(b)

under contract, tort or bailment;

(c)

as a result of a breach of trust by the person liable; or

(d)

out of an obligation to make restitution;

Definition

“nominee” means the person appointed by virtue of a debtor’s proposal for a voluntary arrangement under Part V to act as trustee or otherwise to supervise the implementation of the voluntary arrangement and includes —

(a)

any replacement of such person pursuant to an order under section 49(3)(a) or 55(4); and

(b)

This Part not applicable to undischarged bankrupts

This Part shall not apply —

(a)

to any individual debtor who is an undischarged bankrupt; or

(b)

to any firm against which a bankruptcy order has been made and from which bankruptcy the partners in the firm have not been discharged.

Clause 45

Interim order of court

(1)

Subject to subsection (2), any insolvent debtor who intends to make a proposal to his creditors for a composition in satisfaction of his debts or a scheme of arrangement of his affairs (hereinafter referred to as a voluntary arrangement) may apply to the court for an interim order under this Part.

(2)

No partner in an insolvent firm shall apply to the court for an interim order in respect of the firm unless all or a majority of the partners in the firm join or intend to join in the making of the proposal for a voluntary arrangement.

(3)

An interim order shall have the effect that, during the period for which it is in force —

(a)

where the interim order is in respect of an individual debtor —

(i)

no bankruptcy petition may be presented or proceeded with against the debtor; and

(ii)

no other proceedings, execution or other legal process may be commenced or continued against the person or property of the debtor without the leave of the court; and

(b)

where the interim order is in respect of a firm —

(i)

no bankruptcy petition may be presented or proceeded with against the firm or, except with the leave of the court, any partner therein; and

(ii)

no other proceedings, execution or other legal process may be commenced or continued against the firm or its property or against the person or property of any partner in the firm, without the leave of the court.

(4)

An interim order shall cease to have effect 28 days after the making thereof unless the court otherwise directs.

Clause 46

Nominee

(1)

Every debtor making a proposal for the purpose of this Part shall in such proposal appoint a nominee to act in relation to the voluntary arrangement either as trustee or otherwise for the purpose of supervising its implementation.

(2)

No person shall be appointed as a nominee unless he is —

(a)

registered as a public accountant under the Accountants Act [Cap. 2A];

(b)

an advocate and solicitor; or

(c)

such other person as the Minister may, by order published in the Gazette, prescribe.

Clause 47

Effect of application

(1)

At any time when an application under section 45 for an interim order is pending, the court may stay any action, execution or other legal process against the debtor in respect of whom the application has been made or the property of such debtor.

(2)

Any court in which proceedings are pending against a debtor may, on being satisfied that an application under section 45 for an interim order has been made in respect of the debtor, stay the proceedings or allow them to continue on such terms as the court may think fit.

(3)

such other information as may be prescribed; or

(c)

where the debtor is a firm, a statement of its affairs containing —

(i)

such particulars of the assets, creditors, debts and other liabilities of the firm and of each partner therein, as may be prescribed; and

(ii)

such other information as may be prescribed.

(3)

Where the nominee has failed to submit the report required by this section within the time given, the court may, on an application made by the debtor, do one or both of the following:

(a)

direct that the nominee shall be replaced by another person qualified to act as a nominee;

(b)

direct that the interim order shall continue, or if it has ceased to have effect be renewed, for such further period as the court may think fit.

(4)

The court may, on the application of the nominee, extend the period for which the interim order has effect so as to allow the nominee to have more time to prepare his report.

(5)

If the court is satisfied on receiving the nominee’s report that a meeting of the debtor’s creditors should be summoned to consider the debtor’s proposal, the court shall direct that the period for which the interim order has effect shall be extended for such further period as it may think fit, for the purpose of enabling the debtor’s proposal to be considered by the debtor’s creditors in accordance with the following provisions of this Part.

(6)

The court may discharge the interim order if it is satisfied, on the application of the nominee —

(a)

that the debtor has failed to comply with subsection (2); or

(b)

that for any other reason it would be inappropriate for a meeting of the debtor’s creditors to be summoned to consider the debtor’s proposal.

Clause 50

Summoning of creditors’ meeting

(1)

Where a nominee has reported to the court under section 49 that a meeting of the debtor’s creditors should be summoned, the nominee shall, unless the court otherwise directs, summon that meeting in accordance with his report.

(2)

The nominee shall summon to the meeting every of the debtor’s creditors of whose claim and address he is aware.

Clause 51

Decision of creditors’ meeting

(1)

A creditors’ meeting summoned under section 50 shall decide whether to approve the proposed voluntary arrangement.

(2)

The meeting shall not approve the proposed voluntary arrangement with any modification unless the debtor has consented to such modification.

(3)

For the purpose of this section, a modification subject to which a proposed voluntary arrangement may be approved by a creditors’ meeting may confer the functions proposed to be conferred on the nominee on another person qualified to act as a nominee but no modification shall alter the proposal to such an extent that it ceases to be a proposal for a voluntary arrangement by the debtor.

(4)

The meeting shall not approve any proposal or any modification thereto which affects the right of a secured creditor of the debtor to enforce his security, except with the concurrence of the secured creditor concerned.

(5)

The meeting shall not, without the concurrence of the preferential creditor concerned, approve any proposal or any modification thereto under which —

(a)

any debt of the debtor, not being a preferential debt, is to be paid in priority to any preferential debt of the debtor; or

(b)

any preferential debt of the debtor is to be paid in relation to any other preferential debt of the debtor other than in accordance with section 90.

(6)

Every meeting shall be conducted in accordance with the prescribed rules.

(7)

it is inexpedient, difficult or impracticable for such an appointment to be made without the assistance of the court,make an order appointing a person who is qualified to act as a nominee, either in substitution for the existing nominee or to fill a vacancy.

Clause 56

Consequence of failure by debtor to comply with voluntary arrangement

Where a debtor fails to comply with any of his obligations under a voluntary arrangement, the nominee or any creditor bound by the voluntary arrangement may present a bankruptcy petition against the debtor in accordance with Part VI.

Clause 132

Definitions

In this Part —

(a)

references to property comprised in the bankrupt’s estate or to property possession of which is required to be delivered up to the Official Assignee shall include any property mentioned in section 78(1);

(b)

“initial period” means the period between the presentation of the bankruptcy petition by or against a debtor and the commencement of his bankruptcy;

(c)

a reference to a number of months or years before the presentation of a bankruptcy petition shall be read as a reference to that period ending with the presentation of the bankruptcy petition; and

(d)

“Official Assignee” includes a trustee in bankruptcy appointed under section 33.

Clause 133

Defence of innocent intention

In the case of an offence under any provision of this Part, other than sections 135(e), 137, 140(2), 142, 143 and 145, a person shall not be guilty of the offence if he proves that, at the time of the conduct constituting the offence, he had no intent to defraud or to conceal the state of his affairs.

Clause 134

Non-disclosure

(1)

A bankrupt shall be guilty of an offence if —

(a)

he does not to the best of his knowledge and belief disclose to the Official Assignee all the property comprised in his estate; or

(b)

he does not inform the Official Assignee of any disposal of any property which, but for the disposal, would be comprised in his estate, stating how, when, to whom and for what consideration the property was disposed of.

(2)

Subsection (1)(b) shall not apply to any disposal in the ordinary course of a business carried on by the bankrupt or to any payment of the ordinary expenses of the bankrupt or his family.

Clause 135

Concealment of property

A bankrupt shall be guilty of an offence if —

(a)

he does not deliver up possession to the Official Assignee, or as the Official Assignee may direct, of such part of the property comprised in his estate as is in his possession or under his control of which he is required by law to deliver up;

(b)

he conceals any debt due to or from him or conceals any property the value of which is not less than $500 and possession of which he is required to deliver up to the Official Assignee;

(c)

in the 12 months before the presentation of the bankruptcy petition by or against him, or in the initial period, he did anything which would have been an offence under paragraph (b) if the bankruptcy order against him had been made immediately before he did it;

(d)

he removes, or in the initial period removed, any property the value of which is or was not less than $500 and possession of which he is or would have been required to deliver up to the Official Assignee; or

(e)

he without reasonable excuse fails, on being required to do so by the Official Assignee or the court —

(i)

to account for the loss of any substantial part of his property incurred in the 12 months before the presentation of the bankruptcy petition by or against him or in the initial period; or

(ii)

to give a satisfactory explanation of the manner in which such a loss was incurred.

Clause 136

Concealment of books and papers; falsification, etc.

A bankrupt shall be guilty of an offence if —

(a)

he does not deliver up possession to the Official Assignee, or as the Official Assignee may direct, of all books, papers and other records of which he has possession or control and which relate to his estate or his affairs;

(b)

he prevents, or in the initial period prevented, the production of any books, papers or records relating to his estate or affairs;

(c)

he conceals, destroys, mutilates or falsifies, or causes or permits the concealment, destruction, mutilation or falsification of, any books, papers or other records relating to his estate or affairs;

(d)

he makes, or causes or permits the making of, any false entries in any book, document or record relating to his estate or affairs;

(e)

he disposes of, or alters or makes any omission in, or causes or permits the disposal, altering or making of any omission in, any book, document or record relating to his estate or affairs; or

(f)

in the 12 months before the presentation of the bankruptcy petition by or against him, or in the initial period, he did anything which would have been an offence under paragraph (c), (d) or (e) if the bankruptcy order against him had been made before he did it.

Clause 137

False statements

A bankrupt shall be guilty of an offence if —

(a)

he makes any false statement or any material omission in any statement under this Act relating to his affairs;

(b)

knowing or believing that a false debt has been proved by any person under the bankruptcy, he fails to inform the Official Assignee as soon as practicable;

(c)

he attempts to account for any part of his property by fictitious losses or expenses;

(d)

at any meeting of his creditors in the 12 months before the presentation of the bankruptcy petition by or against him or (whether or not at such a meeting) at any time in the initial period, he did anything which would have been an offence under paragraph (c) if the bankruptcy order against him had been made before he did it; or

(e)

he is, or at any time has been, guilty of any false representation or other fraud for the purpose of obtaining the consent of his creditors, or any of them, to an agreement with reference to his affairs or to his bankruptcy.

Clause 138

Fraudulent disposal of property

(1)

A bankrupt shall be guilty of an offence if —

(a)

he makes or causes to be made, or has during the period of 5 years prior to the date of the bankruptcy order against him made or caused to be made, any gift or transfer of, or any charge on, his property; or

(b)

he conceals or removes, or has at any time before the commencement of the bankruptcy concealed or removed, any part of his property after, or within two months before, the date on which a judgment or order for the payment of money has been obtained against him, being a judgment or order which was not satisfied before the commencement of his bankruptcy.

(2)

In this section, the reference to making a transfer of or a charge on any property includes causing or conniving at, the levying of any execution against that property.

Clause 139

Absconding with property

A bankrupt shall be guilty of an offence if —

(a)

he leaves, or attempts or makes preparations to leave, Singapore with any property the value of which is $500 or more and possession of which he is required to deliver up to the Official Assignee; or

(b)

in the 12 months before the presentation of the bankruptcy petition by or against him, or in the initial period, he did anything which would have been an offence under paragraph (a) if the bankruptcy order against him had been made immediately before he did it.

Clause 140

Fraudulent dealing with property obtained on credit

(1)

A bankrupt shall be guilty of an offence if, in the 12 months before the presentation of the bankruptcy petition by or against him, or in the initial period, he disposed of any property which he had obtained on credit and, at the time he disposed of it, had not paid for.

(2)

A person shall be guilty of an offence if, in the 12 months before the presentation of the bankruptcy petition by or against a bankrupt or in the initial period, he acquired or received property from the bankrupt knowing or believing —

(a)

that the bankrupt owed money in respect of the property; and

(b)

that the bankrupt did not intend, or was unlikely to be able, to pay the money so owed.

(3)

A person shall not be guilty of an offence under subsection (1) or (2) if the disposal, acquisition or receipt of the property was in the ordinary course of a business carried on by the bankrupt at the time of the disposal, acquisition or receipt.

(4)

In determining for the purposes of this section whether any property is disposed of, acquired or received in the ordinary course of a business carried on by the bankrupt, regard may be had, in particular, to the price paid for the property.

(5)

In this section, any reference to disposing of property shall be read as including pawning or pledging of such property, and any reference to acquiring or receiving property shall be read accordingly.

Clause 141

Obtaining credit; engaging in business

(1)

A bankrupt shall be guilty of an offence if, being an undischarged bankrupt —

(a)

either alone or jointly with any other person, he obtains credit to the extent of $500 or more from any person without informing that person that he is an undischarged bankrupt; or

(b)

A bankrupt shall not be guilty of an offence under subsection (1) —

(a)

if his unsecured liabilities at the commencement of the bankruptcy did not exceed $10,000; or

(b)

if he proves that in the circumstances in which he carried on business the omission was honest and excusable.

Clause 143

Gambling

(1)

A bankrupt shall be guilty of an offence if he has —

(a)

in the two years before the presentation of the bankruptcy petition by or against him, materially contributed to, or increased the extent of, his insolvency by gambling or by rash and hazardous speculations; or

(b)

in the initial period, lost any part of his property by gambling or by rash and hazardous speculations.

(2)

In determining for the purposes of this section whether any speculation was rash and hazardous, the financial position of the bankrupt at the time when he entered into them shall be taken into consideration.

