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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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Procedure for review of meeting’s decision
Application for review
90.
—(1)  The person who makes an application for the court to review a decision of the creditor’s meeting under section 54 of the Act shall —
(a)
at least 3 days before the date of the hearing of the application, serve a copy of the application; and
(b)
serve sealed copies of any order made by the court on the application,
on the debtor and the nominee supervising the implementation of the voluntary arrangement.
(2)  If the order includes a direction by the court under section 54 (2) ( b) of the Act for any further creditors’ meeting to be summoned, a copy of the order shall also be given by the applicant to whoever is, in accordance with the direction of the court, required to summon the meeting.
(3)  The debtor shall —
(a)
upon receiving a copy of the court’s order, give notice of it to all persons who were sent notice of the creditors’ meeting or who attended the meeting which approved the voluntary arrangement and such other persons as the court directs; and
(b)
within 7 days of service of the order (or within such longer period as the court may allow), give notice to the court whether he intends to make a revised proposal to the creditors, or to invite re-consideration of the original proposal.
Nominee’s accounts and reports
91.
—(1)  Where the voluntary arrangement authorises or requires the nominee —
(a)
to carry on the debtor’s business or to trade on his behalf or in his name;
(b)
to realise any assets of the debtor; or
(c)
otherwise to administer or dispose of any funds of the debtor,
the nominee shall keep accounts and records of his acts and dealings in and in connection with the arrangement, including in particular records of all receipts and payments of moneys.
(2)  The nominee shall, at least once in every 12 months beginning with the date of his appointment, prepare a summary of such receipts and payments, and send copies of the summary, accompanied by his comments on the progress and efficacy of the arrangement, to —
(a)
the court;
(b)
the debtor; and
(c)
all those of the debtor’s creditors who are bound by the arrangement.
(3)  If in any period of 12 months the nominee has made no payments and had no receipts, he shall at the end of that period send a statement to that effect to —
(a)
the court;
(b)
the debtor; and
(c)
all those of the debtor’s creditors who are bound by the arrangement.
(4)  A summary provided under paragraph (2) shall relate to a period beginning with —
(a)
the date of the implementation of the arrangement by the nominee; or
(b)
the day following the end of the last period for which a summary was prepared under this rule,
as the case may be, and copies of the summary shall be sent out, as required by paragraph (2), within the 2 months following the end of the period to which the summary relates.
(5)  If the nominee is not authorised as mentioned in paragraph (1), he shall, not less often than once in every 12 months beginning with the date of his appointment, send a report on the progress and efficacy of the voluntary arrangement to —
(a)
the court;
(b)
the debtor; and
(c)
all those of the debtor’s creditors who are bound by the arrangement.
(6)  The court may, on application by the nominee, vary the dates on which his obligation under this rule to send summaries or reports arises.
Fees, costs, charges and expenses of voluntary arrangement
92.  The fees, costs, charges and expenses that may be incurred in connection with the voluntary arrangement are —
(a)
any disbursements made by the nominee prior to the approval of the arrangement;
(b)
any remuneration for the services of the nominee as are agreed between himself and the debtor; and
(c)
any fees, costs, charges or expenses which —
(i)
are sanctioned by the terms of the arrangement; or
(ii)
would be payable, or correspond to those which would be payable, in the debtor’s bankruptcy.