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Contents

Long Title

Part I PRELIMINARY

Part II CONSTITUTION, PROCEDURE AND POWERS OF COURT

Jurisdiction

Procedure

Part III OFFICIAL ASSIGNEE

Part IV TRUSTEE IN BANKRUPTCY

Part V VOLUNTARY ARRANGEMENTS

Moratorium for insolvent debtor

Consideration and implementation of debtor’s proposal

Part VA DEBT REPAYMENT SCHEME

Division 1 — Preliminary

Division 2 — Proposal for debt repayment scheme

Division 3 — Commencement and administration of debt repayment scheme

Division 4 — Cessation of debt repayment scheme

Division 5 — Miscellaneous

Part VI PROCEEDINGS IN BANKRUPTCY

Bankruptcy applications and bankruptcy orders

Protection of debtor’s property

Part VII ADMINISTRATION IN BANKRUPTCY

Bankruptcy

Inquiry into bankrupt’s affairs, dealings and property

Proof of debts

Composition or scheme of arrangement

Effect of bankruptcy on antecedent transactions

Possession, control and realisation of bankrupt’s property

Distribution of property

Part VIII ANNULMENT AND DISCHARGE

Part IX DUTIES, DISQUALIFICATION AND DISABILITIES OF BANKRUPT

Part X BANKRUPTCY OFFENCES

Part XI MISCELLANEOUS PROVISIONS

THE SCHEDULE Transitional Provisions and Savings

Legislative History

Comparative Table

 
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Related Subsidiary Legislation | Legislative History | Amendment Annotation off
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On 23/05/2013, you requested for the version in force on 23/05/2013 incorporating all amendments published on or before 23/05/2013. The closest version currently available is that of 31/10/2009.
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Where applicant for bankruptcy order is secured creditor
63.
—(1)  Where the applicant for a bankruptcy order is a secured creditor of the debtor, he shall in his application —
(a)
state that he is willing, in the event of a bankruptcy order being made, to give up his security for the benefit of the other creditors of the bankrupt; or
(b)
give an estimate of the value of his security, in which case he may to the extent of the balance of the debt due to him, after deducting the value so estimated, be admitted as a creditor in the same manner as if he were an unsecured creditor.
[42/2005]
(2)  Where an applicant for a bankruptcy order who is a secured creditor of the debtor fails to disclose his security in the application, he shall be deemed to have given up his security for the benefit of the other creditors of the debtor and upon the making of a bankruptcy order —
(a)
he shall not be entitled to enforce his security against the estate of the bankrupt or to retain any proceeds from the realisation of such security; and
(b)
he shall execute such document of release as is required by the Official Assignee or account and pay over to the Official Assignee all proceeds from any realisation of his security.
[42/2005]
(3)  Where any secured creditor fails to execute any document of release as is required by the Official Assignee under subsection (2)(b), the Official Assignee may execute the document on his behalf and the execution of the document by the Official Assignee shall have the same effect as the execution thereof by the secured creditor.
(4)  Any secured creditor who fails to account or pay over to the Official Assignee the proceeds from any realisation of his security under subsection (2)(b) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 3 years or to both.
(5)  Any fine imposed under subsection (4) shall be deemed part of the property of the bankrupt and shall vest in the Official Assignee for the purposes of this Act.