Clause 144

Bankrupt incurring debt without reasonable ground of expectation of being able to pay it

A bankrupt shall be guilty of an offence if —

(a)

within 12 months before the presentation of a bankruptcy petition by or against him or during the initial period, he incurs any debt provable in bankruptcy; or

(b)

having been engaged in carrying on any trade or business, he continues to trade or carry on business by incurring any debt provable in bankruptcy within 12 months before the date of the presentation of a bankruptcy petition by or against him or during the initial period, he being insolvent on the date of incurring the debt,without any reasonable ground of expectation of being able to pay it.

Clause 145

Making of false claims, etc.

(1)

Any creditor in any bankruptcy, composition or arrangement with creditors shall be guilty of an offence if he makes any claim, proof, declaration or statement of account which is untrue in any material particular unless he satisfies the court that he had no intent to defraud.

(2)

A creditor shall be guilty of an offence if he obtains or receives any money, property or security from any person as an inducement for forbearing to oppose, or for consenting to, the discharge of a bankrupt.

(3)

A person shall be guilty of an offence if he, knowing that a bankruptcy order has been made against a debtor, removes, conceals, receives or otherwise deals with or disposes of any part of the property of the debtor, with intent to defeat the order.

(4)

Fines imposed and levied under this section shall be deemed to be part of the property of the bankrupt and shall vest in the Official Assignee.

Clause 146

Penalty

A person guilty of any offence under this Part shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.

Clause 147

Supplementary provisions

(1)

It shall not be a defence in proceedings for an offence under this Act that anything relied on, in whole or in part, as constituting that offence was done outside Singapore.

(2)

In a charge for an offence under this Act, it shall be sufficient to set forth the substance of the offence charged in the words of this Act, specifying the offence or as near thereto as circumstances admit, without alleging or setting forth any debt, demand, petition or any proceedings in, or order, warrant or document of any court acting under this Act.

(3)

Where a bankrupt has been guilty of any offence under this Act, he shall not be exempt from being proceeded against therefor by reason that he has obtained his discharge or that the bankruptcy order made against him has been annulled or rescinded.

Clause 3

High Court to be the court having jurisdiction in bankruptcy

Subject to any other written law, the High Court shall be the court having jurisdiction in bankruptcy under this Act.

Clause 4

Exercise of jurisdiction in chambers

Subject to this Act and the rules, any judge of the court exercising jurisdiction in bankruptcy may exercise the whole or any part of his jurisdiction in chambers.

Clause 5

Jurisdiction in bankruptcy of Registrar

Subject to the rules, the Registrar shall have all the powers and jurisdiction of the court, and any order made or act done by him in the exercise of those powers and jurisdiction shall, subject to an appeal to a judge in chambers, be deemed to be the order or act of the court.

Clause 6

General powers of bankruptcy court

(1)

Subject to this Act, the court, under its jurisdiction in bankruptcy, shall have full power to decide all questions of priorities and all other questions whatsoever, whether of law or fact, which may arise in any case of bankruptcy coming within the cognizance of the court, or which the court considers it expedient or necessary to decide for the purpose of doing complete justice or making a complete distribution of property in any such case.

(2)

Where default is made by a debtor or bankrupt or any other person in obeying any order or direction given by the court or the Official Assignee or any other officer of the court under this Act, the court may, on the application of the Official Assignee or any other duly authorised person, or of its own motion, order such defaulting debtor, bankrupt or person to comply with the order or direction so given, and may also, if it thinks fit, make an immediate order for the committal of such defaulting debtor, bankrupt or other person.

(3)

The power given by subsection (2) shall be deemed to be in addition to and not in substitution for any other right or remedy in respect of such default.

Clause 7

Power to review orders

The court may review, rescind or vary any order made by it under its bankruptcy jurisdiction.

Clause 8

Appeals in bankruptcy

(1)

Orders in bankruptcy matters shall, at the instance of any person aggrieved, be subject to appeal in the same way as orders of the High Court in other matters are for the time being appealable.

(2)

For the purposes of this section, the Official Assignee shall be deemed to be aggrieved by the refusal of any application made by him to the court.

Clause 9

Power of arrest and seizure

(1)

Where the court is satisfied —

(a)

on an application of the Official Assignee; or

(b)

that there are reasonable grounds for believing,that any person against whom a bankruptcy petition has been presented or a bankruptcy order made —

(i)

has absconded, or is about to abscond, with a view to avoiding or delaying the payment of any of his debts or his appearance to a bankruptcy petition or to avoiding, delaying or disrupting any proceedings in bankruptcy against him or any examination of his affairs;

(ii)

is about to remove his goods with a view to preventing or delaying possession being taken of them by the Official Assignee;

(iii)

has concealed or destroyed, or is about to conceal or destroy, any of his goods or any books, papers or records which might be of use to his creditors in the course of his bankruptcy or in connection with the administration of his estate;

(iv)

has, without the leave of the Official Assignee, removed any goods in his possession which exceed $200 in value; or

(v)

has failed, without reasonable excuse, to attend any examination ordered by the court,the court may cause a warrant to be issued to a police officer for his arrest or for the seizure of any books, papers, records, money or goods in his possession, and upon his arrest, may authorise him to be kept in custody, and anything seized under such a warrant to be held, in accordance with the rules, until such time as the court may order.

(2)

Where a person has been arrested under this section, the court may order his release, either with or without security to the satisfaction of the court that he will abide by such conditions as the court may think fit to impose, and the proceeds of the realisation of any security given on breach by such person of any of the conditions of the security shall be deemed to be his property and shall vest in the Official Assignee where such person is an undischarged bankrupt or, where he is not such, in the event of his bankruptcy.

Clause 10

Criminal jurisdiction of District and Magistrate’s Courts

A District Court or a Magistrate’s Court shall have jurisdiction to hear and determine all offences under this Act or any rules and, notwithstanding anything to the contrary in the Criminal Procedure Code [Cap. 68], shall have power to impose the full penalty or punishment in respect of any offence under this Act or the rules.

Clause 11

Where no specific procedure provided

(1)

In any matter of practice or procedure for which no specific provision has been made by this Act or any rules, the procedure and practice for the time being in use or in force in the Supreme Court shall, as nearly as may be, be followed and adopted.

(2)

Where in respect of any matter of practice or procedure it is not possible to apply subsection (1), the court may make such orders and give such directions as are likely to secure substantial justice between the parties.

Clause 12

Power to adjourn proceedings

The court may at any time adjourn any proceedings before it upon such terms, if any, as it may think fit.

Clause 13

Power to amend written process

The court may at any time amend any written process or proceedings upon such terms, if any, as it may think fit.

Clause 14

Power to extend time

Where by this Act or the rules the time for doing any act or thing is limited, the court may extend the time, either before or after the expiration thereof, upon such terms, if any, as it may think fit.

Clause 15

Manner of taking evidence

Subject to the rules, the court may in any matter take the whole or any part of any evidence either viva voce or by interrogatories or upon affidavit or by commission abroad.

Clause 16

Costs to be in court’s discretion

Subject to this Act and the rules, the costs of and incidental to any proceedings in court shall be in the discretion of the court.

Clause 17

Appointment of Official Assignee of bankrupts’ estates

(1)

The Minister may appoint such person as he may think fit to be the Official Assignee of the estates of bankrupts.

(2)

The Official Assignee shall act under the general authority and directions of the Minister, but shall also be an officer of the court.

(3)

The Minister may appoint such other officers, either temporary or permanent, as he may think necessary for carrying this Act into effect, and may assign to such officers such duties as he may think fit.

Clause 18

Official name of Official Assignee

The Official Assignee shall have the following official names:

(a)

where he has been appointed as the interim receiver of a debtor’s property under section 73, “The Official Assignee of the Property of (name of debtor), a Debtor”;

(b)

where he is acting as the receiver and trustee of the estate of a bankrupt under Part VII, “The Official Assignee of the Estate of (name of bankrupt), a Bankrupt”; and

(c)

where he is acting as the trustee of the estate of a deceased debtor in bankruptcy under section 148, “The Official Assignee of the Estate of (name of deceased debtor), a Deceased Debtor”,and may, by such official name, sue and be sued, hold property of every description, enter into contracts or any engagements binding on himself and his successors in office, and do all other acts necessary or expedient to be done in the execution of his office.

Clause 19

Delegation of powers and functions by Official Assignee

(1)

Subject to this Act, the Official Assignee may, in relation to any particular matter or class of matters, by writing under his hand delegate to any person all or any of his powers or functions under this Act or the rules so that such power or function may be exercised by the delegate with respect to the matter or class of matters specified in the instrument of delegation.

(2)

No delegation made under this section shall prevent the Official Assignee from exercising the power or function delegated.

(3)

The Official Assignee may at any time revoke any delegation made by him under this section.

Clause 20

Official Assignee deemed to be public servant

The Official Assignee and any officer appointed by the Minister under section 17(3) shall be deemed to be public servants within the meaning of the Penal Code [Cap. 224].

Clause 21

General duties of Official Assignee as regards bankrupt’s conduct and affairs

(1)

The Official Assignee shall have the following duties as regards a bankrupt:

(a)

to investigate the conduct and affairs of the bankrupt, and report to the court as to whether there is reason to believe that the bankrupt has committed any act which constitutes an offence under this Act or under section 421, 422, 423 or 424 of the Penal Code, or which would otherwise justify the court in refusing, suspending or qualifying an order for his discharge;

(b)

to make such other reports concerning the conduct of the bankrupt as the court may direct or as are prescribed;

(c)

to take such part as may be directed by the court or as is prescribed, in any examination of the bankrupt and other persons; and

(d)

to take such part and give such assistance in relation to the prosecution of any fraudulent bankrupt or any other person charged with an offence under this Act, as the court may direct or as is prescribed.

(2)

A report by the Official Assignee under subsection (1) shall in any proceedings be prima facie evidence of the facts stated in it.

(3)

In this section, the conduct and affairs of a bankrupt shall include his conduct and affairs before the making of the bankruptcy order against him.

Clause 22

General duties of Official Assignee as regards estate of bankrupt

(1)

The Official Assignee shall have the following duties as regards the estate of a bankrupt administered by him:

(a)

to act as the receiver of the bankrupt’s estate and where a special manager has not been appointed under section 113, as the manager thereof;

(b)

to raise money or make advances for the purposes of the estate, and to authorise the special manager (if any) to raise money or make advances for the like purposes in any case where in the interests of the creditors it appears necessary to do so;

(c)

to summon and preside at all meetings of creditors held under this Act;

(d)

to issue forms of proxy for use at the meetings of creditors;

(e)

to report to the creditors as to any proposal which he makes with respect to the mode of liquidating the bankrupt’s affairs; and

(f)

to advertise the bankruptcy order, the date of any public examination and such other matters as may be necessary to advertise.

(2)

For the purpose of carrying out his duties as receiver or manager, the Official Assignee shall have the same powers as if he were a receiver and manager appointed by the court, but shall, as far as practicable, consult the creditors with respect to the management of the bankrupt’s estate, and may for that purpose, if he thinks it advisable, summon meetings of the persons claiming to be creditors.

(3)

The Official Assignee shall account to the court and pay over all moneys and deal with all securities in such manner as the court may, subject to this Act, direct.

Investment of surplus funds in Bankruptcy Estates Account

(1)

Whenever the cash balance standing to the credit of the Bankruptcy Estates Account is in excess of the amount which, in the opinion of the Official Assignee, is required for the time being to meet demands in respect of insolvent estates, the Official Assignee shall notify the excess to the Accountant-General, and shall pay over the whole or any part of the excess as the Accountant-General may require to such account as the Accountant-General may direct, and the Accountant-General may invest the sums paid over or any part thereof in trustee securities to be placed to the credit of the said account.

(2)

Where any part of the money invested under subsection (1) is, in the opinion of the Official Assignee, required to meet any demand in respect of insolvent estates, the Official Assignee shall notify the Accountant-General the amount so required and the Accountant-General shall thereupon repay the Official Assignee such sum as may be required to the credit of the Bankruptcy Estates Account and for that purpose the Accountant-General may direct the sale of such part of the securities as may be necessary.

(3)

The income derived from any investment under subsection (1) shall form part of the Consolidated Fund and regard shall be had to the amount thus derived in fixing the fees payable in respect of proceedings in bankruptcy.

(4)

Any profits on the sale of any of the securities placed to the credit of the Bankruptcy Estates Account shall be credited to the Consolidated Fund and that Fund shall be liable to make good any loss arising out of the sale of those securities.

Clause 29

Official Assignee to furnish list of creditors

The Official Assignee shall, whenever required by any creditor of a bankrupt to do so, and on payment by the creditor of the prescribed fee, furnish and transmit to the creditor a list of the creditors of the bankrupt, showing in the list the amount of the debt due from the bankrupt to each of the creditors.

Clause 30

Control of court over Official Assignee

(1)

The court shall take cognizance of the conduct of the Official Assignee in his administration of the estate of a bankrupt, and if the Official Assignee does not faithfully perform his duties or duly observe all the requirements imposed on him by this Act, the rules or any other written law with respect to the performance of his duties, or if any complaint is made to the court by any creditor in regard thereto, the court shall inquire into the matter and take such action thereon as it may consider expedient.

