Singapore legislation
Regulation 125
of Insolvency, Restructuring and Dissolution (Personal Insolvency) Rules 2020
Regulation 125
Person claiming to be mortgagee
Subregulation 1
Upon an application made to the Court by any person claiming to be a mortgagee of any part of the bankrupt’s immovable property (whether the mortgage is of a legal or an equitable nature), the Court is to proceed to inquire —
whether the person is a mortgagee of any part of the immovable property;
the consideration for the mortgage; and
the circumstances under which the mortgage was created.
Subregulation 2
If it is found that the person making the application (called in this rule the applicant) is a mortgagee of any part of the immovable property of the bankrupt, and if no sufficient objection appears to the title of the applicant to the sum claimed by the applicant under the mortgage, the Court is to direct the taking of such accounts and inquiries as are necessary for ascertaining —
the principal, interest and costs due upon the mortgage; and (b)in the case where the applicant has been in possession of the property over which the mortgage extends or any part of such property — the rents, profits, dividends, interest and other proceeds received by the applicant or by any other person on the applicant’s behalf.
Subregulation 3
If the Court is satisfied upon an application under paragraph (1) that there ought to be a sale of any part of the immovable property of the bankrupt, the Court may direct —
that notice be given (in such manner as the Court thinks fit) as to when and where and by whom and in what way the property or the interest in the property so mortgaged is to be sold; (b)that the sale be made accordingly; and
that the trustee of the bankrupt’s estate is to have conduct of the sale.
Subregulation 4
The sale of any part of the immovable property of a bankrupt mentioned in paragraph (3) must be made according to the directions of the Court under that paragraph.
Subregulation 5
The applicant may bid and purchase any part of the immovable property of the bankrupt directed by the Court under this rule to be sold.
Subregulation 6
All proper parties must join in the conveyance, assignment or transfer to the purchaser as the Court directs.
Subregulation 7
No mortgagee of any part of the immovable property of a bankrupt (whether the mortgage is of a legal or an equitable nature) is required to make an application under paragraph (1).