On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 31/10/2009.
56B.
—(1) Upon the court adjourning a bankruptcy application made against a debtor and referring the matter to the Official Assignee under section 65(7) or 67(3), the Official Assignee shall take such steps as are necessary to —
(a)
review the suitability of the debtor for a debt repayment scheme; and
(b)
where the debtor is suitable, implement the debt repayment scheme in accordance with this Part.
[6/2009]
(2) The Official Assignee shall report to the court of the debtor’s unsuitability for a debt repayment scheme if —
(a)
the aggregate of the debtor’s debts exceeds $100,000 or such other amount as the Minister may, by order published in the Gazette, specify;
(b)
the debtor does not meet any of the qualifying criteria specified in paragraph (b), (c), (d) or (e) of section 65(7) or 67(3), as the case may be;
(c)
the debtor, knowing or believing that a false or an inaccurate debt has been claimed by any person against him under this Division, fails to inform the Official Assignee;
(d)
(e)
the Official Assignee is satisfied that the debtor is not suitable for a debt repayment scheme for any other reason.
[6/2009]
(3) Subsection (2) shall cease to apply upon the commencement of a debt repayment scheme in respect of the debtor under section 56E(1).
[6/2009]
56C.
—(1) After the court adjourns a bankruptcy application made against a debtor and refers the matter to the Official Assignee under section 65(7) or 67(3), the Official Assignee shall, by notice in writing to the debtor, require the debtor to submit in such form and manner, and within such time, as may be specified by the Official Assignee in the notice —
(a)
a statement of his affairs; and
(b)
a debt repayment plan, with a repayment period not exceeding 5 years, setting out the terms for the repayment of his debts,
and the debtor shall comply with the notice.
[6/2009]
(2) After receiving the debtor’s statement of affairs under subsection (1), the Official Assignee shall send a notice to every creditor disclosed in the statement, requiring the creditor to file a proof of debt within such time as may be specified by the Official Assignee in the notice.
[6/2009]
(3) Section 56G shall apply to a proof of debt filed under this Division as if it is a proof of debt filed under a debt repayment scheme.
[6/2009]
56D.
—(1) Subject to subsection (7), the Official Assignee shall examine the statement of affairs and debt repayment plan submitted by a debtor under section 56C(1) and the proofs of debts filed against the debtor and may make such modifications to the plan as he considers appropriate before convening a meeting of creditors under subsection (2).
[6/2009]
(2) The Official Assignee shall convene and preside at a meeting of creditors to review the debt repayment plan.
[6/2009]
(3) Subject to subsection (7), the Official Assignee may, at or after the meeting of creditors, approve the debt repayment plan without any modification or subject to such, or such further, modifications as he considers appropriate.
[6/2009]
(4) The debtor or any creditor who has proved his debt against the debtor under this Division may, within such time and in such manner as may be prescribed, appeal to the Appeal Panel against the Official Assignee’s approval of the debt repayment plan under subsection (3) on the ground that the approved plan unfairly prejudices his interests.
[6/2009]
(5) The Appeal Panel may determine the appeal by —
(a)
confirming the Official Assignee’s approval of the debt repayment plan; or
(b)
subject to subsection (7), making such modifications to the plan as it considers appropriate,
and the decision of the Appeal Panel shall be final.
[6/2009]
(6) Subject to section 56I, the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section may require the debtor to make full repayment, or make such partial repayment as may be specified in the plan, of the debts included in the plan.
[6/2009]
(7) The repayment period under the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section shall not exceed 5 years.
[6/2009]
(8) The debt repayment plan shall come into effect on such date as may be specified by the Official Assignee in his approval of the plan under subsection (3) and shall be binding on —
(a)
the debtor; and
(b)
every creditor who has proved his debt against the debtor under this Division and whose debt is included in the plan.
[6/2009]
(9) An appeal under subsection (4) shall not suspend the commencement, operation or effect of a debt repayment scheme under this Part.
[6/2009]