(2)

The court may at any time require the Official Assignee to answer any inquiry made by it in relation to his administration of the estate of a bankrupt and may also direct an investigation to be made of the books and vouchers of the Official Assignee or examine him on oath concerning his administration of the estate.

Clause 31

Review by court of Official Assignee’s act, omission or decision

(1)

If a bankrupt or any of his creditors or any other person is dissatisfied by any act, omission or decision of the Official Assignee in relation to the Official Assignee’s administration of the bankrupt’s estate, he may apply to the court to review such act, omission or decision and on hearing such an application the court may —

(a)

confirm, reverse or modify any act or decision of the Official Assignee; or

(b)

give such directions to the Official Assignee or make such other order as it may think fit.

(2)

The Official Assignee may apply to the court for directions in relation to any particular matter arising under the bankruptcy.

Clause 32

Liability of Official Assignee to be discharged out of Consolidated Fund

(1)

All sums required to discharge any liability which the Official Assignee may be personally liable to discharge shall be charged upon the Consolidated Fund.

(2)

Neither the Official Assignee nor any of his officers shall be liable for any act to which he has not in any way contributed or which he could not by the exercise of reasonable diligence have averted.

Clause 33

Appointment of person other than Official Assignee as trustee in bankruptcy

(1)

The court may, on making a bankruptcy order and on the application of a petitioning creditor, appoint a person other than the Official Assignee to be the trustee of the bankrupt’s estate.

(2)

The official name of the trustee shall be —

(a)

“the Trustee of the estate of (name of bankrupt), a Bankrupt”; or

(b)

“the Trustee in Bankruptcy of (name of bankrupt), a Bankrupt”.

Clause 34

Qualifications for appointment as trustee

No person shall be appointed as a trustee in bankruptcy unless he satisfies the court that —

(a)

he is —

(i)

registered as a public accountant under the Accountants Act [Cap. 2A];

(ii)

an advocate and solicitor; or

(iii)

such person as the Minister may, by order published in the Gazette, prescribe; and

(b)

he has not been convicted of an offence involving fraud or dishonesty punishable on conviction by imprisonment for 3 months or more,and he has consented in writing to being appointed as a trustee.

Clause 35

Person appointed as trustee to furnish security before acting

(1)

No person appointed as a trustee under section 33 shall commence acting as such trustee until he has given security in the prescribed manner to the satisfaction of the Official Assignee that he shall faithfully perform his duties and duly observe all the requirements imposed on him by this Act, the rules or any other written law with respect to the performance of his duties.

(2)

Any person who contravenes or fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.

Clause 36

General functions, duties and powers of trustee

(1)

Subject to subsection (2) and section 39, a trustee shall —

(a)

have all the functions and duties of the Official Assignee in relation to the conduct of a bankrupt and the administration of his estate as provided in this Act; and

(b)

exercise all the powers of the Official Assignee,and any reference in this Act or the rules to the Official Assignee shall, unless the context otherwise requires, include a reference to a trustee.

(2)

Sections 19, 24, 108, 113, 116, 125 and 165 shall not apply to a trustee and section 112(a), (c), (f), (h) and (i) shall not apply to a trustee except with the consent of the court, the creditors’ committee or, if there is no creditors’ committee, the Official Assignee.

Clause 37

Trustee to pay moneys received by him into prescribed bank account

(1)

Every trustee shall, in the manner and at the times prescribed by the rules, pay all moneys received by him into such bank account as is prescribed by those rules or as may be specified by the court.

(2)

Any trustee who pays any moneys received by him as trustee into any bank account other than the bank account prescribed or specified under subsection (1) 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.

Clause 38

Remuneration of trustee

(1)

A trustee shall be entitled to receive such salary or remuneration as is determined in the following manner:

(a)

by agreement between the trustee and the creditors’ committee, if any;

(b)

failing any agreement with the creditors’ committee or where there is no such committee, by a special resolution of the creditors whose debts have been admitted for the purpose of voting and who are present in person or by proxy and voting at a meeting to be convened by the trustee by a notice to each creditor in accordance with subsection (2); or

(c)

failing a determination in the manner referred to in paragraph (a) or (b), by the court.

(2)

The trustee shall attach to every notice under subsection (1)(b) a statement of all receipts and expenditure by the trustee and the amount of remuneration sought by him.

Clause 39

Control of trustee by Official Assignee

(1)

The Official Assignee shall take cognizance of the conduct of a trustee in the administration of the estate of a bankrupt and if the trustee does not faithfully perform his duties or duly observe all the requirements imposed on him by this Act, the rules or any other written law with respect to the performance of his duties, or if any complaint is made to the Official Assignee by any creditor or bankrupt in regard thereto, the Official Assignee shall inquire into the matter and take such action thereon as he may think expedient.

(2)

The Official Assignee may at any time require a trustee to answer any inquiry in relation to his administration of the estate of a bankrupt and may also direct an investigation to be made of the books and vouchers of the trustee.

(3)

It shall be the duty of the trustee —

(a)

to furnish the Official Assignee with such information;

(b)

to produce to the Official Assignee, and permit inspection by the Official Assignee of, such books, papers and other records; and

(c)

to give the Official Assignee such other assistance,as the Official Assignee may reasonably require for the purpose of enabling him to carry out his functions in relation to the bankruptcy.

(4)

The Official Assignee may, having regard to the results of any inquiry or investigation made under this section, apply to the court for the removal of the trustee.

Clause 40

Review by court of trustee’s act, omission or decision

(1)

If a bankrupt or any of his creditors or any other person is dissatisfied by any act, omission or decision of a trustee in relation to the trustee’s administration of the bankrupt’s estate, he may apply to the court to review such act, omission or decision and on hearing such an application the court may —

(a)

confirm, reverse or modify any act or decision of the trustee; or

(b)

give such directions to the trustee or make such other order as it may think fit.

(2)

A trustee may apply to the court for directions in relation to any particular matter arising under the bankruptcy.

Clause 41

Removal of trustee

(1)

A trustee may be removed from office only by an order of the court or by a general meeting of the bankrupt’s creditors summoned especially for that purpose in accordance with the rules.

(2)

A trustee shall vacate his office if he ceases to be qualified to hold office as a trustee under section 34(a) or (b).

(3)

A trustee may resign his office by giving one month’s notice of his resignation to the court and the Official Assignee.

(4)

A trustee shall vacate his office if the bankruptcy order is annulled.

Clause 42

Vacancy in office of trustee

Where the appointment of any person as trustee of a bankrupt’s estate fails to take effect or where a vacancy arises in the office of a trustee whose appointment has taken effect, the Official Assignee —

(a)

Any order made by the court under subsection (2) shall be without prejudice to any liability on the part of the trustee arising apart from this section.

(4)

Where a trustee seizes or disposes of any property which is not comprised in the bankrupt’s estate and at the time of the seizure or disposal the trustee believes, and has reasonable grounds for believing, that he is entitled (whether in pursuance of an order of the court or otherwise) to seize or dispose of that property, the trustee —

(a)

shall not be liable to any person (whether under this section or otherwise) in respect of any loss or damage resulting from the seizure or disposal except in so far as the loss or damage is caused by the negligence of the trustee; and

(b)

shall have a lien on the property or the proceeds of its sale for such of the expenses of the bankruptcy as were incurred in connection with the seizure or disposal.

Clause 57

Persons who may present creditor’s petition

(1)

Subject to this Part, a creditor’s petition may be presented(a)against an individual by —

(i)

one of the individual’s creditors or jointly by more than one of them; or

(ii)

the nominee supervising the implementation of, or any person (other than the individual) who is for the time being bound by, a voluntary arrangement proposed by the individual and approved under Part V; or

(b)

against a firm by —

(i)

one of the firm’s creditors or jointly by more than one of them, if such creditor or creditors are entitled under paragraph (a)(i) to present a creditor’s petition against any one of the partners in the firm in respect of a partnership debt; or

(ii)

the nominee supervising the implementation of, or any person (other than the partners in the firm) who is for the time being bound by, a voluntary arrangement proposed by the firm and approved under Part V.

(2)

A creditor who is entitled to present a bankruptcy petition against a firm under subsection (1)(b) may present a bankruptcy petition against any of the partners in the firm without including the others.

(3)

Every creditor’s petition shall be in the prescribed form and shall be verified by affidavit of the creditor or of some person on his behalf having knowledge of the facts.

(4)

Every creditor’s petition shall be served in the manner prescribed.

Clause 58

Persons who may present debtor’s petition

(1)

Subject to this Part, a debtor’s petition may be presented —

(a)

against an individual debtor by the debtor himself; or

(b)

against a firm by all the partners in the firm or by a majority of such partners who are residing in Singapore at the time of the presentation of the petition.

(2)

A debtor’s petition shall be in the prescribed form and shall be accompanied —

(a)

where the debtor is an individual, by a statement of his affairs containing such particulars of his assets, creditors, debts and other liabilities as may be prescribed;

(b)

where the debtor is a firm, by a statement of —

(i)

the firm’s affairs containing such particulars of its assets, creditors, debts and other liabilities as may be prescribed; and

(ii)

the affairs of each of the partners in the firm by whom the petition is presented containing such particulars of his assets, creditors, debts and other liabilities as may be prescribed; and

(c)

such other information as may be prescribed.

Clause 59

Bankruptcy order

Subject to this Part, the court may make a bankruptcy order on a bankruptcy petition presented to it under section 57 or 58.

Clause 60

Conditions to be satisfied in respect of debtor

(1)

No bankruptcy petition shall be presented to the court under section 57(1)(a) or 58(1)(a) against an individual debtor unless the debtor —

(a)

is domiciled in Singapore;

(b)

has property in Singapore; or

(c)

has, at any time within the period of one year immediately preceding the date of the presentation of the petition —

(i)

been ordinarily resident or has had a place of residence in Singapore; or

(ii)

carried on business in Singapore.

(2)

No bankruptcy petition shall be presented to the court under section 57(1)(b) or 58(1)(b) against a firm unless —

(a)

at least one of the partners in the firm —

(i)

is domiciled in Singapore;

(ii)

has property in Singapore; or

(iii)

has, at any time within the period of one year immediately preceding the date of the presentation of the petition, been ordinarily resident or has had a place of residence in Singapore; or

(b)

the firm has, at any time within the period of one year immediately preceding the date of the presentation of the petition, carried on business in Singapore.

(3)

The reference in subsection (1)(c)(ii) to an individual carrying on business in Singapore shall include —

(a)

the carrying on of business in Singapore by a firm in which the individual is a partner; and

(b)

the carrying on of business in Singapore by an agent or manager for the individual or for such a firm.

Clause 61

Grounds of bankruptcy petition

(1)

No bankruptcy petition shall be presented to the court in respect of any debt or debts unless at the time the petition is presented —

(a)

the amount of the debt, or the aggregate amount of the debts, is not less than $2,000;

(b)

the debt or each of the debts is for a liquidated sum payable to the petitioning creditor immediately; and

(c)

the debtor is unable to pay the debt or each of the debts.

(2)

The Minister may, by order published in the Gazette, amend subsection (1)(a) by substituting a different sum for the sum for the time being specified therein.

Clause 62

Presumption of inability to pay debts

For the purposes of a creditor’s petition, 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 —

(a)

(i)the petitioning creditor to whom the debt is owed has served on him in the prescribed manner, a statutory demand;

(ii)

at least 21 days have elapsed since the statutory demand was served; and

(iii)

Any fine imposed under subsection (4) shall be deemed part of the property of the bankrupt and shall vest in the Official Assignee for the purposes of this Act.

Clause 64

Power of court to stay or dismiss proceedings on bankruptcy petition

(1)

The court may at any time, for sufficient reason, make an order staying the proceedings on a bankruptcy petition, either altogether or for a limited time, on such terms and conditions as the court may think just.

(2)

Without prejudice to subsection (1), where it appears to the court that the person presenting a bankruptcy petition has contravened any of the provisions of this Act or any rules in relation to proceedings on a bankruptcy petition, the court may, in its discretion, dismiss the petition in lieu of staying any proceedings thereon under that subsection.

Clause 65

Proceedings on creditor’s petition

(1)

The court hearing a creditor’s petition shall not make a bankruptcy order thereon unless it is satisfied that —

(a)

the debt or any one of the debts in respect of which the petition is presented is a debt which, having been payable at the date of the petition, has neither been paid nor secured or compounded for; and

(b)

where the debtor does not appear at the hearing, the petition has been duly served on him.

(2)

The court may dismiss the petition if —

(a)

it is not satisfied with the proof of the petitioning creditor’s debt or debts;

(b)

it is not satisfied with the proof of the service of the petition on the debtor;

(c)

it is satisfied that the debtor is able to pay all his debts;

(d)

it is satisfied that the debtor has made an offer to secure or compound for the petitioning creditor’s debt the acceptance of which offer would have required the dismissal of the petition and the offer has been unreasonably refused by the petitioning creditor; or

(e)

it is satisfied that for other sufficient cause no order ought to be made thereon.

(3)

In determining for the purposes of subsection (2)(c) whether the debtor is able to pay all his debts, the court shall take into account his contingent and prospective liabilities.

