Singapore legislation
Clause 375
Clause 375
Court order vesting disclaimed property
(1)
This section and section 376 apply where the Official Assignee has disclaimed property under section 373.
(2)
An application may be made to the Court under this section by —
any person who claims an interest in the disclaimed property;
any person who is under any liability in respect of the disclaimed property, not being a liability discharged by the disclaimer; or
where the disclaimed property is property in a dwelling‑house, any person who at the time when the bankruptcy order was made was in occupation of or entitled to occupy the dwelling‑house.
(3)
The Court may, on an application under this section, make an order on such terms as it thinks fit for the vesting of the disclaimed property in, or for its delivery to —
a person entitled to the disclaimed property or a trustee for such a person;
a person subject to such a liability as is mentioned in subsection (2)(b) or a trustee for such a person; or
where the disclaimed property is property in a dwelling‑house, any person who at the time when the bankruptcy order was made was in occupation of or entitled to occupy the dwelling‑house.
(4)
The Court may not make any order by virtue of subsection (3)(b) except where it appears to the Court that it would be just to do so for the purpose of compensating the person subject to the liability in respect of the disclaimer.
(5)
The effect of any order under this section is to be taken into account in assessing for the purposes of section 373(6) the extent of any loss or damage sustained by any person in consequence of the disclaimer.
(6)
An order under this section vesting property in any person —
need not be completed by any conveyance, assignment or transfer; but(b)does not have any effect or operation in transferring or otherwise vesting land until the appropriate entries are made with respect to the vesting of that land by the appropriate authority.