Singapore legislation
Clause 16
Clause 16
Amendment of section 164
Section 164 of the Bankruptcy Act is amended —
(a)
by deleting “$20” in subsection (3)(a) and substituting “$50”; and
(b)
by inserting, immediately after subsection (3), the following subsection:“(4) The Official Assignee shall from time to time pay out of the Debt Repayment Schemes Account and into the Debt Repayment Scheme Assistance Fund maintained under section 164A so much of the sums standing to the credit of the Account as it represents —
(a)
balances in the Account which do not exceed $50; and
(b)
balances in the Account in respect of a debt repayment scheme which have remained unclaimed for a period of 6 years from the date on which the debt repayment scheme has ceased under section 56K(1).”.