(4)

When a bankruptcy petition has been presented against a debtor on the ground that the debtor —

(a)

has failed to pay a judgment debt, and there is pending an appeal from or an application to set aside, the judgment or order by virtue of which the judgment debt is payable; or

(b)

has failed to comply with a statutory demand, and there is pending an application to set aside the statutory demand,the court may, if it thinks fit, stay or dismiss the petition.

(5)

Where the debtor appears on the petition and denies that he is —

(a)

indebted to the petitioner; or

(b)

indebted to such an amount as would justify the petitioner presenting a bankruptcy petition against him,the court may, on condition that the debtor furnishes such security as the court may order for payment to the petitioner of —

(i)

any debt which may be established against the debtor in due course of law; and

(ii)

the costs of establishing the debt,stay all proceedings on the petition for such time as may be required for trial of the question relating to the debt.

(6)

Where proceedings are stayed, the court may, if by reason of the delay caused by the stay of proceedings or for any other cause it thinks just, make a bankruptcy order on the petition of some other creditor, and shall thereupon dismiss, on such terms as it may think just, the petition in which proceedings have been stayed.

Clause 66

Proceedings on bankruptcy petition by nominee or creditor bound by voluntary arrangement

The court shall not make a bankruptcy order on a bankruptcy petition presented under section 57(1)(a)(ii) or (b)(ii) by the nominee or any creditor bound by a voluntary arrangement unless it is satisfied —

(a)

that the debtor has failed to comply with his obligations under the voluntary arrangement;

(b)

that information which was false or misleading in any material particular or which contained material omissions —

(i)

was contained in any statement of affairs or other document supplied by the debtor under Part V to any person; or

(ii)

was otherwise made available by the debtor to his creditors at or in connection with a meeting summoned under Part V; or

(c)

that the debtor has failed to do all such things as may for the purposes of the voluntary arrangement have been reasonably required of him by the nominee of the arrangement.

Clause 67

Proceedings on debtor’s petition

(1)

The court hearing a debtor’s petition shall not make a bankruptcy order thereon unless it is satisfied that the debtor is unable to pay his debts.

(2)

Where a debtor’s petition has been presented against a firm by some, but not all, of the partners in the firm, the court shall not make a bankruptcy order thereon unless it is satisfied that notice of the petition in the prescribed form has been served in the prescribed manner on each of the partners who did not join in the petition.

Clause 68

Consolidation of bankruptcy petitions

Where two or more bankruptcy petitions are presented against the same debtor, the court may consolidate the proceedings or any of them on such terms as the court thinks fit.

Clause 69

Power to dismiss petition against some respondents only

Where there are two or more respondents to a petition, the court may dismiss the petition as to one or more of them, without prejudice to the effect of the petition as against the other or others of them.

Clause 70

Power to change conduct of proceedings

Where any petitioner does not proceed with due diligence on his petition, the court may substitute as petitioner —

(a)

in the case of a creditor’s petition, any other creditor to whom the debtor is indebted in the amount required under section 61(1)(a); or

(b)

in any other case, the Official Assignee,and thereafter the proceedings shall, unless the court otherwise directs, be continued as though no change had been made in the conduct of the proceedings.

Clause 71

Continuance of proceedings on death of debtor

If a debtor by or against whom a bankruptcy petition has been presented dies, the proceedings in the matter shall, unless the court otherwise directs, be continued as if he were alive, and the court may dispense with service of the petition upon him.

Clause 72

Withdrawal of bankruptcy petition

A bankruptcy petition shall not be withdrawn without the leave of the court.

Clause 73

the making of a bankruptcy order shall be read as a reference to the appointment of an interim receiver under this section;

(b)

the Official Assignee shall be read as a reference to the interim receiver; and

(c)

the bankrupt or his estate shall be read (respectively) as a reference to the debtor or his property.

(5)

The Official Assignee shall cease to be the interim receiver of a debtor’s property if —

(a)

the bankruptcy petition presented against the debtor is dismissed or withdrawn;

(b)

a bankruptcy order is made on the petition; or

(c)

the court by order terminates the appointment.

Clause 74

Power to stay proceedings against person or property of debtor

(1)

Any court may by order, at any time after the presentation of a bankruptcy petition, stay any action, execution or other legal process against the person or property of the debtor.

(2)

Where an order is made under subsection (1) staying any action or proceedings or staying proceedings generally, the order may be served by sending a copy thereof, under the seal of the court, by prepaid registered post to the address for service of the plaintiff or other party prosecuting such proceedings.

Clause 75

Commencement and duration of bankruptcy

The bankruptcy of any person who has been adjudged bankrupt by a bankruptcy order (whether made against him or against the firm in which he is a partner) shall —

(a)

commence on the day when the bankruptcy order is made; and

(b)

continue until he is discharged under Part VIII.

Clause 76

Effect of bankruptcy order

(1)

On the making of a bankruptcy order —

(a)

the property of the bankrupt shall —

(i)

vest in the Official Assignee without any further conveyance, assignment or transfer; and

(ii)

become divisible among his creditors;

(b)

the Official Assignee shall be constituted receiver of the bankrupt’s property; and

(c)

unless otherwise provided by this Act —

(i)

no creditor to whom the bankrupt is indebted in respect of any debt provable in bankruptcy shall have any remedy against the person or property of the bankrupt in respect of that debt; and

(ii)

no action or proceedings shall be proceeded with or commenced against the bankrupt,except by leave of the court and in accordance with such terms as the court may impose.

(2)

Where a bankruptcy order is made against a firm, the order shall operate as if it were a bankruptcy order made against each of the persons who, at the time of the order, is a partner in the firm.

(3)

This section shall not affect the right of any secured creditor to realise or otherwise deal with his security in the same manner as he would have been entitled to realise or deal with it if this section had not been enacted.

(4)

Notwithstanding subsection (3) and section 94, no secured creditor shall be entitled to any interest in respect of his debt after the making of a bankruptcy order if he does not realise his security within 6 months from the date of the bankruptcy order or such further period as the Official Assignee may determine.

Clause 77

Restrictions on dispositions of property by bankrupt

(1)

Where a person is adjudged bankrupt, any disposition of property made by him during the period beginning with the day of the presentation of the bankruptcy petition and ending with the making of the bankruptcy order shall be void except to the extent that such disposition has been made with the consent of, or been subsequently ratified by, the court.

(2)

For the purpose of this section, a disposition of property shall include any payment (whether in cash or otherwise) made to any person by the bankrupt and accordingly, where any payment is void by virtue of this section, the person to whom the payment was made shall hold the sum paid for the bankrupt as part of his estate.

(3)

Nothing in this section shall give a remedy against any person in respect of —

(a)

Meeting of creditors

(1)

The Official Assignee may, at any time after the making of a bankruptcy order, summon a meeting of the bankrupt’s creditors.

(2)

Notwithstanding subsection (1), the Official Assignee shall summon a meeting of the bankrupt’s creditors whenever directed by the court to do so or whenever requested in writing by one-fourth in value of the bankrupt’s creditors to do so.

(3)

Every meeting summoned under this section shall be conducted in accordance with the prescribed rules.

Clause 80

Creditors’ committee

(1)

At any meeting convened by the Official Assignee under section 79(1), the creditors qualified to vote thereat, including the holders of general proxies or general powers of attorney from such creditors, may by ordinary resolution appoint from amongst themselves a committee (known as the “creditors’ committee”) of not more than 3 persons for the purpose of advising the Official Assignee on matters relating to the administration of the property of the bankrupt.

(2)

The Official Assignee may convene the creditors’ committee at such times as he may think necessary, but shall convene the committee whenever requested in writing to do so by all or a majority of the members of the committee.

(3)

Any member of the creditors’ committee may resign his office by notice in writing, signed by him and delivered to the Official Assignee.

(4)

If a member of the creditors’ committee becomes bankrupt, or compounds or arranges with his creditors, or is absent for more than two months from Singapore, his office shall thereupon become vacant.

(5)

Any member of the creditors’ committee may be removed by an ordinary resolution at any meeting of creditors, of which 7 days’ notice has been given stating the object of the meeting.

(6)

On a vacancy occurring in the office of a member of the creditors’ committee, the Official Assignee shall forthwith summon a meeting of creditors for the purpose of filling the vacancy, and the meeting may by ordinary resolution appoint another creditor or eligible person to fill the vacancy.

Clause 81

Bankrupt’s statement of affairs

(1)

Where a bankruptcy order has been made against an individual otherwise than on a debtor’s petition, the bankrupt shall submit a statement of his affairs to the Official Assignee within 21 days from the date of the bankruptcy order.

(2)

Where a bankruptcy order has been made against a firm —

(a)

on a creditors’ petition, the bankrupts, being the partners in the firm at the time of the order, shall submit a joint statement of their partnership affairs, and each partner in the firm shall submit a statement of his separate affairs; or

(b)

on a debtor’s petition, every person who at the time of the order is a partner in the firm but who did not join in the petition shall submit a statement of his separate affairs,to the Official Assignee within 21 days from the date of the bankruptcy order.

(3)

The statement of affairs shall contain —

(a)

such particulars of the bankrupt’s assets, creditors, debts and other liabilities as may be prescribed;

(b)

in the case of a firm, such particulars of the firm’s assets, creditors, debts and other liabilities as may be prescribed; and

(c)

such other information as may be prescribed.

(4)

The Official Assignee may, if he thinks fit —

(a)

release the bankrupt from his duty under subsection (1) or (2), as the case may be; or

(b)

extend the period specified in subsection (1) or (2),and where the Official Assignee has refused to exercise a power conferred by this section, the court, if it thinks fit, may exercise it.

(5)

A bankrupt who —

(a)

without reasonable excuse, fails to comply with the obligation imposed by this section;

(b)

without reasonable excuse, submits a statement of affairs which does not comply with the prescribed requirements;

(c)

submits a statement of affairs which is false, and which he either knows or believes to be false or does not believe to be true; or

(d)

submits a statement which is misleading in any material particular or contains any material omission,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 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day during which the offence continues after conviction.

(6)

Any person stating himself, in writing, to be a creditor of the bankrupt may personally or by agent inspect the statement of affairs filed by the bankrupt under this section at all reasonable times and upon payment of the prescribed fee take any copy thereof or extract therefrom, but any person untruthfully so stating himself to be a creditor shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 6 months or to both.

Clause 82

Bankrupt to submit accounts

(1)

A bankrupt who has not obtained his discharge shall, unless otherwise directed by the Official Assignee, submit to the Official Assignee once in every 6 months an account of all moneys and property which have come to his hands for his own use during the preceding 6 months or such other period as the Official Assignee may specify, and shall pay and make over to the Official Assignee so much of such moneys and property as have not been expended in the necessary expenses of maintenance of himself and his family.

(2)

A bankrupt who fails to comply with subsection (1) 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 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day during which the offence continues after conviction.

Clause 83

Examination of bankrupt and others

(1)

Where a bankruptcy order has been made, the court may, upon an application made by the Official Assignee or by a creditor who has tendered a proof, at any time before the discharge of the bankrupt —

(a)

summon the bankrupt to appear before it on an appointed day and examine him as to his affairs, dealings and property; and

(b)

summon to appear before it on the same or another appointed day and examine —

(i)

the bankrupt’s spouse or former spouse;

(ii)

any person known or believed to be indebted to the bankrupt or to have in his possession any property comprised in the bankrupt’s estate; and

(iii)

any other person,if it appears to the court that such person would be able to give information concerning the bankrupt or the bankrupt’s affairs, dealings or property.

(2)

A person having notice of the presentation of a bankruptcy petition shall not prove under the bankruptcy order made thereon for any debt or liability contracted by the bankrupt subsequently to the date of his so having notice.

(3)

Subject to this section and section 90, any debt or liability to which the bankrupt —

(a)

is subject at the date of the bankruptcy order; or

(b)

may become subject before his discharge by reason of any obligation incurred before the date of the bankruptcy order,and any interest on such debt or liability which is payable by the bankrupt in respect of any period before the commencement of his bankruptcy shall be provable in bankruptcy.

(4)

An estimate shall be made by the Official Assignee of the value of any debt or liability provable under this section which, by reason of its being subject to any contingency or contingencies, or for any other reason, does not bear a certain value.

(5)

Any person aggrieved by any such estimate may appeal to the court.

(6)

If in the opinion of the court the value of the debt or liability is incapable of being fairly estimated, the court may make an order to that effect, and thereupon the debt or liability shall, for the purposes of this Act, be deemed to be a debt not provable in bankruptcy.

(7)

If in the opinion of the court the value of the debt or liability is capable of being fairly estimated, the court may assess the same and may give all necessary directions for this purpose, and the amount of the value when assessed shall be deemed to be a debt provable in bankruptcy.

(8)

An amount payable under any order made by a court under any written law relating to the confiscation of the proceeds of crime shall be provable in bankruptcy.

Clause 88

Mutual credit and set-off

(1)

Where there have been any mutual credits, mutual debts or other mutual dealings between a bankrupt and any creditor, the debts and liabilities to which each party is or may become subject as a result of such mutual credits, debts or dealings shall be set-off against each other and only the balance shall be a debt provable in bankruptcy.

(2)

There shall be excluded from any set-off under subsection (1) any debt or liability of the bankrupt which —

(a)

is not a debt provable in bankruptcy; or

(b)

arises by reason of an obligation incurred at a time when the creditor had notice that a bankruptcy petition relating to the bankrupt was pending.

