Singapore legislation
Clause 14
Clause 14
New section 63A
The Bankruptcy Act is amended by inserting, immediately after section 63, the following section:“Expedited bankruptcy application63A. A creditor’s bankruptcy application which relies on a statutory demand may be made before the end of the period of 21 days referred to in section 62(a), if —
(a)
there is a serious possibility that the debtor’s property, or the value of all or any of the debtor’s property, will be significantly diminished during that period; and
(b)
the application contains a statement to that effect.”.