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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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Proposal for voluntary arrangement
Preparation of proposal
67.
—(1)  The debtor shall prepare for the intended nominee a proposal on which to make his report to the court under section 49 of the Act.
(2)  Where the debtor is a firm, the proposal shall be prepared jointly by all or a majority of the partners in the firm.
Contents of proposal
68.
—(1)  The proposal shall contain a short explanation as to why, in the debtor’s opinion —
(a)
a voluntary arrangement is desirable; and
(b)
the debtor’s creditors may be expected to concur with the proposed arrangement.
(2)  The proposal shall state —
(a)
the following matters, so far as within the debtor’s immediate knowledge:
(i)
his assets, with an estimate of their respective values;
(ii)
the extent (if any) to which the assets are charged in favour of creditors; and
(iii)
the extent (if any) to which particular assets are to be excluded from the voluntary arrangements;
(b)
particulars of any property, other than assets of the debtor himself, which is proposed to be included in the arrangement, the source of such property and the terms on which it is to be made available for inclusion;
(c)
the nature and amount of the debtor’s liabilities (so far as within his immediate knowledge), the manner in which they are proposed to be met, modified, postponed or otherwise dealt with by means of the arrangement and, in particular —
(i)
how it is proposed to deal with preferential creditors and creditors who are, or who claim to be, secured;
(ii)
how associates of the debtor (being creditors of his) are proposed to be treated under the arrangement; and
(iii)
whether there are, to the debtor’s knowledge, any circumstances giving rise to the possibility, in the event that he should be adjudged bankrupt, of claims under section 98, 99 or 103 of the Act and, where any such circumstances are present, whether, and if so how, it is proposed under the voluntary arrangement to make provision for wholly or partly indemnifying the insolvent estate in respect of such claims;
(d)
whether any, and if so what, guarantees have been given of the debtor’s debts by other persons, specifying which (if any) of the guarantors are associates of his;
(e)
the proposed duration of the voluntary arrangement;
(f)
the proposed dates of distributions to creditors, with estimates of their amounts;
(g)
the amount proposed to be paid to the nominee (as such) by way of remuneration and expenses;
(h)
the manner in which it is proposed that the nominee should be remunerated for his supervision of the arrangement, and his expenses defrayed;
(i)
whether, for the purposes of the arrangement, any guarantee is to be offered by any person other than the debtor, and whether (if so) any security is to be given or sought;
(j)
the manner in which funds held for the purposes of the arrangement are to be banked, invested or otherwise dealt with pending distribution to creditors;
(k)
the manner in which funds held for the purpose of payment to creditors, and not so paid on the termination of the arrangement, are to be dealt with;
(l)
if the debtor has any business, the manner in which it is proposed to be conducted during the course of the arrangement;
(m)
details of any further credit facilities intended to be arranged for the debtor, and how the debts so arising are to be paid; and
(n)
the functions which are to be undertaken by the nominee when supervising the implementation of the arrangement under section 55 of the Act.
(3)  Where the debtor is a firm, any reference in paragraphs (1) and (2) to the assets, associates, business, debts, debtors, liabilities or property of the debtor shall be read as a reference to the assets, associates, business, debts, debtors, liabilities or property of the firm and of each partner therein.
Amendment of proposal
69.  The debtor’s proposal may, with the approval in writing of the nominee, be amended at any time up to the delivery of the nominee’s report to the court under section 49 of the Act.
Notice of proposal
70.
—(1)  The debtor shall give to the intended nominee written notice of his proposal.
(2)  The notice, accompanied by a copy of the proposal, shall be delivered either to the nominee himself, or to a person authorised to take delivery of documents on his behalf.
(3)  If the intended nominee agrees to act, he shall endorse on a copy of the notice that —
(a)
it was received by him on a specified date; and
(b)
he agrees to act,
and return that copy of the notice immediately to the debtor at an address specified by the debtor in the notice for that purpose.