Clause 6

by deleting subsection (1) and substituting the following subsection:“(1) The court may, in the following circumstances, appoint a person other than the Official Assignee to be the trustee of the bankrupt’s estate:

when making a bankruptcy order, and on the application of the creditor who applied for the bankruptcy order;

at any time after the making of a bankruptcy order which has not been discharged or annulled, and on the application of any creditor, the Official Assignee or any existing trustee of the bankrupt’s estate.”;

by inserting, immediately after subsection (1), the following subsection:“(1A) A creditor applying for a bankruptcy order must apply to the court for the appointment of a person other than the Official Assignee to be the trustee of the bankrupt’s estate, if —

the creditor is an institutional creditor or a subsidiary of an institutional creditor; or

the debt when incurred was payable to a person who is —

an institutional creditor; or

a subsidiary of an institutional creditor.”; and

by inserting, immediately after subsection (2), the following subsection:“(3) In this section —“annual sales turnover”, for a relevant period and in relation to an undertaking, means —

if the relevant period is a business year that equals 12 months, the sales turnover of that undertaking in that business year; or

if the relevant period is a business year that does not equal 12 months or is a business commencement period, the amount calculated using the formula (S ÷ B) ×12, where —

S is the sales turnover of that undertaking in that business year or business commencement period; and

B is the number of months in that business year or business commencement period;“business commencement period” means the period between the date of commencement of the business operations of an undertaking and the date of the application for the bankruptcy order referred to in subsection (1A) (both dates inclusive);“business year” means a period in respect of which an undertaking prepares or is required to prepare accounts;“employee” means a person who has entered into or works under a contract of service with an employer;“institutional creditor” means a creditor which is —

a bank licensed under the Banking Act (Cap. 19);

a finance company licensed under the Finance Companies Act (Cap. 108); or

an undertaking that —

in the relevant period, has an annual sales turnover of more than $100 million; and

at the date of the application for the bankruptcy order referred to in subsection (1A), has more than 200 employees;“relevant period”, in relation to an undertaking, means —

the business year of the undertaking immediately preceding the date of the application for the bankruptcy order referred to in subsection (1A); or

if there is no such business year, the business commencement period;“sales turnover”, in relation to an undertaking, means the aggregate of the following amounts, after deducting sales rebates, goods and services tax and other taxes directly related to the amounts:

the amounts derived by that undertaking from the sale of products and the provision of services falling within the ordinary activities of that undertaking;

any other amounts derived from the business operations of that undertaking, but excluding gains from the sale of fixed assets, donations, grants, subsidies, subscriptions, interest, dividends, goods purchased for resale and investment income;“subsidiary” has the same meaning as in section 5 of the Companies Act (Cap. 50);“undertaking” means any individual, or any body corporate, unincorporated body of persons or other entity, that is capable of carrying on commercial or economic activities relating to goods or services.”.