Bankruptcy Act - Singapore Statutes Online

Bankruptcy Act

Status:

Revised Edition
published on 31 Oct 2009

Bankrupt’s statement of affairs

81.—(1) Where a bankruptcy order has been made against an individual otherwise than on a debtor’s bankruptcy application, the bankrupt shall submit a statement of his affairs to the Official Assignee within 21 days from the date of the bankruptcy order.

[42/2005]

(2) Where a bankruptcy order has been made against a firm —

(a)	on a creditor’s bankruptcy application, the bankrupts, being the partners in the firm at the time of the order, shall submit a joint statement of their partnership affairs, and each partner in the firm shall submit a statement of his separate affairs; or
(b)	on a debtor’s bankruptcy application, every person who at the time of the order is a partner in the firm but who did not join in the application shall submit a statement of his separate affairs,

to the Official Assignee within 21 days from the date of the bankruptcy order.

[42/2005]

(3) The statement of affairs referred to in subsection (2) shall contain —

(a)	such particulars of the bankrupt’s assets, creditors, debts and other liabilities as may be prescribed;
(b)	in the case of a firm, such particulars of the firm’s assets, creditors, debts and other liabilities as may be prescribed; and
(c)	such other information as may be prescribed.

(4) The Official Assignee may, if he thinks fit —

(a)	release the bankrupt from his duty under subsection (1) or (2), as the case may be; or
(b)	extend the period specified in subsection (1) or (2).

(5) Where the Official Assignee has refused to exercise a power conferred by this section, the court, if it thinks fit, may exercise it.

(6) A bankrupt who —

(a)	without reasonable excuse, fails to comply with the obligation imposed by this section;
(b)	without reasonable excuse, submits a statement of affairs which does not comply with the prescribed requirements;
(c)	submits a statement of affairs which is false, and which he either knows or believes to be false or does not believe to be true; or
(d)	submits a statement of affairs which is misleading in any material particular or contains any material omission,

shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $200 for every day during which the offence continues after conviction.

(7) Any person stating himself, in writing, to be a creditor of the bankrupt may personally or by agent inspect the statement of affairs filed by the bankrupt under this section at all reasonable times and upon payment of the prescribed fee take any copy thereof or extract therefrom.

(8) Any person untruthfully stating himself to be a creditor under subsection (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 6 months or to both.

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