Singapore legislation

Clause 20

Modifications to Bankruptcy Act

(1)

During the prescribed period, the Bankruptcy Act applies as if —

(a)

the reference in section 56B(2)(a) of that Act to “$100,000” were a reference to “$250,000”; (b)the reference in section 56L(a) of that Act to “$100,000” were a reference to “$250,000”;

(c)

the reference in section 56L(b) of that Act to “$50,000” were a reference to “$125,000”;

(d)

the reference in section 61(1)(a) of that Act to “$15,000” were a reference to “$60,000”;

(e)

the reference in section 62(a)(ii) of that Act to “21 days” were a reference to “6 months”; (f)the reference in section 63A of that Act to “21 days” were a reference to “6 months”;

(g)

the references in section 65(1A) of that Act to “21 days” were references to “6 months”;

(h)

the reference in section 65(7)(a) of that Act to “$100,000” were a reference to “$250,000”; and

(i)

the reference in section 67(3)(a) of that Act to “$100,000” were a reference to “$250,000”.

(2)

For the purposes of section 144 of the Bankruptcy Act, a bankrupt is not to be treated as having no reasonable ground of expectation of being able to pay a debt if the debt is incurred —

(a)

in the ordinary course of the bankrupt’s trade or business;

(b)

during the prescribed period; and

(c)

before the making of an application for voluntary arrangement or bankruptcy in respect of the bankrupt.

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