to pay, secure or compound to the reasonable satisfaction of the creditor making the demand, any debt owed by him to the creditor;
the debtor has neither complied with it nor applied to the court to set it aside;
debtor
“debtor” means the individual to whom a debt repayment scheme applies under this Part;
execution issued against him in respect of a judgment debt owed to the applicant creditor has been returned unsatisfied in whole or in part;
judgment debt
“judgment debt” means a debt which is payable by any person by virtue of a judgment or an order of court against him;
he has departed from or remained outside Singapore with the intention of defeating, delaying or obstructing a creditor in the recovery of the debt; or
debt
“debt” means any debt, or any liability to pay money, which is unsecured, present, certain, and of an amount that is fixed or liquidated;
the Official Assignee has —
Official Assignee
“Official Assignee” includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
issued a certificate of inapplicability of a debt repayment scheme under section 56L;
issued a certificate of failure of a debt repayment scheme under section 56M(1); or
revoked a certificate of completion of a debt repayment scheme under section 56O(1),in respect of the debtor within 90 days immediately preceding the date on which the bankruptcy application is made, and the applicant creditor had proved the debt under that debt repayment scheme.
bankruptcy application
“bankruptcy application” means an application to the court for a bankruptcy order;