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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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On 21/10/2014, you requested the version as published on or before 21/10/2014.
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Proceedings on debtor’s bankruptcy application
67.
—(1)  The court hearing a debtor’s bankruptcy application shall not make a bankruptcy order thereon unless it is satisfied that the debtor is unable to pay his debts.
(2)  Where a debtor’s bankruptcy application has been made against a firm by some, but not all, of the partners in the firm, the court shall not make a bankruptcy order thereon unless it is satisfied that notice of the application in the prescribed form has been served in the prescribed manner on each of the partners who did not join in the application.
(3)  If a bankruptcy order may be made on the bankruptcy application, the court shall, instead of making the order, adjourn the bankruptcy application for a period of 6 months or such other period as the court may direct and refer the matter to the Official Assignee for the purpose of enabling the Official Assignee to determine whether the debtor is suitable for a debt repayment scheme under Part VA, if the following qualifying criteria are satisfied:
(a)
the aggregate of the debts specified in the statement of affairs exhibited to the debtor’s affidavit under section 58(2) does not exceed $100,000 or such other amount as the Minister may specify under section 65(7)(a);
(b)
the debtor is not an undischarged bankrupt, and has not been a bankrupt at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made, under this Act;
(c)
a voluntary arrangement under Part V in respect of the debtor is not in effect, and was not in effect at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made;
(d)
the debtor is not subject to any debt repayment scheme under Part VA, and has not been subject to any such debt repayment scheme at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made; and
(e)
the debtor is not a sole proprietor, a partner of a firm within the meaning of the Partnership Act (Cap. 391) or a partner in a limited liability partnership.
[6/2009]
(4)  The court shall proceed to hear a bankruptcy application adjourned under subsection (3) if —
(a)
the Official Assignee reports to the court under section 56B(2) that the debtor is not suitable for a debt repayment scheme under Part VA; or
(b)
at the expiry of the period of adjournment, a debt repayment scheme has not commenced under Part VA in respect of the debtor.
[6/2009]
(5)  If at any time during the period of adjournment of a bankruptcy application under subsection (3) a debt repayment scheme commences under Part VA in respect of the debtor, the bankruptcy application shall be deemed to be withdrawn on the date of commencement of the debt repayment scheme.
[6/2009]
(6)  The court may give such orders or directions as it thinks fit for the adjournment, hearing or disposal of a bankruptcy application referred to in subsection (3).
[6/2009]
(7)  For the purpose of subsection (3)(d), a person in respect of whom the Official Assignee issues —
(a)
a certificate of inapplicability of a debt repayment scheme under section 56L; or
(b)
a certificate of completion of a debt repayment scheme under section 56N(1) —
(i)
which states that all the debts (including interest on each of such debts at the rate to which a creditor is entitled under any written law or rule of law) of the person which have been proved under, and all the costs and expenses of, the debt repayment scheme have been paid in full; and
(ii)
which has not been revoked under section 56O(1),
shall not be treated as having been subject to that debt repayment scheme.
[6/2009]
(8)  In subsection (3)(a), “debt” has the same meaning as in section 56A(1).
[6/2009]
(9)  Subsections (3) to (8) shall only apply to bankruptcy applications made on or after 18th May 2009.
[6/2009]