Regulation 49

For the purpose of proving a debt incurred or payable in a currency other than Singapore dollars, the amount of the debt is to be converted into Singapore dollars at the rate of exchange made available by the Monetary Authority of Singapore (established under the Monetary Authority of Singapore Act (Cap. 186)) and prevailing on the date of the bankruptcy order in question.

Where no rate of exchange prevailing on the date of the bankruptcy order in question is made available by the Monetary Authority of Singapore, the applicable rate is the rate of exchange prevailing on the date of the bankruptcy order as determined by the trustee of the bankrupt’s estate.