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
Print   Link to Viewed VersionLink to In-Force Version
 
On 13/12/2017, you requested the version in force on 05/06/2006 incorporating all amendments published on or before 17/08/2017.
Slider
Secured creditors
Secured creditors
187.
—(1)  If a secured creditor realises his security, he may prove for the balance due to him after deducting the net amount realised.
(2)  If a secured creditor surrenders his security to the Official Assignee or the trustee, as the case may be, for the general benefit of the creditors, he may prove for his whole debt.
Surrender for non-disclosure
188.
—(1)  If a secured creditor omits to disclose his security in his proof of debt, he shall surrender his security for the general benefit of creditors, unless the court, on application by him, relieves him from the effect of this rule on the ground that the omission was inadvertent or the result of an honest mistake.
(2)  If the court grants relief to the creditor, the court may direct that the creditor’s proof of debt be amended on such terms as the court thinks just.
Valuation of security
189.
—(1)  If a secured creditor does not either realise or surrender his security, he shall, before ranking for dividend, state in his proof the particulars of his security, the date when it was given and the value at which he assesses it, and shall be entitled to receive a dividend only in respect of the balance due to him after deducting the value so assessed.
(2)  If the Official Assignee or the trustee is dissatisfied with the value at which a security is assessed, he may require that the property comprised in any security so valued be offered for sale and on such terms and conditions as are agreed on between the creditor and the Official Assignee or the trustee, as the case may be, and, in default of agreement, as the court may direct.
Amendment of valuation
190.
—(1)  Where a creditor has so valued his security, he may at any time amend the valuation and proof on showing to the satisfaction of the Official Assignee or the trustee, as the case may be, or the court that the valuation and proof were made bona fide on a mistaken estimate, or that the security has diminished or increased in value since its previous valuation
(2)  Every amendment under paragraph (1) shall be made at the cost of the creditor and upon such terms as the court orders, unless the Official Assignee or the trustee allows the amendment without application to the court.
(3)  Where a valuation has been amended in accordance with paragraph (1), the creditor shall immediately repay any surplus dividend which he has received in excess of that to which he would have been entitled on the amended valuation or, as the case may be, shall be entitled to be paid out of any moneys for the time being available for dividend any dividend or share of dividend which he has failed to receive by reason of the inaccuracy of the original valuation, before those moneys is made applicable to the payment of any future dividend, but he shall not be entitled to disturb the distribution of any dividend declared before the date of the amendment.
Realisation of security
191.  If a creditor, after having valued his security, subsequently realises it, or if it is realised under rule 189, the net amount realised shall be substituted for the amount of any valuation previously made by the creditor, and shall be treated in all respects as an amended valuation made by the creditor.
Failure to comply
192.  If a secured creditor contravenes any of these Rules, he shall be excluded from all share in any dividend.
Maximum amount receivable by creditor
193.  Subject to rule 189, a creditor shall in no case receive more than 100 cents in the dollar and interest as provided by the Act.