Appointment of person other than Official Assignee as trustee in bankruptcy
36.—(1)  The Court may, in the following circumstances, appoint a person other than the Official Assignee to be the trustee of a bankrupt’s estate:
(a)when making a bankruptcy order, and on the application of the creditor who applied for the bankruptcy order;
(b)at any time after the making of a bankruptcy order that has not been discharged or annulled, and on the application of any creditor, the Official Assignee or any existing trustee of the bankrupt’s estate.
(2)  A creditor applying for a bankruptcy order must apply to the Court for the appointment of a person other than the Official Assignee to be the trustee of the bankrupt’s estate, if —
(a)the creditor is —
(i)an institutional creditor;
(ii)a subsidiary of an institutional creditor; or
(iii)a corporation in respect of which 2 or more institutional creditors together control more than half of the voting power; or
(b)the debt when incurred was payable to a person who is —
(i)an institutional creditor;
(ii)a subsidiary of an institutional creditor; or
(iii)a corporation in respect of which 2 or more institutional creditors together control more than half of the voting power.
(3)  The official name of the trustee is —
(a)“the Trustee of the Estate of (name of bankrupt), a Bankrupt”; or
(b)“the Trustee in Bankruptcy of (name of bankrupt), a Bankrupt”.
(4)  In this section —
“annual sales turnover”, for a relevant period and in relation to an undertaking, means —
(a)if the relevant period is a business year that consists of 12 months, the sales turnover of that undertaking in that business year; or
(b)if the relevant period is a business year that does not consist of 12 months or is a business commencement period, the amount calculated using the formula where —
(i)S is the sales turnover of that undertaking in that business year or business commencement period; and
(ii)B is the number of months in that business year or business commencement period;
“business commencement period”, in relation to an undertaking, means the period between the date of commencement of the business operations of the undertaking and the date of the application for the bankruptcy order mentioned in subsection (2) (both dates inclusive);
“business year” means a period in respect of which an undertaking prepares or is required to prepare accounts;
“employee” means an individual who has entered into or works under a contract of service with an employer;
“institutional creditor” means a creditor that is —
(a)a banking corporation;
(b)a finance company licensed under the Finance Companies Act 1967;
(c)a holder of a capital markets services licence granted under section 86 of the Securities and Futures Act 2001; or
(d)an undertaking that —
(i)in the relevant period, has an annual sales turnover of more than $100 million; and
(ii)at the date of the application for the bankruptcy order mentioned in subsection (2), has more than 200 employees;
“relevant period”, in relation to an undertaking, means —
(a)the business year of the undertaking immediately preceding the date of the application for the bankruptcy order mentioned in subsection (2); or
(b)if there is no such business year, the business commencement period of the undertaking;
“sales turnover”, in relation to an undertaking, means the aggregate of the following amounts, after deducting sales rebates, goods and services tax and other taxes directly related to those amounts:
(a)the amounts derived by that undertaking from the sale of products and the provision of services falling within the ordinary activities of that undertaking;
(b)any other amounts derived from the business operations of that undertaking, but excluding gains from the sale of fixed assets, donations, grants, subsidies, subscriptions, interest, dividends, goods purchased for resale and investment income;
“undertaking” means any individual, or any body corporate, unincorporated body of persons or other entity, that is capable of carrying on commercial or economic activities relating to goods or services, but excludes a body corporate or unincorporate established by or under any public Act to perform or discharge a public function.