Singapore Government
Link to Homepage
Home | About Us | Browse | Advanced Search | Results | My Preferences | FAQ | Help | PLUS
 
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

 
Slider
Left Corner
Previous | Next Print   Link to Viewed VersionLink to In-Force Version
 
On 26/09/2017, you requested the version as published on or before 26/09/2017.
Slider
Distribution of dividends
Notice of intended dividend
229.
—(1)  Before declaring a dividend, the Official Assignee or the trustee, as the case may be, shall —
(a)
cause a notice of his intention to do so to be published in a local newspaper; and
(b)
send such notice to the last known address of every creditor mentioned in the bankrupt’s statement of affairs who has not proved his debts.
(2)  The notice shall be in Form 37 and shall specify the latest date up to which proofs may be lodged, which shall not be less than 14 days from the date of the notice.
Appeal after notification of intended dividend
230.
—(1)  Where a creditor, after the latest date for lodging proofs mentioned in the notice of intention to declare a dividend, appeals against the decision of the Official Assignee or the trustee rejecting a proof —
(a)
the appeal shall be commenced and notice thereof given to the Official Assignee or the trustee within 7 days from the date of the notice of rejection against which the appeal is made; and
(b)
the Official Assignee or the trustee shall make provision for the dividend payable upon the proof in the event the proof is admitted.
(2)  If no appeal has been commenced within the prescribed time, the Official Assignee or the trustee shall exclude the proof which has been rejected from participation in the dividend.
Declaration of dividend
231.
—(1)  After the expiration of the time fixed by these Rules for appealing against the decision of the Official Assignee or the trustee, the Official Assignee or the trustee, as the case may be, shall proceed to declare a dividend, and send a notice of dividend specifying the percentage of dividend payable and the amount of dividend payable to him.
(2)  If after the payment of dividend, any creditor’s proof which has been admitted is withdrawn or expunged or the amount of it is realised, the creditor shall repay to the Official Assignee or the trustee for the credit of the insolvent estate any amount overpaid by way of dividend.
(3)  If it becomes necessary, in the opinion of the Official Assignee or the trustee to postpone the declaration of the dividend, the Official Assignee or the trustee may postpone the declaration of dividend as he thinks fit.
Production of bills of exchange, etc.
232.  Subject to section 70 of the Bills of Exchange Act (Cap. 23), a bill of exchange, promissory note, or other negotiable instrument or security upon which proof has been made shall, unless the court on special grounds dispenses with its production, be exhibited to the Official Assignee or the trustee, as the case may be, before payment of any dividend thereon, and the amount of dividend paid shall be endorsed on the instrument.
Dividend sent by post
233.  A dividend may, at the request and risk of the creditor, be transmitted to him by post.
Separate firms
234.
—(1)  If any 2 or more of the members of a partnership constitute a separate and independent firm, the creditors of such firm shall be deemed to be a separate set of creditors and subject to the same rules as the separate creditors of any individual member of the partnership.
(2)  Where any surplus remains after the administration of the assets of the separate firm, the surplus shall be carried over to the separate estates of the partners in that firm according to their respective rights therein.