Singapore legislation
Regulation 9
of Insolvency, Restructuring and Dissolution (Bankruptcy) Regulations 2020
Regulation 9
Provisions as to security
Subregulation 1
Where a trustee in bankruptcy has been appointed, the following provisions as to security (including any fresh security required under section 38(1)(b) of the Act) have effect:
the security must be given by the trustee in bankruptcy in the form of a banker’s guarantee or a performance bond or guarantee issued by an insurer licensed under the Insurance Act (Cap. 142);
the Official Assignee must fix the amount of the security to be given by the trustee in bankruptcy, and may from time to time, as the Official Assignee thinks fit, increase or diminish the amount of security which the trustee in bankruptcy may have given; (c)the cost of giving the required security must be borne by the trustee in bankruptcy personally.
Subregulation 2
The Official Assignee must not discharge the security given by the trustee in bankruptcy until the Official Assignee is satisfied that the trustee in bankruptcy has faithfully performed his or her duties during the course of his or her trusteeship until the date of cessation of his or her office.