Singapore legislation

Clause 317

of Insolvency, Restructuring and Dissolution Bill

Clause 317

Proceedings on bankruptcy application by nominee or creditor bound by voluntary arrangement

The Court must not make a bankruptcy order on a bankruptcy application made under section 307(1)(a)(ii) or (b)(ii) by the nominee supervising the implementation of, or any creditor bound by, the voluntary arrangement in question unless the Court is satisfied that —

(a)

the debtor has failed to comply with the debtor’s obligations under the voluntary arrangement;

(b)

information which was false or misleading in any material particular or which contained material omissions —

(i)

was contained in any statement of affairs or other document supplied by the debtor under Part 14 to any person; or

(ii)

was otherwise made available by the debtor to the debtor’s creditors at or in connection with a meeting summoned under Part 14; or

(c)

the debtor has failed to do all such things for the purposes of the voluntary arrangement as may have been reasonably required of the debtor by the nominee.

Read in full context — Insolvency, Restructuring and Dissolution Bill →