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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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PART IV
TRUSTEE IN BANKRUPTCY
Application for appointment of trustee
53.
—(1)  An application under section 33 of the Act for the appointment of a trustee may be included in the bankruptcy application or made by summons supported by an affidavit.
(2)  The court shall not make an order appointing a person as a trustee unless the person has filed —
(a)
an affidavit stating his qualification for appointment as trustee; and
(b)
his consent in writing to be appointed as trustee.
Provisions as to security
54.  Where a trustee has been appointed, the following provisions as to security shall have effect:
(a)
the security shall be given by the trustee in such manner as the Official Assignee may, from time to time, direct;
(b)
the Official Assignee shall fix the amount and nature of the security to be given by the trustee, and may from time to time, as he thinks fit, increase or diminish the amount of security which the trustee may have given; and
(c)
the cost of furnishing the required security shall be borne by the trustee personally.
Report of trustee
55.  Unless otherwise directed by the Official Assignee, a trustee shall at the end of every 6 months submit a written report to the Official Assignee and the creditors’ committee (if any) stating —
(a)
all the receipts and payments for the period;
(b)
details of all the assets realised and all the assets remaining unrealised during the period and the reasons for which the assets remaining unrealised have not been realised;
(c)
the progress of the administration of the estate and all matters arising therefrom to which he considers that the Official Assignee’s attention should be drawn; and
(d)
such other information as the Official Assignee may require.
Payment by trustee to Bankruptcy Estates Account
56.
—(1)  Except as otherwise provided by these Rules or directed by the court, every trustee shall pay into the Bankruptcy Estates Account without deduction all moneys received by him from the bankrupt’s assets or coming into his possession as trustee.
(2)  A trustee may keep with such bank as the Official Assignee may approve a separate account for the purpose of making such payments as may be necessary in the course of the administration of the estate, except that the balance standing in such account shall not exceed $2,000 at any time, unless the prior permission of the Official Assignee has been obtained therefor.
(3)  Where the cash balance standing to the credit of the bank account kept by a trustee under paragraph (2) exceeds $2,000 or the amount which the Official Assignee may have permitted, the excess shall be remitted to the Bankruptcy Estates Account at the end of every week.
(4)  Every remittance under paragraph (1) or (3) shall be made by cheque crossed “Official Assignee, credit of Bankruptcy Estates Account” and shall be accompanied by a statement of account.
(5)  Section 28 of the Act shall apply to moneys paid into the Bankruptcy Estates Account by a trustee as it applies to moneys paid into that account by the Official Assignee under section 27 of the Act.
(6)  All necessary disbursements made by a trustee on account of the estate shall, upon an application made by him to the Official Assignee, be repaid to him out of any moneys standing to the credit of the estate in the Bankruptcy Estates Account.
(7)  For the purpose of declaring a dividend, a trustee may apply to the Official Assignee for funds available for the purpose standing to the credit of the estate in the Bankruptcy Estates Account.
(8)  The application referred to in paragraph (7) shall be supported by a certified list of creditors showing the amount of their proofs and the moneys they are due to receive by way of dividend.
(9)  The Official Assignee shall in no case be held liable for any payments made on the requisition of a trustee.
(10)  Where the court orders a trustee to pay all moneys received by him from the bankrupt’s assets or coming into his possession as trustee into a bank account other than the Bankruptcy Estates Account, any interest earned in respect of such moneys shall, unless the court otherwise directs, at such time as may be determined by the Official Assignee be remitted by the trustee to the Bankruptcy Estates Account.
Trustee to notify Official Assignee of constitution of creditors’ committee
57.  Where, at a meeting of creditors summoned by a trustee under section 79 of the Act, a creditors’ committee is appointed under section 80 of the Act, the trustee shall notify the Official Assignee of the constitution of the creditors’ committee and any subsequent change thereof.
Factors to be considered in determining trustee’s remuneration
58.  In determining a trustee’s remuneration under section 38 of the Act, the following factors shall be considered:
(a)
the complexity of the case;
(b)
whether in the administration of the estate the trustee was required to assume responsibility of an exceptional kind or degree;
(c)
the effectiveness with which the trustee appears to have carried out his duties as trustee; and
(d)
the value and nature of the assets in the estate with which the trustee has to deal.
Notice for removal of trustee by creditors’ meeting
59.
—(1)  Where a meeting of the creditors is summoned for the purpose of removing a trustee, the notice summoning the meeting shall indicate the purpose of the meeting.
(2)  The Official Assignee shall be served with a copy of the notice.
(3)  Where at the meeting it is decided by special resolution that —
(a)
the trustee be removed; or
(b)
a new trustee be appointed,
the chairman shall, within 3 days, serve the Official Assignee with a notice of the resolution.
Removal of trustee by court
60.
—(1)  The Official Assignee or any creditor may make an application to the court for the removal of the trustee.
(2)  The application shall be supported by an affidavit stating —
(a)
the grounds of the application; and
(b)
any evidence which the applicant intends to adduce in support of the application.
(3)  The application shall be served on the trustee, the Official Assignee (if he is not the applicant) and all creditors who have proved their debts at least 14 days before the date of the hearing.
(4)  On hearing an application for the removal of the trustee, the court may, if it thinks fit —
(a)
dismiss the application;
(b)
order that the trustee be removed; or
(c)
make such other order as it thinks fit.
(5)  Where the court orders a trustee to be removed, the court may include in the order —
(a)
such other orders as it thinks fit in connection with the removal; and
(b)
an order for the appointment of a new trustee.
Service of order
61.  Where a trustee is ordered to be removed by the court, the applicant for the order (if he is not the Official Assignee) shall serve a copy of the order on the Official Assignee and on the trustee, within 3 days of the making of the order.
Costs of application
62.  Unless otherwise ordered by the court, the costs of and incidental to an application for the removal of a trustee shall not be borne by the estate.
Resignation of trustee
63.
—(1)  Where a trustee has served a notice of resignation under section 41(3) of the Act, he shall, within 14 days thereof, call a meeting of creditors.
(2)  The notice of the meeting shall be served on the Official Assignee.
(3)  The notice of the meeting shall state the reasons for the trustee’s resignation and shall be accompanied by a report of the trustee’s administration of the estate including —
(a)
an account of all moneys and properties in the estate; and
(b)
a summary of his receipts and payments.
(4)  Upon the resignation taking effect, section 42 of the Act shall apply.
Trustee’s duty upon vacating office
64.  Where for any reason a trustee ceases to hold office, he shall deliver up to the Official Assignee or the person succeeding him as trustee —
(a)
the assets of the estate (after deduction of any expenses properly incurred and distributions made);
(b)
all the records relating to the estate and his administration thereof, including any correspondence, proofs and other related papers pertaining to the estate; and
(c)
the bankrupt’s books, papers and other records.
Discharge of security
65.  The trustee’s security shall not be discharged until the Official Assignee is satisfied that the trustee has faithfully performed his duties in the course of his trusteeship to the date of cessation of his office.
Powers of court
66.
—(1)  The court may, on the application of the Official Assignee, make such orders as it thinks necessary for the enforcement of the duties of the trustee under the Act and these Rules.
(2)  The court may order that the costs of and incidental to the Official Assignee’s application be borne by the trustee.