Singapore legislation

Clause 434

of Insolvency, Restructuring and Dissolution Bill

Clause 434

Unclaimed and undistributed moneys

(1)

Where a trustee in bankruptcy or nominee is in possession of or has under the control of the trustee or nominee —

(a)

any unclaimed dividend or other moneys which have remained unclaimed for more than 6 months from the date when the dividend or other moneys became payable; or

(b)

after making final distribution, any unclaimed or undistributed moneys arising from the property of a bankrupt,the trustee or nominee (as the case may be) must forthwith pay those moneys to the Official Assignee to be placed to the credit of the Bankruptcy Estates Account.

(2)

Upon payment under subsection (1), the Official Assignee must issue to the trustee in bankruptcy or nominee the prescribed certificate of receipt for the moneys so paid and that certificate is an effectual discharge to the trustee or nominee in respect of the payment.

(3)

The Official Assignee must from time to time pay out of the Bankruptcy Estates Account and into the Insolvency Assistance Fund maintained under section 436 so much of the sums standing to the credit of the Bankruptcy Estates Account as represents —

(a)

dividends or balances in the Bankruptcy Estates Account which do not exceed $50;

(b)

dividends which were declared but have not been claimed for a period of 6 years; or

(c)

balances in the Bankruptcy Estates Account which have not been claimed for a period of 6 years after the date that —

(i)

the bankruptcy order has been annulled by the Court;

(ii)

the bankrupt has been discharged from bankruptcy by the Court;

(iii)

the bankrupt has been discharged from bankruptcy by a certificate issued by the Official Assignee;

(iv)

the bankruptcy application made against a debtor has been withdrawn by the applicant or dismissed by the Court; or

(v)

the moneys were paid into the Bankruptcy Estates Account under subsection (1).

(4)

The Official Assignee must from time to time pay out of the Debt Repayment Schemes Account and into the Debt Repayment Scheme Assistance Fund maintained under section 435 so much of the sums standing to the credit of the Debt Repayment Schemes Account as represents —

(a)

balances in the Debt Repayment Schemes Account which do not exceed $50; or

(b)

balances in the Debt Repayment Schemes Account in respect of a debt repayment scheme which have remained unclaimed for a period of 6 years after the date on which the debt repayment scheme has ceased under section 298(1).

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