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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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Preparation of nominee’s report
Debtor to furnish nominee with statement of affairs
75.
—(1)  For the purpose of enabling the nominee to consider the debtor’s proposal and prepare his report on it, the debtor shall submit a statement of his affairs to the nominee within 7 days after his proposal is delivered to the nominee, or within such longer time as the nominee may allow.
(2)  Where the debtor is a firm —
(a)
the partners therein shall jointly submit to the nominee a statement of their partnership affairs; and
(b)
each of the partners therein shall submit to the nominee a statement of his separate affairs,
within 7 days after the firm’s proposal is delivered to the nominee, or within such longer time as the nominee may allow.
(3)  The statement shall include the following particulars:
(a)
a list of the debtor’s assets, divided into such categories as are appropriate for each identification, with estimated values assigned to each category;
(b)
in the case of any property on which a claim against the debtor is wholly or partly secured, particulars of the claim and its amount, and of how and when the security was created;
(c)
the names and addresses of the debtor’s preferential creditors with the amounts of their respective claims;
(d)
the names and addresses of the debtor’s unsecured creditors, with the amounts of their respective claims;
(e)
particulars of any debts owed by the debtor to persons who are associates of his or any debts owed by such persons to the debtor; and
(f)
such other particulars (if any) as the nominee may in writing require to be furnished for the purposes of making his report to the court on the debtor’s proposal.
(4)  The statement of affairs shall be made up to —
(a)
a date not more than 2 weeks before the date of the notice to the nominee under rule 70; or
(b)
such earlier date (not being more than 2 months before the date of the notice to the nominee under rule 70) as the nominee may allow, except that the nominee shall in such a case give his reasons for granting the allowance in his report to the court on the debtor’s proposal.
(5)  The statement shall be verified —
(a)
by the debtor; or
(b)
where the debtor is a firm, by each partner in the firm who joined in the preparation of the proposal for the voluntary arrangement.
Additional disclosure for assistance of nominee
76.  If it appears to the nominee that he cannot properly prepare his report on the basis of information in the debtor’s proposal and statement of affairs, he may call on the debtor to provide him with —
(a)
further and better particulars as to the circumstances in which, and the reasons why, the debtor is insolvent or, as the case may be, threatened with insolvency;
(b)
particulars of any previous proposals which have been made by the debtor under Part V of the Act;
(c)
any further information with respect to the debtor’s affairs which the nominee thinks necessary for the purposes of his report;
(d)
information whether the debtor has at any time been involved in the affairs of any company (whether or not incorporated in Singapore) which has become insolvent; or
(e)
particulars as to the circumstances in which the debtor has at any time been adjudged bankrupt, or entered into an arrangement with his creditors.
Access to accounts and reports
77.  For the purpose of enabling the nominee to consider the debtor’s proposal and prepare his report on it, the debtor shall give the nominee access to the debtor’s accounts and records.
Nominee’s report on proposal
78.
—(1)  The nominee shall file his report in court not less than 2 days before the interim order ceases to have effect and shall exhibit —
(a)
a copy of the debtor’s proposal (with amendments, if any, made under rule 69); and
(b)
a copy or summary of any statement of affairs provided by the debtor.
(2)  In his report, the nominee shall inform the court his opinion as to whether a meeting of the debtor’s creditors should be summoned under section 50 of the Act and the reasons therefor.
(3)  The nominee shall send a copy of —
(a)
the debtor’s proposal;
(b)
the nominee’s report and his comments accompanying it (if any); and
(c)
a summary of the debtor’s statement of affairs,
to any person who has filed a bankruptcy application against the debtor.
Replacement of nominee
79.  Where the debtor intends to apply to the court under section 49(3) of the Act for the nominee to be replaced, he shall serve the application on the nominee at least 2 days before the hearing.