Clause 89

Rules as to proof of debts

With respect to the mode of proving debts, the right of proof by secured and other creditors, the admission and rejection of proofs and any other matters, the prescribed rules shall be observed.

Clause 90

Priority of debts

(1)

Subject to this Act, in the distribution of the property of a bankrupt, there shall be paid in priority to all other debts —

(a)

firstly, the costs and expenses of administration or otherwise incurred by the Official Assignee and the costs of the petitioner (whether taxed or agreed) and the costs and expenses properly incurred by a nominee in respect of the administration of any voluntary arrangement under Part V;

(b)

secondly, subject to subsection (2), all wages or salary (whether or not earned wholly or in part by way of commission) including any amount payable by way of allowance or reimbursement under any contract of employment or award or agreement regulating the conditions of employment of any employee;

(c)

thirdly, subject to subsection (2), the amount due to an employee as a retrenchment benefit or an ex gratia payment under any contract of employment or award or agreement that regulates the conditions of employment, whether such amount becomes payable before, on or after the date of the bankruptcy order;

(d)

fourthly, all amounts due in respect of any workmen’s compensation under the Workmen’s Compensation Act [Cap. 354] accrued before, on or after the date of the bankruptcy order;

(e)

fifthly, all amounts due in respect of contributions payable during the 12 months immediately before, on or after the date of the bankruptcy order by the bankrupt as the employer of any person under any written law relating to employees’ superannuation or provident funds or under any scheme of superannuation which is an approved scheme under the Income Tax Act [Cap. 134];

(f)

sixthly, all remuneration payable to any employee in respect of vacation leave, or in the case of his death, to any other person in his right, accrued in respect of any period before, on or after the date of the bankruptcy order; and

(g)

seventhly, the amount of all taxes assessed and any goods and services tax due under any written law before the date of the bankruptcy order or assessed at any time before the time fixed for the proving of debts has expired.

(2)

The amount payable under subsection (1)(b) and (c) shall not exceed an amount that is equivalent to 5 months’ salary whether for time or piecework in respect of services rendered by any employee to the bankrupt or $7,500, whichever is the lesser.

(3)

The Minister may, by order published in the Gazette, amend subsection (2) by varying the amount specified in that subsection as the maximum amount payable under subsection (1)(b) and (c).

(4)

For the purposes of subsection (1)(b) and (c) —

Definition

“employee” means a person who has entered into or works under a contract of service with the bankrupt and includes a subcontractor of labour;

Definition

“wages or salary” includes —

(a)

all arrears of money due to a subcontractor of labour;

(b)

any amount payable to an employee on account of wages or salary during a period of notice of termination of employment or in lieu of notice of such termination, as the case may be, whether such amount becomes payable before, on or after the date of the bankruptcy order; and

(c)

any amount payable to an employee, on termination of his employment, as a gratuity under any contract of employment, or under any award or agreement that regulates the conditions of his employment, whether such amount becomes payable before, on or after the date of the bankruptcy order.

(5)

The provisions of a composition or scheme under this section may be enforced by the court on an application by any person interested, and any contravention of or failure to comply with of an order of the court made on such an application shall be deemed to be a contempt of court.

(13)

If the court approves the composition or scheme, it may annul the bankruptcy order and vest the property of the bankrupt in him or in such other person as the court appoints on such terms and subject to such conditions as the court may impose.

(14)

If default is made in payment of any instalment due under the composition or scheme, or if 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 that the approval of the court was obtained by fraud, the court may, if it thinks fit, on an application by the Official Assignee or any creditor, annul the composition or scheme, but without prejudice to the validity of any sale, disposition or payment duly made or thing duly done under or in pursuance of the composition or scheme.

Clause 96

Effect of composition or scheme

Notwithstanding the acceptance and approval of a composition or scheme, such composition or scheme shall not be binding on any creditor so far as regards a debt or liability from which, under this Act, the bankrupt would not be discharged by an order of discharge in bankruptcy unless the creditor assents to the composition or scheme.

Clause 97

Provisions as to second bankruptcy

(1)

Where a second or subsequent bankruptcy order is made against a bankrupt, or where an order is made for the administration in bankruptcy of the estate of a deceased bankrupt, then for the purposes of any proceedings consequent upon any such order, the Official Assignee shall be deemed to be a creditor in respect of any unsatisfied balance of the debts provable in the last preceding bankruptcy against the property of the bankrupt in the subsequent bankruptcy.

(2)

the value of his assets is less than the amount of his liabilities, taking into account his contingent and prospective liabilities.

Clause 101

Meaning of “associate”

(1)

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.

(2)

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.

(3)

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.

(4)

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.

(5)

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.

(6)

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.

(7)

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,and references in this section to a spouse shall include a former spouse.

(8)

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 two or more persons together satisfy either of the above conditions, they shall be taken to have control of the company.

(9)

In this section, “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.

Clause 102

Orders under sections 98 and 99

(1)

Without prejudice to the generality of sections 98(2) and 99(2), an order under either of those sections with respect to a transaction or preference entered into or given by an individual who is subsequently adjudged bankrupt may, subject to this section —

(a)

require any property transferred as part of the transaction, or in connection with the giving of the preference, to be vested in the Official Assignee;

(b)

require any property to be so vested if it represents in any person’s hands the application of the proceeds of sale of property so transferred or of money so transferred;

(c)

release or discharge (in whole or in part) any security given by the individual;

(d)

require any person to pay, in respect of benefits received by him from the individual, such sums to the Official Assignee as the court may direct;

(e)

provide for any surety or guarantor whose obligations to any person were released or discharged (in whole or in part) under the transaction or by the giving of the preference to be under such new or revived obligations to that person as the court thinks appropriate;

(f)

provide for security to be provided for the discharge of any obligation imposed by or arising under the order, for such an obligation to be charged on any property and for the security or charge to have the same priority as a security or charge released or discharged (in whole or in part) under the transaction or by the giving of the unfair preference; and

(g)

provide for the extent to which any person whose property is vested by the order in the Official Assignee, or on whom obligations are imposed by the order, is to be able to prove in the bankruptcy for debts or other liabilities which arose from, or were released or discharged (in whole or in part) under or by, the transaction or the giving of the unfair preference.

(2)

An order under section 98 or 99 may affect the property of, or impose any obligation on, any person whether or not he is the person with whom the individual in question entered into the transaction or, as the case may be, the person to whom the unfair preference was given; but such an order shall not —

(a)

prejudice any interest in property which was acquired from a person other than that individual and was acquired in good faith, for value and without notice of the relevant circumstances, or prejudice any interest deriving from such an interest; or

(b)

require a person who received a benefit from the transaction or unfair preference in good faith, for value and without notice of the relevant circumstances to pay a sum to the Official Assignee, except where he was a party to the transaction or the payment is to be in respect of an unfair preference given to that person at a time when he was a creditor of that individual.

(3)

Any sums required to be paid to the Official Assignee in accordance with an order under section 98 or 99 shall be comprised in the bankrupt’s estate.

(4)

For the purposes of this section, the relevant circumstances, in relation to a transaction or unfair preference, shall be —

(a)

the circumstances by virtue of which an order under section 98 or 99 could be made in respect of the transaction or preference if the individual in question were adjudged bankrupt within the particular period after the transaction is entered into or the unfair preference given; and

(b)

if that period has expired, the fact that that individual has been adjudged bankrupt within that period.

Clause 103

Extortionate credit transactions

(1)

This section shall apply where a person who is adjudged bankrupt is or has been a party to a transaction for or involving the provision to him of credit.

(2)

The court may, on the application of the Official Assignee, make an order with respect to the transaction if the transaction is or was extortionate and was entered into within 3 years before the commencement of the bankruptcy.

(3)

For the purposes of this section, a transaction shall be extortionate if, having regard to the risk accepted by the person providing the credit —

(a)

the terms of it are or were such as to require grossly exorbitant payments to be made (whether unconditionally or in certain contingencies) in respect of the provision of the credit; or

(b)

it otherwise grossly contravened ordinary principles of fair dealing,and it shall be presumed, unless the contrary is proved, that the transaction was extortionate.

(4)

An order under this section may contain one or more of the following:

(a)

provision setting aside the whole or part of any obligation created by the transaction;

(b)

provision varying the terms of the transaction or varying the terms on which any security for the purposes of the transaction is held;

(c)

provision requiring any person who is or was party to the transaction to pay the Official Assignee any sums paid to that person;

(d)

provision requiring any person to surrender to the Official Assignee any property held by him as security for the purposes of the transaction;

(e)

provision directing accounts to be taken between any persons.

(5)

Any sums or property required to be paid or surrendered to the Official Assignee in accordance with an order under this section shall be comprised in the bankrupt’s estate.

Clause 104

Avoidance of general assignment of book debts

(1)

This section shall apply where a person engaged in any business makes a general assignment to another person of his existing or future book debts, or any class of them, and is subsequently adjudged bankrupt.

(2)

The assignment shall be void against the Official Assignee as regards book debts which were not paid before the presentation of the bankruptcy petition, unless the assignment has been registered under the Bills of Sale Act [Cap. 24].

(3)

For the purposes of this section —

Definition

“assignment” includes an assignment by way of security or charge on book debts;

Definition

“general assignment” does not include —

(a)

an assignment of book debts due on the date of the assignment from specified debtors or of debts becoming due under specified contracts; or

(b)

an assignment of book debts included either in a transfer of a business made in good faith and for value or in an assignment of assets for the benefit of creditors generally.

(4)

For the purposes of registration under the Bills of Sale Act, an assignment of book debts shall be treated as if it were a bill of sale given otherwise than by way of security for the payment of a sum of money; and the provisions of that Act with respect to the registration of bills of sale shall apply accordingly with such necessary modifications as may be made by rules under that Act.

Clause 105

Restriction of rights of creditor under execution or attachment

(1)

Where the creditor of a bankrupt has issued execution against the goods or lands of the bankrupt or has attached any debt due or property belonging to him, he shall not be entitled to retain the benefit of the execution or attachment against the Official Assignee unless he has completed the execution or attachment before the date of the bankruptcy order, except that —

(a)

a person who purchases in good faith under a sale by the Sheriff any goods of a bankrupt on which an execution has been levied shall in all cases acquire a good title to them against the Official Assignee; and

(b)

the rights conferred by this subsection on the Official Assignee may be set aside by the court in favour of the creditor to such extent and subject to such terms as the court may think fit.

(2)

For the purposes of this Act —

(a)

an execution against goods is completed by seizure and sale;

(b)

Nothing in this section shall be deemed to abrogate the right of the Government to dismiss a bankrupt or to declare the pension, half-pay or compensation of any bankrupt to be forfeited.

(4)

In fixing the amount to be received by the Official Assignee under this section, the court shall, without prejudice to subsection (5), have regard to the scale of appropriation of salary in any general rule made for the purposes of this section by the Minister under section 166.

(5)

The court may, in its discretion, fix a larger or smaller amount than the amount provided in the scale.

Clause 110

Disclaimer of onerous property

(1)

Where any part of the property of the bankrupt consists of —

(a)

land of any tenure burdened with onerous covenants;

(b)

shares or stock in companies;

(c)

unprofitable contracts; or

(d)

any other property that is unsaleable or not readily saleable by reason of its binding the possessor thereof to the performance of any onerous act or to the payment of any sum of money,the Official Assignee, notwithstanding that he has endeavoured to sell or has taken possession of the property or exercised any act of ownership in relation thereto, but subject to this section, may, by writing signed by him, at any time disclaim the property.

(2)

The disclaimer shall operate to determine as from the date of disclaimer the rights, interests and liabilities of the bankrupt and his property in or in respect of the property disclaimed, and shall also discharge the Official Assignee from all personal liability in respect of the property disclaimed as from the date when the property vested in him, but shall not, except so far as is necessary for the purpose of releasing the bankrupt and his property and the Official Assignee from liability, affect the rights or liabilities of any other person.

(3)

The Official Assignee shall not be entitled to disclaim a lease without the leave of the court, except in any case which may be prescribed or where all persons interested in the property consent to the disclaimer, and the court may, before or on granting leave —

(a)

require such notices to be given to persons interested and impose such terms as a condition of granting leave; and

(b)

make such orders with respect to fixtures, tenant’s improvements and other matters arising out of the tenancy,as the court thinks just.

(4)

The Official Assignee shall not be entitled to disclaim any property, in pursuance of this section, in any case where —

(a)

an application in writing has been made to him by any person interested in the property, requiring him to decide whether he will disclaim or not; and

(b)

he has for a period of 21 days after the receipt of the application, or such extended period as is allowed by the court, declined or neglected to give notice whether he disclaims the property or not,and in the case of a contract, if the Official Assignee, after such application as aforesaid, does not within the said period or extended period disclaim the contract, he shall be deemed to have adopted it.

(5)

The court may, on the application of any person who is, as against the Official Assignee, entitled to the benefit or subject to the burden of a contract made with the bankrupt, make an order rescinding the contract on such terms as to payment by or to, either party of damages for the non-performance of the contract or otherwise as to the court seems equitable, and any damages payable under the order to that person may be proved by him as a debt under the bankruptcy.

