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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 13/12/2017, you requested the version in force on 05/06/2006 incorporating all amendments published on or before 17/08/2017.
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Quantification of claim
Discounts
180.  A creditor proving his debt shall deduct from his claim all trade and other discounts which would have been available to the bankrupt but for his bankruptcy, except any discount for immediate, early or cash settlement.
Debt in foreign currency
181.
—(1)  For the purpose of proving a debt incurred or payable in a currency other than Singapore dollars, the amount of the debt shall be converted into Singapore dollars at the rate prevailing on the date of the bankruptcy order as derived under paragraph (2) or (3).
(2)  The rate shall be the average of the buying and selling rates as published in a local newspaper on the date in question.
(3)  In the absence of any published rate referred to in paragraph (2), it shall be such rate as may be determined by the Official Assignee or the trustee, as the case may be.
Periodical payments
182.  When any rent or other payment falls due at stated periods, and the bankruptcy order is made at any time other than one of those periods, the person entitled to the rent or payment may prove for a proportionate part thereof up to the date of the order, as if the rent or payment grew due from day to day.
Proofs in respect of distinct contracts
183.  If a bankrupt was at the date of the bankruptcy order liable in respect of distinct contracts as a member of 2 or more distinct firms or as a sole contractor and also as member of a firm, the circumstance that —
(a)
the firms are in whole or in part composed of the same individuals; or
(b)
the sole contractor is also one of the joint contractors,
shall not prevent proof in respect of the contracts against the properties respectively liable on the contracts.
Claim for interest where not previously agreed
184.  In the following circumstances, the creditor’s claim may include interest at a rate not exceeding 8% per annum on the debt for periods before the bankruptcy order, although not previously reserved or agreed:
(a)
if the debt is due by virtue of a written instrument and payable at a certain time, interest may be claimed for the period from that time to the date of the bankruptcy order; or
(b)
if the debt is due otherwise, interest may only be claimed if, before the filing of the bankruptcy application, a demand for payment was made in writing by or on behalf of the creditor, and notice given that interest would be payable from the date of the demand to the date of payment, in which case interest may be claimed under this rule for the period from the date of the demand to that of the bankruptcy order.
Rate of interest payable
185.  The rate of interest under section 94(1) of the Act shall be 8% per annum.
[S 213/2009 wef 18/05/2009]
Debt payable at future time
186.  A creditor may prove for a debt not payable at the date of commencement of the bankruptcy as if it were payable presently, and may receive dividends equally with the other creditors, deducting only thereout a rebate of interest at the rate of 8% per annum from the date of declaration of a dividend to the date when the debt would have become payable according to the terms on which it was contracted.