Singapore legislation

Clause 6

Amendment of section 27

Section 27 of the Bankruptcy Act is amended —

(a)

by deleting subsection (1) and substituting the following subsection:“(1) The Official Assignee shall keep with such bank as he may think fit —

(a)

an account, to be called the Bankruptcy Estates Account, into which all moneys received by the Official Assignee under this Act (with the exception of Part VA) shall, subject to this Act, be paid; and

(b)

an account, to be called the Debt Repayment Schemes Account, into which all moneys received by the Official Assignee under Part VA shall, subject to this Act, be paid.”;

(b)

by inserting, immediately after the words “Bankruptcy Estates Account” in subsection (2), the words “or the Debt Repayment Schemes Account”; and

(c)

by inserting, immediately after the words “Bankruptcy Estates Account” in the section heading, the words “and Debt Repayment Schemes Account”.

Read in full context — Bankruptcy (Amendment) Bill →