(6)

The court may —

(a)

on application by any person either claiming any interest in any disclaimed property or under any liability not discharged by this Act in respect of any disclaimed property;

(b)

on hearing such persons as the court may think fit; and

(c)

on such terms as the court may think just,make an order for the vesting of the property in or delivery thereof to —

(i)

any person entitled thereto;

(ii)

any person to whom it seems just that the same should be delivered by way of compensation for such liability as aforesaid; or

(iii)

a trustee for any person referred to in sub-paragraph (i) or (ii),and on the vesting order being made, the property comprised therein shall vest accordingly in the person therein named in that behalf, without any conveyance or assignment for the purpose.

(7)

Where the property disclaimed is of a leasehold nature, the court shall not make a vesting order in favour of any person claiming under the bankrupt, whether as underlessee or as mortgagee by demise, except upon the terms of making the person subject to the same liabilities and obligations as the bankrupt was subject to under the lease in respect of the property at the date when the bankruptcy petition was presented, and any mortgagee or under-lessee declining to accept a vesting order upon those terms shall be excluded from all interest in and security upon the property, and if there is no person claiming under the bankrupt who is willing to accept an order upon those terms, the court shall have power to vest the bankrupt’s estate and interest in the property in any person liable (either personally or in a representative character, and either alone or jointly with the bankrupt) to perform the lessee’s covenants in the lease, freed and discharged from all estates, encumbrances and interests created therein by the bankrupt.

(8)

Any person sustaining loss or damage by the operation of a disclaimer under this section shall be deemed to be a creditor of the bankrupt to the extent of the loss or damage, and may accordingly prove the same as a debt under the bankruptcy.

Clause 111

Power of Official Assignee to deal with property

Subject to this Act, the Official Assignee may —

(a)

sell all or any part of the property of a bankrupt, including the goodwill of his business, if any, and the book debts due or accruing due to him, by tender, public auction or private contract, with power to transfer the whole thereof to any person or to sell the same in parcels;

(b)

give receipts for any money received by him, being receipts which effectually discharge the person paying the money from all responsibility in respect of the application thereof;

(c)

prove, rank, claim, and draw a dividend in respect of any debt due to the bankrupt;

(d)

exercise any power, the capacity to exercise which is vested in the Official Assignee under this Act, and execute any power of attorney, deeds and other instrument for the purpose of carrying into effect the provisions of this Act; and

(e)

deal with any property to which the bankrupt is beneficially entitled as tenant in tail, or other owner of an estate of inheritance less than an estate in fee simple, in the same manner as the bankrupt might have dealt with it; and any such dealing with any property to which the bankrupt is, before his discharge, so entitled shall, although the bankrupt is dead at the time of that dealing, be as valid and have the same operation as though the bankrupt were then alive.

Clause 112

General powers of Official Assignee

The Official Assignee may exercise any of the following powers:

(a)

carry on any business of the bankrupt so far as is necessary for winding it up beneficially;

(b)

bring, institute or defend any action or legal proceedings relating to the property of the bankrupt;

(c)

employ an advocate and solicitor to take any proceedings or do any business;

(d)

accept, as the consideration for the sale of any property of the bankrupt, a sum of money payable at a future time, subject to such stipulations as to security or otherwise as he thinks fit;

(e)

mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts;

(f)

refer any dispute to arbitration, or compromise all debts, claims and liabilities, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or supposed to subsist, between the bankrupt and any person who may have incurred any liability to the bankrupt, on the receipt of such sums payable at such times, and generally on such terms as are agreed on;

(g)

make such compromise or other arrangement as is thought expedient with creditors or persons claiming to be creditors in respect of any debts provable under the bankruptcy;

(h)

The notice given under subsection (3) shall contain the prescribed particulars of the bankrupt’s estate.

(5)

In the calculation and distribution of a dividend, the Official Assignee shall make provision —

(a)

for any provable debt which appears to him to be due to any person who, by reason of the distance of his place of residence, may not have had sufficient time to tender and establish his proof;

(b)

for any provable debt which is the subject of any claim which has not yet been determined; and

(c)

for disputed proofs and claims.

(6)

No dividend shall be paid to any creditor which does not amount to $20.

Clause 118

Claims by unsatisfied creditors

A creditor who has not proved his debt before the declaration of any dividend shall not be entitled to disturb, by reason that he has not participated in it, the distribution of that dividend or any other dividend declared before his debt was proved, but —

(a)

when he has proved that debt, he shall be entitled to be paid out of any money for the time available for the payment of any further dividend, any dividend or dividends which he has failed to receive; and

(b)

any dividend or dividends payable under paragraph (a) shall be paid before that money is applied to the payment of any such further dividend.

Clause 119

Final distribution

(1)

When the Official Assignee has realised all the bankrupt’s estate or so much of it as can, in the opinion of the Official Assignee, be realised without needlessly protracting the proceedings in bankruptcy, he shall give notice in the prescribed manner of his intention to declare a final dividend.

(2)

The notice under subsection (1) shall contain the prescribed particulars and shall require claims against the bankrupt’s estate to be established by a date (referred to in this section as the final date) specified in the notice.

(3)

The court may, on the application of any person, postpone the final date.

(4)

After the final date, the Official Assignee shall —

(a)

defray any outstanding expenses of the bankruptcy out of the bankrupt’s estate; and

(b)

if he intends to declare a final dividend, declare and distribute that dividend without regard to the claim of any person in respect of a debt not already proved in the bankruptcy.

Clause 120

Joint and separate dividends

(1)

Where one partner of a firm is adjudged bankrupt, a creditor to whom the bankrupt is indebted jointly with the other partners of the firm, or any of them, shall not receive any dividend out of the separate property of the bankrupt until all the separate creditors have received the full amount of their respective debts.

(2)

Where joint and separate properties are being administered, dividends of the joint and separate properties shall, subject to any order to the contrary that is made by the court on the application of the Official Assignee or any person interested, be declared together.

(3)

The expenses of and incidental to the dividends shall be fairly apportioned by the Official Assignee between the joint and separate properties, regard being had to the work done for and the benefit received by each property.

Clause 121

No action for dividend

No action for a dividend shall lie against the Official Assignee but if he refuses to pay any dividend the court may if it thinks fit order him to pay it, and also to pay out of the Consolidated Fund interest thereon for the time that it is withheld, and the costs of the application.

Clause 122

Right of bankrupt to surplus

(1)

The bankrupt shall be entitled to any surplus remaining after payment in full of his creditors, with interest as by this Act provided, and of the costs, charges and expenses of the proceedings under the bankruptcy petition.

(2)

Notwithstanding subsection (1), the court may make an order directing the Official Assignee not to pay the surplus or part thereof 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 application, vary or revoke an order made under subsection (2).

Clause 123

Court’s power to annul bankruptcy order

(1)

The court may annul a bankruptcy order if it appears to the court —

(a)

that, on any ground existing at the time the order was made, the order ought not to have been made;

(b)

that, to the extent required by the rules, the debts which have been paid and the expenses of the bankruptcy have all, since the making of the order, either been paid or secured for to the satisfaction of the court;

(c)

that proceedings are pending in Malaysia for the distribution of the bankrupt’s estate and effects amongst the creditors under the bankruptcy law of Malaysia and that the distribution ought to take place there; or

(d)

that a majority of the creditors in number and value are resident in Malaysia, and that from the situation of the property of the bankrupt or for other causes his estate and effects ought to be distributed among the creditors under the bankruptcy laws of Malaysia.

(2)

The court may annul a bankruptcy order whether or not the bankrupt has been discharged from the bankruptcy.

(3)

Where a court annuls a bankruptcy order under this section, any sale or other disposition of property, payment made or other things duly done by or under the authority of the Official Assignee or by the court shall be valid except that the property of the bankrupt shall vest in such person as the court may appoint or, in default of any such appointment, revert to the bankrupt on such terms as the court may direct, and the court may include in its order such supplemental provisions as may be authorised by the rules.

Clause 124

Discharge by court

(1)

The Official Assignee, the bankrupt or any other person having an interest in the matter may, at any time after the making of a bankruptcy order, apply to the court for an order of discharge.

(2)

Every such application shall be served on each creditor who has filed a proof of debt and on the Official Assignee if he is not the applicant, and the court shall hear the Official Assignee and any creditor before making an order of discharge.

(3)

Subject to subsection (4) on an application under this section, the court may —

(a)

refuse to discharge the bankrupt from bankruptcy;

(b)

make an order discharging him absolutely; or

(c)

make an order discharging him subject to such conditions as it thinks fit to impose, including conditions with respect to —

(i)

any income which may be subsequently due to him; or

(ii)

any property devolving upon him, or acquired by him, after his discharge,as may be specified in the order.

(4)

Where the bankrupt has committed an offence under this Act or under section 421, 422, 423 or 424 of the Penal Code [Cap. 224] or upon proof of any of the facts mentioned in subsection (5), the court shall —

(a)

refuse to discharge the bankrupt from bankruptcy; or

(b)

make an order discharging him subject to his paying a dividend to his creditors of not less than 25% or to the payment of any income which may be subsequently due to him or with respect to property devolving upon him, or acquired by him, after his discharge, as may be specified in the order and to such other conditions as the court may think fit to impose.

(5)

The facts referred to in subsection (4) are —

(a)

that the bankrupt has omitted to keep such books of accounts as would sufficiently disclose his business transactions and financial position within the 3 years immediately preceding his bankruptcy, or within such shorter period immediately preceding that event as the court may consider reasonable in the circumstances;

(b)

that the bankrupt has continued to trade after knowing or having reason to believe himself to be insolvent;

(c)

that the bankrupt has contracted any debt provable in the bankruptcy without having at the time of contracting it any reasonable ground of expectation (proof whereof shall lie on him) of being able to pay it;

(d)

that the bankrupt has brought on or contributed to his bankruptcy by rash speculations or extravagance in living, or by recklessness, or want of reasonable care and attention to his business and affairs;

(e)

that the bankrupt has delayed or put any of his creditors to unnecessary expense by a frivolous or vexatious defence to any action or other legal proceedings properly brought or instituted against him;

(f)

that the bankrupt has within 3 months preceding the date of the bankruptcy order, when unable to pay his debts as they became due, given an undue preference to any of his creditors;

(g)

that the bankrupt has, in Singapore or elsewhere on any previous occasion, been adjudged bankrupt or made a composition or arrangement with his creditors;

(h)

that the bankrupt has been guilty of any fraud or fraudulent breach of trust;

(i)

that the bankrupt has, within 3 months immediately preceding the date of the bankruptcy order, sent goods out of Singapore under circumstances which afford reasonable grounds for believing that the transaction was not a bona fide commercial transaction;

(j)

that the bankrupt’s assets are not of a value equal to 20% of the amount of his unsecured liabilities, unless he satisfies the court that the fact that the assets are not of a value equal to 20% of his unsecured liabilities has arisen from circumstances for or in respect of which he cannot firstly be held blamable;

(k)

that the bankrupt has entered into a transaction with any person at an undervalue within the meaning of section 98;

(l)

that the bankrupt has given an unfair preference to any person within the meaning of section 99; and

(m)

that the bankrupt has made a general assignment to another person of his book debts within the meaning of section 104.

(6)

The court may, at any time before an order of discharge takes effect, rescind or vary the order.

Clause 125

Discharge by certificate of Official Assignee

(1)

The Official Assignee may, in his discretion and subject to section 126, issue a certificate discharging a bankrupt from bankruptcy.

(2)

The Official Assignee shall not issue a certificate discharging a bankrupt from bankruptcy under subsection (1) unless —

(a)

a period of 5 years has lapsed since the date of commencement of the bankruptcy; and

(b)

the debts which have been proved in bankruptcy do not exceed $100,000, or such other sum as may be prescribed.

(3)

Notice of every discharge under subsection (1) shall be given to the Registrar and be published in the Gazette and advertised in any local newspaper.

(4)

The Official Assignee shall, upon the application of a bankrupt or his creditor or other interested person, issue to the applicant a copy of the certificate of discharge upon the payment of the prescribed fee.

Clause 126

Objection by creditor to discharge of bankrupt under section 125

(1)

Before issuing a certificate of discharge under section 125, the Official Assignee shall serve on each creditor who has filed a proof of debt a notice of his intention to discharge the bankrupt, together with a statement of his reasons for wanting to do so.

(2)

A creditor who has been served with a notice under subsection (1) and who wishes to enter an objection to the Official Assignee issuing a certificate discharging the bankrupt may, within 10 days from the date of the Official Assignee’s notice, furnish the Official Assignee a statement of the grounds of his objection.

(3)

A creditor who does not furnish to the Official Assignee a statement of the grounds of his objection in accordance with subsection (2) shall be deemed to have no objection to the discharge.

(4)

A creditor who has furnished the Official Assignee with a statement of the grounds of his objection in accordance with subsection (2) may, within 14 days of being informed by the Official Assignee that his objection has been rejected, make an application to the court for an order prohibiting the Official Assignee from issuing a certificate.

(5)

Every application under subsection (4) shall be served on the Official Assignee and on the bankrupt and the court shall hear the Official Assignee and the bankrupt before making an order on the application.

(6)

On an application made under subsection (4), the court may, if it thinks it just and expedient —

(a)

dismiss the application;

(b)

make an order that the bankrupt be not granted a certificate of discharge by the Official Assignee for a period not exceeding two years; or

(c)

make an order permitting the Official Assignee to issue a certificate discharging the bankrupt but subject to such conditions as the court may think fit to impose, including conditions with respect to —

(i)

any income which may be subsequently due to the bankrupt after his discharge; or

(ii)

any property devolving upon the bankrupt, or acquired by him after his discharge,as may be specified in the order.

