Singapore legislation
Clause 61
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.