Suggest a correction

Payment by trustee in bankruptcy to Bankruptcy Estates Account

Insolvency, Restructuring and Dissolution (Bankruptcy) Regulations 2020

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Except as otherwise provided by these Regulations or the Personal Insolvency Rules or directed by the Court, every trustee in bankruptcy must pay into the Bankruptcy Estates Account without deduction all moneys received by the trustee in bankruptcy from the bankrupt’s assets or coming into his or her possession as trustee in bankruptcy.(2) Subject to paragraph (3), a trustee in bankruptcy may keep, with such bank as the Official Assignee may approve, a separate account for the purpose of making such payments as may be necessary in the course of the administration of the bankrupt’s estate.(3) The balance standing in the bank account mentioned in paragraph (2) must not exceed $2,000 at any time unless the prior permission of the Official Assignee has been obtained.(4) Where the cash balance standing to the credit of the bank account mentioned in paragraph (2) exceeds $2,000 or the amount which the Official Assignee may have permitted under paragraph (3), the excess must be remitted to the Bankruptcy Estates Account at the end of every week.(5) Every remittance under paragraph (1) or (4) must be made by cheque crossed “Official Assignee, credit of Bankruptcy Estates Account” and must be accompanied by a statement of account.(6) Section 29 of the Act applies to moneys paid into the Bankruptcy Estates Account by a trustee in bankruptcy as it applies to moneys paid into that account by the Official Assignee under section 28 of the Act.(7) All necessary disbursements made by a trustee in bankruptcy on account of the bankrupt’s estate must, upon an application made by the trustee in bankruptcy to the Official Assignee, be repaid to the trustee in bankruptcy out of any moneys standing to the credit of the bankrupt’s estate in the Bankruptcy Estates Account.(8) For the purpose of declaring a dividend, a trustee in bankruptcy may apply to the Official Assignee for funds available for the purpose standing to the credit of the bankrupt’s estate in the Bankruptcy Estates Account.(9) The application mentioned in paragraph (8) must be supported by a certified list of creditors showing the amount of their proofs and the moneys they are due to receive by way of dividend.(10) The Official Assignee is in no case liable for any payment made on the requisition of a trustee in bankruptcy.(11) Where the Court orders a trustee in bankruptcy to pay all moneys received by him or her from the bankrupt’s assets or coming into his or her possession as trustee in bankruptcy into a bank account other than the Bankruptcy Estates Account, any interest earned in respect of such moneys must, unless the Court otherwise directs, be remitted by the trustee in bankruptcy to the Bankruptcy Estates Account at such time as may be determined by the Official Assignee.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.