Long Title

Part I PRELIMINARY

Part II CONSTITUTION, PROCEDURE AND POWERS OF COURT

Jurisdiction

Procedure

Part III OFFICIAL ASSIGNEE

Part IV TRUSTEE IN BANKRUPTCY

Part V VOLUNTARY ARRANGEMENTS

Moratorium for insolvent debtor

Consideration and implementation of debtor’s proposal

Part VA DEBT REPAYMENT SCHEME

Division 1 — Preliminary

Division 2 — Proposal for debt repayment scheme

Division 3 — Commencement and administration of debt repayment scheme

Division 4 — Cessation of debt repayment scheme

Division 5 — Miscellaneous

Part VI PROCEEDINGS IN BANKRUPTCY

Bankruptcy applications and bankruptcy orders

Protection of debtor’s property

Part VII ADMINISTRATION IN BANKRUPTCY

Bankruptcy

Inquiry into bankrupt’s affairs, dealings and property

Proof of debts

Composition or scheme of arrangement

Effect of bankruptcy on antecedent transactions

Possession, control and realisation of bankrupt’s property

Distribution of property

Part VIII ANNULMENT AND DISCHARGE

Part IX DUTIES, DISQUALIFICATION AND DISABILITIES OF BANKRUPT

Part X BANKRUPTCY OFFENCES

Part XI MISCELLANEOUS PROVISIONS

THE SCHEDULE Transitional Provisions and Savings

Legislative History

Comparative Table

Protection of debtor’s property
Appointment of interim receiver
73.
—(1)  The court may, if it thinks it necessary or expedient for the protection of the debtor’s property, at any time after the making of a bankruptcy application and before making a bankruptcy order, appoint the Official Assignee to be interim receiver of the debtor’s property or any part thereof and direct him to take immediate possession of the same, including any books of accounts and other documents relating to the debtor’s business.
[42/2005]
(2)  Where the court has appointed an interim receiver under subsection (1), no person who is a creditor of the debtor in respect of a debt provable in bankruptcy shall —
(a)
have any remedy against the person or property of the debtor in respect of that debt; or
(b)
while the appointment of the interim receiver is in force, commence or continue any action or other legal proceedings against the debtor,
except with the leave of the court and on such terms as the court may impose.
(3)  Upon the appointment of an interim receiver under subsection (1), the debtor shall —
(a)
give to the interim receiver such inventory of his property and such other information; and
(b)
attend on the interim receiver at such times,
as the interim receiver may for the purpose of carrying out his functions under this section reasonably require.
(4)  Upon the appointment of an interim receiver under this section, sections 83 and 84 shall apply, with the necessary modifications, and any reference in those sections to —
(a)
the making of a bankruptcy order shall be read as a reference to the appointment of an interim receiver under this section;
(b)
the Official Assignee shall be read as a reference to the interim receiver; and
(c)
the bankrupt or his estate shall be read (respectively) as a reference to the debtor or his property.
(5)  The Official Assignee shall cease to be the interim receiver of a debtor’s property if —
(a)
the bankruptcy application made against the debtor is dismissed or withdrawn;
(b)
a bankruptcy order is made on the application; or
(c)
the court by order terminates the appointment.
[42/2005]
Power to stay proceedings against person or property of debtor
74.
—(1)  Any court may by order, at any time after the making of a bankruptcy application, stay any action, execution or other legal process against the person or property of the debtor.
[42/2005]
(2)  Where an order is made under subsection (1) staying any action or proceedings or staying proceedings generally, the order may be served by sending a copy thereof, under the seal of the court, by prepaid registered post to the address for service of the plaintiff or other party prosecuting such proceedings.