Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
332. Bankrupt’s statement of affairs
Feedback & supportWhere a bankruptcy order has been made against an individual otherwise than on a debtor’s bankruptcy application, the bankrupt must submit a statement of the bankrupt’s affairs to the Official Assignee within 21 days after the date of the bankruptcy order.
bankruptcy order
“bankruptcy order” means an order adjudging a debtor bankrupt;
Where a bankruptcy order has been made against a firm —
firm
“firm” means an unincorporated body of individuals carrying on business in partnership with a view to profit;
on a creditor’s bankruptcy application, the bankrupts, being the partners in the firm at the time of the order, must submit a joint statement of their partnership affairs, and each partner in the firm must submit a statement of the partner’s separate affairs; or
on a debtor’s bankruptcy application, every person who at the time of the order is a partner in the firm but who did not join in the application must submit a statement of the partner’s separate affairs,to the Official Assignee within 21 days after the date of the bankruptcy order.
A statement of affairs mentioned in subsection (1) or (2)(a) or (b) must be submitted in the form and manner prescribed (if any), and must contain —
such particulars of all or any of the following matters as may be prescribed:
the bankrupt’s assets;
the bankrupt’s creditors, debts and other liabilities;
the bankrupt’s current income from any source;
the bankrupt’s current employment status and employment history;
the educational and vocational qualifications, age and work experience of the bankrupt;
the members of the bankrupt’s family;
the monthly expenses necessary for the maintenance of the bankrupt and the bankrupt’s family;
in the case of a firm, such particulars of the firm’s assets, creditors, debts and other liabilities as may be prescribed; and
such other information as may be prescribed.
The Official Assignee may, if the Official Assignee thinks fit —
Official Assignee
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
release the bankrupt from the bankrupt’s duty under subsection (1) or (2), as the case may be;
extend the period specified in subsection (1) or (2); or
direct the bankrupt in writing to submit, within 21 days after the date of the direction, such supplementary information specified in the direction as the Official Assignee considers necessary to make the statement of the bankrupt’s affairs complete.
Where the Official Assignee has refused to exercise a power conferred by this section, the Court, if it thinks fit, may exercise it.
A bankrupt who —
bankrupt
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
without reasonable excuse, fails to comply with the obligation imposed by subsection (1) or (2), or with a direction under subsection (4)(c);
without reasonable excuse, submits a statement of affairs that does not comply with the prescribed requirements;
submits a statement of affairs, or any supplementary information, that is false, and which the bankrupt either knows or believes to be false or does not believe to be true; or
submits a statement of affairs, or any supplementary information, that is misleading in any material particular or contains any material omission,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction.
Any person who claims, in writing, to be a creditor of the bankrupt may personally or by agent inspect the statement of affairs filed by the bankrupt under this section at all reasonable times and, upon payment of the prescribed fee, take any copy of or extract from the statement of affairs.
creditor
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;
Any person untruthfully claiming to be a creditor under subsection (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 6 months or to both.
Where a trustee in bankruptcy is appointed to administer a bankrupt’s estate, the trustee must, not later than 30 days after receiving the statement of affairs or, where the bankrupt has been directed to submit any supplementary information under subsection (4)(c), not later than 30 days after receiving such supplementary information —
trustee in bankruptcy
“trustee in bankruptcy” means a person appointed under section 36 as trustee of a bankrupt’s estate.
notify the Official Assignee of the administration date for the bankruptcy; and
submit a copy of the statement of affairs and supplementary information (if any) to the Official Assignee.