Clause 127

Effect of discharge

(1)

Subject to this section and section 124, where a bankrupt is discharged, the discharge shall release him from all his debts provable in the bankruptcy but shall have no effect —

(a)

on the functions (so far as they remain to be carried out) of the Official Assignee; or

(b)

on the operation, for the purposes of the carrying out of those functions, of the provisions of this Act.

(2)

Discharge shall not release the bankrupt from —

(a)

any debt due to the Government; or

(b)

any debt with which the bankrupt may be chargeable at the suit of —

(i)

the Government or any other person for any offence under any written law relating to any branch of the public revenue; or

(ii)

the Sheriff or other public officer on a bail bond entered into for the appearance of any person prosecuted for any such offence,and a bankrupt may be discharged from such debt only by a certificate in writing of the Minister.

(3)

Discharge shall not affect the right of any secured creditor of the bankrupt to enforce his security for the payment of a debt from which the bankrupt is released.

(4)

Discharge shall not release the bankrupt from —

(a)

any provable debt which he incurred in respect of, or forbearance in respect of which was secured by means of, any fraud or fraudulent breach of trust to which he was party; or

(b)

any liability in respect of a fine imposed for an offence.

(5)

Discharge shall not, except to such extent and on such conditions as the court may direct, release the bankrupt from any debt which has been proved and which —

(a)

consists in a liability to pay damages for negligence, nuisance or breach of a statutory, contractual or other duty, being damages in respect of personal injuries to any person;

(b)

arises under any order made in proceedings under the Women’s Charter [Cap. 353] relating to family matters; or

(c)

arises under an order involving pecuniary liability made under any written law relating to the confiscation of the proceeds of crime.

(6)

Discharge shall not release any person other than the bankrupt from any liability (whether as partner or co-trustee of the bankrupt or otherwise) from which the bankrupt is released by the discharge, or from any liability as surety for the bankrupt or as a person in the nature of such a surety.

(7)

For the purpose of subsection (5), “personal injuries” includes death and any disease or other impairment of a person’s physical or mental condition.

Clause 128

Discharged bankrupt to give assistance

A discharged bankrupt shall, notwithstanding his discharge, give such assistance as the Official Assignee requires in the realisation and distribution of such of his property as is vested in the Official Assignee, and if the discharged bankrupt fails to do so —

(a)

he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000; and

(b)

the court may, if it thinks fit, revoke his discharge, but without prejudice to the validity of any sale, disposition or payment duly made, or thing duly done subsequent to the discharge, but before its revocation.

Clause 129

Duties of bankrupt

A bankrupt shall, in addition to any other duty specified in this Act —

(a)

make discovery of and deliver all his property that is under his possession or control to the Official Assignee;

(b)

deliver to the Official Assignee all books, records, documents, writings and papers including (without restricting the generality of the foregoing), any documents or deeds of title, insurance policies and tax records and returns and copies thereof in any way relating to his property or affairs;

(c)

at such time and place as may be fixed by the Official Assignee, attend before the Official Assignee and answer such questions as the Official Assignee may put to him with respect to his affairs, dealings and property and the causes of his failure;

(d)

make or give all the assistance within his power to the Official Assignee in making an inventory of his assets;

(e)

make disclosure to the Official Assignee of all property disposed of within such time preceding his bankruptcy as the Official Assignee may require, and how and to whom and for what consideration any part thereof was disposed of except such part as had been disposed of in the ordinary manner of trade or used for reasonable personal expenses;

(f)

make disclosure to the Official Assignee of all property disposed of by gift or settlement without adequate valuable consideration within the 5 years immediately preceding his bankruptcy;

(g)

attend any meeting of his creditors as may be convened by the Official Assignee under section 79, unless prevented by sickness or other sufficient cause and submit thereat to examination;

(h)

when required, attend such other meetings of his creditors;

(i)

aid to the utmost of his power in the realisation of his property and the distribution of the proceeds among his creditors;

(j)

execute such powers of attorney, conveyances, deeds and instruments as may be required by the Official Assignee;

(k)

examine the correctness of all proofs of claims filed, if required by the Official Assignee;

(l)

in case any person has to his knowledge filed a false claim, disclose the fact immediately to the Official Assignee;

(m)

generally do all such acts and things in relation to his property and the distribution of the proceeds among his creditors as may be reasonably required by the Official Assignee or prescribed by the rules or directed by the court by any order on any application by the Official Assignee or by any of his creditors; and

(n)

until he has been discharged from bankruptcy, keep the Official Assignee advised at all times of his place of residence or address.

Clause 130

Disqualification of bankrupt

(1)

In addition to any disqualification under any other written law, a bankrupt shall be disqualified from being appointed or acting as a trustee or personal representative in respect of any trust, estate or settlement, except with leave of the court.

(2)

Any disqualification to which a bankrupt is subject under this section shall cease when —

(a)

the bankruptcy order against him is annulled or rescinded; or

(b)

he is discharged under Part VIII.

(3)

Any person who acts as a trustee or personal representative while he is disqualified by virtue of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding one year or to both.

Clause 131

Disabilities of bankrupt

(1)

Where a bankrupt has not obtained his discharge —

(a)

Until the contrary is proved, every meeting of creditors in respect of the proceedings whereof a minute has been so signed shall be deemed to have been duly convened and held, and all resolutions passed or proceedings had thereat to have been duly passed or had.

Clause 154

Evidence of proceedings in bankruptcy

Any —

(a)

petition or copy of a petition in bankruptcy;

(b)

order or certificate or copy of an order or certificate made by the court in bankruptcy;

(c)

instrument, affidavit or document or copy of an instrument, affidavit or document made or used in the course of any bankruptcy proceedings or other proceedings had under this Act,shall, if it appears to be sealed with the seal of the court or purports to be signed by any judge thereof, or is certified as a true copy by the Registrar, be receivable in evidence in all legal proceedings whatever.

Clause 155

Swearing of affidavits

Subject to the rules, any affidavit may be used in a court if it is sworn —

(a)

in Singapore before any person authorised to administer oaths or any Magistrate;

(b)

in Malaysia or other Commonwealth country before a judge, magistrate, justice of the peace or any person authorised to administer oaths under any written law for the time being in force in Malaysia or that Commonwealth country; and

(c)

in any other place before a magistrate or justice of the peace or other person qualified to administer oaths in that place who is certified to be a magistrate or justice of the peace or person qualified as aforesaid by a consul or person performing consular functions on behalf of the government or by a notary public.

Clause 156

Death of witness

In case of the death of the debtor or bankrupt, as the case may be, or of his spouse, or of a witness whose evidence has been received by any court in any proceedings under this Act, the deposition of the person so deceased, purporting to be sealed with the seal of the court, or a copy thereof purporting to be so sealed, shall be admitted as evidence of the matters therein deposed to.

Clause 157

Service of notices

All notices and other documents for the service of which no special mode is prescribed may be sent by prepaid registered post to the last known place of residence or business of the person to be served therewith.

Clause 158

Formal defect not to invalidate proceedings or acts

(1)

No proceedings in bankruptcy shall be invalidated by any formal defect or by any irregularity, unless the court before which an objection is made to the proceedings is of the opinion that substantial injustice has been caused by the defect or irregularity and that the injustice cannot be remedied by any order of that court.

(2)

The acts of a person as the trustee of a bankrupt’s estate or as a special manager, and the acts of the creditors’ committee appointed for any bankruptcy, shall be valid notwithstanding any defect in the appointment, election or qualifications of the trustee or manager or, as the case may be, of any member of the committee.

Clause 159

Exemption from stamp duty

(1)

For the purposes of this section —

Definition

“bankruptcy” includes any proceedings before or after the bankruptcy order and whether the order is made or not;

Definition

“bankrupt” includes any debtor proceeded against under this Act.

(2)

Every deed, conveyance, assignment or other assurance relating solely to freehold or leasehold property or to any mortgage, charge or other encumbrance on, or any estate, right or interest in, any real or personal property which is part of the estate of any bankrupt, and which, after the execution of the deed, conveyance, assignment or other assurance, either at law or in equity, is or remains the estate of the bankrupt or of the Official Assignee, and every power of attorney, proxy paper, writ, order, certificate, affidavit, bond or other instrument or writing relating solely to the property of any bankrupt or to any proceeding under any bankruptcy shall be exempt from stamp duties except in respect of fees under this Act.

Clause 160

Acts of corporations, firms and lunatics

For all or any of the purposes of this Act —

(a)

a corporation may act by any of its officers authorised in that behalf under the seal of the corporation;

(b)

a firm may act by any of its members;

(c)

a mentally disordered person or lunatic may act by his committee.

Clause 161

Access to bankrupt’s books

Any creditor of the bankrupt may, upon payment of the prescribed fee, at all reasonable times inspect personally or by agent, any such books, papers or documents in the possession of the Official Assignee.

Clause 162

Exclusion of liability relating to computerised information service

Where the Official Assignee provides a service to the public whereby computerised information of prescribed particulars of a bankrupt is supplied to the public on payment of a prescribed fee, neither the Government nor any of its employees involved in the supply of such information shall be liable for any loss or damage suffered by members of the public by reason of any errors or omissions of whatever nature appearing therein or howsoever caused if made in good faith and in the ordinary course of the discharge of the duties of such employees.

Clause 163

List of undischarged bankrupts to be kept

(1)

A list of undischarged bankrupts shall be kept by the Official Assignee and shall be published in the Gazette at such times as the Minister may direct, but not less than once in each year.

(2)

The Registrar shall keep a list of all bankruptcy orders made; and on that list every such order shall be forthwith entered under the headings of the letters of the alphabet and every order rescinding, annulling or discharging any such order and every notice of discharge given under section 125(2) shall be noted in the list against the order rescinded, annulled or discharged.

Clause 164

Unclaimed and undistributed moneys

(1)

Where a trustee or nominee is in possession of or has under his control —

(a)

any unclaimed dividend or other moneys which have remained unclaimed for more than 6 months from the date when the dividend or other moneys became payable; or

(b)

after making final distribution, any unclaimed or undistributed moneys arising from the property of a bankrupt,he shall forthwith pay those moneys to the Official Assignee to be placed to the credit of the Bankruptcy Estates Account, whereupon the Official Assignee shall issue to him the prescribed certificate of receipt for the moneys so paid and that certificate shall be an effectual discharge to him in respect thereof.

(2)

The Official Assignee shall from time to time pay out of the Bankruptcy Estates Account and into the Insolvency Assistance Fund, maintained under section 165, so much of the sums standing to the credit of the Account as represents —

(a)

dividends or balances in the Account which do not exceed $20;

(b)

dividends which were declared but have not been claimed for a period of 6 years; and

(c)

balances in the Account which have not been claimed for a period of 6 years from the date that —

(i)

the bankruptcy order has been annulled by the court;

(ii)

the bankrupt has been discharged from bankruptcy by the court;

(iii)

the bankrupt has been discharged from bankruptcy by a certificate issued by the Official Assignee;

(iv)

the bankruptcy petition presented against the debtor has been withdrawn by the petitioner or dismissed by the court; or

(v)

the moneys were paid into the Account under subsection (1).

Clause 165

Insolvency Assistance Fund

(1)

The Official Assignee shall maintain and administer a fund to be known as the Insolvency Assistance Fund (referred to in this section as the Fund) in accordance with such rules as may be prescribed.

(2)

There shall be paid into the Fund —

(a)

all unclaimed moneys referred to in section 164(2); and

(b)

all costs and fees recovered by the Official Assignee in any proceedings taken under this Act in which moneys from the Fund were applied.

(3)

Subject to subsections (4) and (6), the Fund may be applied by the Official Assignee for all or any of the following purposes:

(a)

for the remuneration of special managers appointed under section 113;

(b)

for the payment of all costs, fees and allowances to solicitors and other persons in proceedings on behalf of a bankrupt’s estate or to recover assets of the estate;

(c)

for the payment of such costs and fees in the administration of a bankrupt’s estate as the Official Assignee may determine;

(d)

for such other purposes as may be prescribed.

(4)

If any claimant makes any demand against the Official Assignee for any amount of unclaimed moneys paid into the Fund under subsection (2)(a), the Minister may direct that payment of that amount, free of interest, be made to the claimant out of the Consolidated Fund.

(5)

No moneys from the Fund shall be applied for any proceedings where, in the opinion of the Official Assignee, there is no reasonable ground for taking, defending, continuing or being a party to the proceedings or where there are sufficient moneys for such purpose in the bankrupt’s estate.

(6)

The Minister may from time to time pay such sums of moneys in the Fund into the Consolidated Fund as he may determine.

Clause 166

Rules

The Minister may make rules for the purposes of carrying into effect the objects of this Act and, without prejudice to the generality of this power, the rules may contain —

(a)

provisions with respect to meetings of creditors, the functions, membership and proceedings of a creditors’ committee;

(b)

provisions with respect to the proof of debts, the manner and conditions of proving a debt and the manner and expenses of establishing the value of any debt or security;

(c)

provisions with respect to the scale of appropriation of salary under section 109;

(d)

provisions prescribing any fees payable under this Act and the rules; and

(e)

such incidental, supplemental and transitional provisions as may appear to the Minister to be necessary or expedient.

