Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
345. Description of debts provable in bankruptcy
Feedback & supportSubject to this section and section 352, the following are provable in bankruptcy:
any debt or liability to which a bankrupt —
is subject at the date of the bankruptcy order; or
may become subject before the bankrupt’s discharge by reason of any obligation incurred before the date of the bankruptcy order;
any interest payable by the bankrupt on any debt or liability mentioned in paragraph (a) for any period before the date of the bankruptcy order.
A person having notice of the making of a bankruptcy application may not prove under the bankruptcy order made on the application, for any debt or liability contracted by the bankrupt subsequent to the date of the person so having notice.
bankruptcy application
“bankruptcy application” means an application to the Court for a bankruptcy order;
Demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise, breach of trust, tort or bailment, or an obligation to make restitution, are not provable in bankruptcy.
For the purposes of subsection (1), in determining whether any liability in tort is provable in bankruptcy, the bankrupt is deemed to be subject to that liability by reason of an obligation incurred at the time when the cause of action for that tort accrued.
liability
“liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;
An estimate is to be made by the Official Assignee of the value of any debt or liability provable under this section which, by reason of its being subject to any contingency or contingencies, or for any other reason, does not bear a certain value.
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;
Any person aggrieved by any such estimate may appeal to the Court.
If in the opinion of the Court the value of the debt or liability is incapable of being fairly estimated, the Court may make an order to that effect and, upon the making of the order, the debt or liability is, for the purposes of Parts 16 to 21, deemed to be a debt not provable in bankruptcy.
debt
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
If in the opinion of the Court the value of the debt or liability is capable of being fairly estimated, the Court may assess the same and may give all necessary directions for this purpose, and the amount of the value when assessed is deemed to be a debt provable in bankruptcy.
debt provable in bankruptcy
“debt provable in bankruptcy” or “provable debt” means any debt or liability that is made provable in bankruptcy under this Act;
An amount payable under any order made by a court under any written law relating to the confiscation of the proceeds of crime is provable in bankruptcy.