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Contents  

Part I PRELIMINARY

Part II COURT PROCEDURE

Court and chambers

Proceedings

Applications and practice

Affidavits

Security in court

Witnesses and depositions

Warrants, arrests and commitments

Service and execution of process

Appeals

Part III OFFICIAL ASSIGNEE

Report of Official Assignee

Part IV TRUSTEE IN BANKRUPTCY

Part V VOLUNTARY ARRANGEMENTS

Proposal for voluntary arrangement

Interim order

Preparation of nominee’s report

Action on proposal

Procedure for review of meeting’s decision

Completion of arrangement

Part VI PROCEEDINGS IN BANKRUPTCY

Statutory demand

Creditor’s bankruptcy application

Service of creditor’s bankruptcy application

Hearing of creditor’s bankruptcy application

Actions to follow upon making of bankruptcy order on creditor’s bankruptcy application

Debtor’s bankruptcy application

Actions to follow upon making of bankruptcy order on debtor’s bankruptcy application

Interim receiver

Part VII BANKRUPTCY ADMINISTRATION

Creditors’ meeting

Statements of affairs

Examination of bankrupt and others

Settlement of list of debtors to estate

Procedure for proving debts

Quantification of claim

Secured creditors

Taking accounts of property mortgaged and sale thereof

Admission and rejection of proofs

Approval of composition or scheme

Appropriation of pay, salary, pensions, etc.

Disclaimer of lease

Disputed title to property

Special manager

Security by special manager

Distribution of dividends

Part VIII ANNULMENT AND DISCHARGE

Part IX COSTS AND TAXATION

Part IXA ELECTRONIC FILING SYSTEM

Part X MISCELLANEOUS PROVISIONS

Administration of estates of deceased insolvent

Persons of unsound mind

Registers

Accounts and audit

THE SCHEDULE

Legislative History

 
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On 25/11/2017, you requested the version as published on or before 25/11/2017.
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Approval of composition or scheme
Acceptance of composition or scheme by joint and separate creditors
203.
—(1)  The joint creditors and each set of separate creditors may severally accept compositions or schemes.
(2)  So far as circumstances will allow, a proposal accepted by joint creditors may be approved notwithstanding that any proposal made by one or more of the debtors to his or their separate creditors may not be accepted.
Voting on composition or scheme by firm and by individual partners
204.
—(1)  Where proposals for compositions or schemes are made by a firm, and by the partners therein individually —
(a)
the proposal made to the joint creditors shall be considered and voted upon by them apart from all separate creditors; and
(b)
the proposal made to each set of separate creditors shall be considered and voted upon by that set of separate creditors apart from all other creditors.
(2)  The proposals may vary in character and amount.
Forms in respect of proposal and terms of resolution
205.
—(1)  Every proposal for —
(a)
a composition shall be in Form 26; and
(b)
a scheme shall be in Form 27.
(2)  The letter referred to in section 95(5) and (6) of the Act by which a creditor assents to or dissents from a composition or scheme shall be in Form 28.
(3)  Every resolution for a composition or scheme or instrument embodying the terms of a proposed composition or scheme shall, in addition to the other particulars required to be stated, specify the manner, if any, in which the payments of the composition or scheme are to be secured.
Notice to Official Assignee or trustee
206.
—(1)  A bankrupt who applies to the court to approve a composition or scheme shall, not less than 14 days before the day appointed for the hearing of the application, serve a copy of the application on the Official Assignee or the trustee, as the case may be.
(2)  An application under this rule shall be in Form 29.
Notice to creditors
207.  Not less than 7 days before the day appointed for the hearing of an application to approve a composition or scheme, the applicant shall send notice of the application in Form 30 to every creditor who has proved his debt.
Official Assignee’s or trustee’s report and appearance
208.
—(1)  The Official Assignee or the trustee, as the case may be, shall file his report not less than 3 days before the day appointed for the hearing.
(2)  The Official Assignee or the trustee shall be entitled to be heard on the application.
Restriction on approval of composition or scheme
209.
—(1)  The court shall not make an order approving the composition or scheme unless it is satisfied that section 95(1) of the Act has been complied with.
(2)  An order approving a composition or scheme shall be in Form 31.
Bankrupt’s costs
210.  If the court refuses to approve the composition or scheme, no costs incurred by the bankrupt in respect of the application shall be allowed out of the estate.
Appeal
211.  An appeal from an order approving or refusing to approve a composition or scheme shall lie at the instance of the Official Assignee or the trustee, as the case may be.
Notice to be gazetted
212.  Upon the making of an order approving a composition or scheme, the Registrar shall immediately cause a notification thereof to be published in the Gazette.
Fee on application
213.  The fee payable on an application to approve a composition or scheme may be allowed and paid out of the estate of the bankrupt where there are funds available for the purpose in the hands of the Official Assignee or the trustee, as the case may be.
Correction of errors and omissions
214.  At the time a composition or scheme is approved, the court may correct any accidental error or omission but no alteration in the substance of the composition or scheme shall be made.
Proceedings upon approval
215.  When a composition or scheme is approved, the Official Assignee or the trustee, as the case may be, shall, on payment of all proper costs, charges and expenses of and incidental to, the proceedings, and all fees and percentages payable to the Official Assignee or the trustee, put the bankrupt, or the person or persons to whom under the composition or scheme the property of the bankrupt is to be assigned, into possession of the bankrupt’s property.
Effect of annulment of composition or scheme
216.  Upon the annulment of a composition or scheme, the bankruptcy order shall be reinstated.
Provision for disputed claims
217.
—(1)  Where under a composition or scheme provision is made for the payment of any moneys to the creditors and any claim in respect of which a proof has been lodged is disputed, the court may, if it thinks fit, direct that the amount which would be payable if the claim were established shall be secured in such manner as the court may direct.
(2)  On the determination of the dispute, the sum so secured shall be paid as the court may direct.
Proofs of debts in composition or scheme
218.
—(1)  A person claiming to be a creditor under a composition or scheme who has not proved his debt before the approval of the composition or scheme shall lodge his proof with the Official Assignee or the trustee, as the case may be.
(2)  The Official Assignee or the trustee shall admit or reject the proof in accordance with these Rules.
(3)  No creditor shall be entitled to enforce payment of any sum payable under a composition or scheme unless he has proved his debt and his proof has been admitted.