Clause 167

Repeal, transitional and consequential provisions

(1)

The Bankruptcy Act [Cap. 20] is repealed.

(2)

In any written law or document in which a reference is made to the Bankruptcy Act repealed by this Act, such reference shall be read as a reference to the Bankruptcy Act 1994.

(3)

The transitional provisions and savings set out in the First Schedule shall have effect.

(4)

The provisions of the Acts specified in the first column of the Second Schedule are amended in the manner set out in the second column thereof.

Schedule 1

Transitional Provisions and Savings

FIRST SCHEDULESection 167(3)Transitional Provisions and SavingsBankrupts under repealed Act to continue to be bankrupts under this Act1.—

(1)

A person who was a bankrupt on the appointed day continues to be a bankrupt until he is discharged, or his bankruptcy is rescinded or annulled, under this Act; and the provisions of this Act shall apply to and in relation to that bankrupt as if he had become a bankrupt under this Act.(2) All orders and applications made, notices and consents given, matters advertised, meetings held, resolutions passed, compositions, schemes of arrangement or deeds accepted or approved, debts proved and acts and things done before the appointed day in relation to a bankrupt or the property of a bankrupt shall, in relation to the administration of the conduct and affairs of the bankrupt and his property under this Act, be deemed to have been made, given, advertised, held, passed, proved or done under this Act.Uncompleted proceedings under repealed Act2.—

(1)

Where —

(a)

a bankruptcy notice under the repealed Act has been served on a debtor before the appointed day; and

(b)

the debtor has failed, whether before or after the appointed day, to comply with the notice,a bankruptcy petition may be presented against the debtor under the repealed Act, and proceedings in relation to the petition may, subject to sub-paragraph (3), be taken and had under that Act as if this Act had not been enacted.(2) Where a bankruptcy petition has been presented against a debtor under the repealed Act before the appointed day, but an adjudication order has not been made on the petition, and the petition has not been withdrawn or dismissed before that day, proceedings in relation to the petition may, subject to sub-paragraph (3), be continued, or taken and had, after that day under the repealed Act as if this Act had not been enacted.(3) Where a person becomes a bankrupt on a petition to which sub-paragraph (1) or (2) applies, all subsequent proceedings in relation to the bankrupt or his estate shall be taken and had, and this Act shall apply as if he had become a bankrupt on a creditor’s petition presented under this Act.(4) Any proceedings (including the hearing of an appeal) in a court or before the Registrar under the repealed Act that had not been completed before the appointed day may be continued and completed, and any right of appeal in relation to those proceedings may be exercised and the appeal heard and determined as if this Act had not been enacted.(5) Any right of appeal from an order of a court having jurisdiction under the repealed Act, being an order made before the appointed day, may be exercised, and the appeal heard and determined, after that day, as if this Act had not been enacted.(6) Any right of appeal to a court having jurisdiction in bankruptcy under the repealed Act from an act or decision of the Official Assignee, the Registrar or any other officer under the repealed Act done or made before the appointed day and any right to apply to such a court to review such an act or decision may be exercised, and the appeal or application heard and determined, by the High Court.(7) In relation to any such case as is mentioned in sub-paragraph (1), the references in any written law to a petition, order or other matter which is provided for under the repealed Act and corresponds to a petition, order or other matter provided for under the provisions of this Act shall continue on and after the appointed day to give effect as references to the petition, order or matter provided for by the repealed Act; but otherwise those references shall have effect on and after that day as references to the petition, order or matter provided for by those provisions of this Act.Application of section 148 to existing estates of deceased debtors3.—

(1)

Where an order for the administration in bankruptcy of a deceased debtor’s estate has been made under Part VIII of the repealed Act, but the administration of the estate has not been completed before the appointed day, the estate of the deceased debtor shall, subject to this paragraph, be administered and distributed as if an order for administration of the estate had been made under section 148 of this Act, and the provisions of that section shall apply in relation to the estate accordingly.(2) All orders and applications made, notices and consents given, matters advertised, meetings held, resolutions passed, debts proved and acts and things done before the appointed day in relation to the estate of a deceased debtor shall, in relation to the administration and distribution of the estate under section 148 of this Act, be deemed to have been made, given, advertised, held, passed, proved or done under that section.Offences committed before appointed day

4. Where a bankruptcy order is made under this Act on or after the appointed day on a petition to which paragraph 2(1) or (2) applies, a person shall not be guilty of an offence under Part X of this Act in respect of anything done before that day; but shall be guilty of an offence under the repealed Act in respect of anything done before that day which would have been an offence under that Act if the making of the bankruptcy order had been the making of a receiving order or an adjudication order under that Act.Schedule to be without prejudice to section 1665.—

(1)

This Schedule shall be without prejudice to the power conferred by this Act under which rules under section 166 of this Act may make transitional provision in connection with the coming into force of those rules; and such provision may apply those rules in relation to a bankruptcy notwithstanding that it arose from a petition presented before either the coming into force of the rules or the appointed day.(2) Rules made under section 166 of this Act may provide for such notices served before the appointed day as may be prescribed to be treated for the purposes of this Act as statutory demands served under section 62(a)(i) of this Act.Transactions before appointed day6.—

(1)

A transaction entered into before the appointed day shall not be set aside under this Act except to the extent that it could have been set aside under the law in force immediately before that day.(2) References in sub-paragraph (1) to setting aside a transaction shall include the making of any order which varies or reverses any effect of such a transaction.Computation of time

7. Where any period of time specified in a provision of the repealed Act is current immediately before the appointed day, this Act shall have effect as if the corresponding provision had been in force when the period began to run; and (without prejudice to the foregoing) any period of time so specified and current shall be deemed for the purposes of this Act —

(a)

to run from the date or event from which it was running immediately before that day; and

(b)

to expire (subject to any provision of this Act for its extension) whenever it would have expired if this Act had not been enacted,and any rights, priorities, liabilities, reliefs, obligations, requirements, powers, duties or exemptions dependent on the beginning, duration or end of such a period as above mentioned shall be under this Act as they were or would have been under the repealed Act.Punishment of offences committed before appointed day8.—

(1)

Offences committed before the appointed day under any provision of the repealed Act may, notwithstanding any repeal by this Act, be prosecuted and punished after that day as if this Act had not been enacted.(2) Where an offence for the continuance of which a penalty was provided has been committed under any provision of the repealed Act, proceedings may be taken under this Act in respect of the continuance of the offence on and after the appointed day in the like manner as if the offence had been committed under the corresponding provision of this Act.Schedule not to prejudice section 16 of Interpretation Act

9. Nothing in this Schedule shall be taken as prejudicing section 16 of the Interpretation Act [Cap. 1] (effect of repeal).Meaning of “repealed Act”

10. In this Schedule, “repealed Act” means the Bankruptcy Act [Cap. 20] in force immediately before the appointed day.

Schedule 2

Consequential Amendments

SECOND SCHEDULESection 167(4)Consequential AmendmentsFirst column Second column(1)Architects Act (Chapter 12) Section 18(4)(a) Delete the words “or a receiving order in bankruptcy is in force against him”.(2)Commodity Futures Act (Chapter 48A) Section 15(1)(b) (i)Delete the words “or has committed an act of bankruptcy within the meaning of the Bankruptcy Act”.(ii)Delete the marginal reference “Cap. 20.”(3)Corruption (Confiscation of Benefits) Act (Chapter 65A) (a)Section 8(7) Delete paragraph (a) and substitute the following paragraph:

(a)

in relation to bankruptcy, means the debts to be paid in priority under section 90 of the Bankruptcy Act 1994 (assuming the date of the confiscation order to be the date of the bankruptcy order); and”.(b)Section 18 (i)Delete the words “section 47(1) (a)” in subsection (2)(b) and substitute the words “section 78(2)”.(ii)Delete the words “section 33(3)” in subsection (2)(c) and substitute the words “section 124(3)(c)”.(iii)Delete the words “section 10 of the Bankruptcy Act” in subsection (5) and substitute the words “section 73 of the Bankruptcy Act 1994”.(iv)Delete the marginal reference “Cap. 20.” in subsection (5).(v)Delete the words “section 35(1) of the Bankruptcy Act” in subsection (6) and substitute the words “section 127(2) of the Bankruptcy Act 1994”.(vi)Delete the marginal reference “Cap. 20.” in subsection (6).(4)Drug Trafficking (Confiscation of Benefits) Act (Chapter 84A) (a)Section 8(7) Delete paragraph (a) and substitute the following paragraph:

(a)

in relation to bankruptcy, means the debts to be paid in priority under section 90 of the Bankruptcy Act 1994 (assuming the date of the confiscation order to be the date of the bankruptcy order); and”.(b)Section 19 (i)Delete the words “section 47(1)(a)” in subsection (2)(b) and substitute the words “section 78(2)”.(ii)Delete the words “section 33(3)” in subsection (2)(c) and substitute the words “section 124(3)(c)”.(iii)Delete the words “section 11 of the Bankruptcy Act” in subsection (5) and substitute the words “section 73 of the Bankruptcy Act 1994”.(iv)Delete the marginal reference “Cap. 20.” in subsection (5).(v)Delete the words “section 35(1) of the Bankruptcy Act” in subsection (6) and substitute the words “section 127(2) of the Bankruptcy Act 1994”.(5)Employment Act (Chapter 91) Section 47(1)(b) (i)Delete the words “section 43 of the Bankruptcy Act” and substitute the words “section 90 of the Bankruptcy Act 1994”.(ii)Delete the marginal reference “Cap. 20.”.(6)Exchange Control Act (Chapter 99) Fourth Schedule (i)Delete the words “bankruptcy notice” in sub-paragraph (i) of the proviso to paragraph 3 and substitute the words “statutory demand”.(ii)Delete the words “section 5(1) of the Bankruptcy Act” in the third line of paragraph 6 and substitute the words “section 61(1) of the Bankruptcy Act 1994”.(iii)Delete the marginal reference “Cap. 20.” in paragraph 6.(7)Futures Trading Act (Chapter 116) Section 14(a)(ii) (i)Delete the words “or has committed an act of bankruptcy within the meaning of the Bankruptcy Act”.(ii)Delete the marginal reference “Cap. 20.”.(8)Hire-Purchase Act (Chapter 125) Section 33(f) Delete the words “or commits an act of bankruptcy” in the fifth line.(9)Land Surveyors Act (Chapter 156) Section 15(4)(a) Delete the words “or a receiving order in bankruptcy is in force against him”.(10)Legal Profession Act (Chapter 161) (a)Section 26(1)(d) Delete the words “or a receiving order in bankruptcy is in force against him”.(b)Section 57(1)(c) Delete the words “or a receiving order in bankruptcy is in force against him”.(c)Section 82A(3)(b) (i)Delete the words “section 33(6)(a), (b), (c), (d), (e), (f), (h) or (i) of the Bankruptcy Act” and substitute the words “section 124(5)(a), (b), (c), (d), (e), (f), (h), (i), (k), (l) or (m) of the Bankruptcy Act 1994”.(ii)Delete the marginal reference “Cap. 20.”.(d)Section 83(2)(c) (i)Delete the words “section 33(6)(a), (b), (c), (d), (e), (f), (h) or (i) of the Bankruptcy Act” and substitute the words “section 124(5)(a), (b), (c), (d), (e), (f), (h), (i), (k), (l) or (m) of the Bankruptcy Act 1994”.(ii)Delete the marginal reference “Cap. 20.”.(e)The Schedule, Part I, paragraph 1(1)(d) Delete the words “, or a receiving order in bankruptcy is in force against him”.(11)Merchant Shipping Act (Chapter 179) Section 383 Repeal.(12)Motor Vehicles (Third-Party Risks and Compensation) Act (Chapter 189) (a)Section 10 (i)Delete the words “section 124 of the Bankruptcy Act” in the first and second lines of subsection (2) and substitute the words “section 148 of the Bankruptcy Act 1994”.(ii)Delete the marginal reference “Cap. 20.” in subsection (2).(iii)Delete the words “section 124 of the Bankruptcy Act” in the sixth line of subsection (3) and substitute the words “section 148 of the Bankruptcy Act 1994”.(b)Section 11(2)(a) (i)Delete the words “section 124 of the Bankruptcy Act” and substitute the words “section 148 of the Bankruptcy Act 1994”.(ii)Delete the marginal reference “Cap. 20.”.(13)Police Force Act (Chapter 235) Section 13(3) (i)Delete the words “Part VI of the Bankruptcy Act” and substitute the words “Part VII of the Bankruptcy Act 1994”.(ii)Delete the marginal reference “Cap. 20.”.(14)Professional Engineers Act (Chapter 253) Section 18(4)(a) Delete the words “or a receiving order in bankruptcy is in force against him”.(15)Registration of Criminals Act (Chapter 268) First Schedule Part II Delete the item — “Cap. 20.Bankruptcy ActSections 111, 112, 113, 114 and 117(3).”. and substitute the following item: Bankruptcy Act 1994The whole of Part X.”.(16)Singapore Academy of Law Act (Chapter 294A) Section 16(1)(f) Delete the words “or a receiving order in bankruptcy is in force against him”.

Bankruptcy Bill

About this bill

PRELIMINARY

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