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Bankruptcy Act 1995

(No. 15 of 1995)

Status:

Published in Acts Supplement
on 21 Apr 1995

Print

Select the provisions you wish to print using the checkboxes and then click the relevant "Print"

Bankruptcy Act 1995
(No. 15 of 1995)

Table of Contents

Long Title

Enacting Formula

Part I PRELIMINARY

1 Short title and commencement

2 Interpretation

Part II CONSTITUTION, PROCEDURE AND POWERS OF COURT

Jurisdiction

3 High Court to be the court having jurisdiction in bankruptcy

4 Exercise of jurisdiction in chambers

5 Jurisdiction in bankruptcy of Registrar

6 General powers of bankruptcy court

7 Power to review orders

8 Appeals in bankruptcy

9 Power of arrest and seizure

10 Criminal jurisdiction of District and Magistrate’s Courts

Procedure

11 Where no specific procedure provided

12 Power to adjourn proceedings

13 Power to amend written process

14 Power to extend time

15 Manner of taking evidence

16 Costs to be in court’s discretion

Part III OFFICIAL ASSIGNEE

17 Appointment of Official Assignee of bankrupts’ estates

18 Official name of Official Assignee

19 Delegation of powers and functions by Official Assignee

20 Official Assignee deemed to be public servant

21 General duties of Official Assignee as regards bankrupt’s conduct and affairs

22 General duties of Official Assignee as regards estate of bankrupt

23 Discretion of Official Assignee in administration of estate of bankrupt

24 Power to administer oaths

25 Official Assignee’s accounts

26 Books to be kept by Official Assignee

27 Bankruptcy Estates Account

28 Investment of surplus funds in Bankruptcy Estates Account

29 Official Assignee to furnish list of creditors

30 Control of court over Official Assignee

31 Review by court of Official Assignee’s act, omission or decision

32 Liability of Official Assignee to be discharged out of Consolidated Fund

Part IV TRUSTEE IN BANKRUPTCY

33 Appointment of person other than Official Assignee as trustee in bankruptcy

34 Qualifications for appointment as trustee

35 Person appointed as trustee to furnish security before acting

36 General functions, duties and powers of trustee

37 Trustee to pay moneys received by him into prescribed bank account

38 Remuneration of trustee

39 Control of trustee by Official Assignee

40 Review by court of trustee’s act, omission or decision

41 Removal of trustee

42 Vacancy in office of trustee

43 Liability of trustee

Part V VOLUNTARY ARRANGEMENTS

Moratorium for insolvent debtor

44 This Part not applicable to undischarged bankrupts

45 Interim order of court

46 Nominee

47 Effect of application

48 Conditions for making of interim order

49 Nominee’s report on debtor’s proposal

50 Summoning of creditors’ meeting

Consideration and implementation of debtor’s proposal

51 Decision of creditors’ meeting

52 Report of decisions to court

53 Effect of approval

54 Review of meeting’s decision

55 Implementation and supervision of approved voluntary arrangement

56 Consequence of failure by debtor to comply with voluntary arrangement

Part VI PROCEEDINGS IN BANKRUPTCY

Bankruptcy petitions and bankruptcy orders

57 Persons who may present creditor’s petition

58 Persons who may present debtor’s petition

59 Bankruptcy order

60 Conditions to be satisfied in respect of debtor

61 Grounds of bankruptcy petition

62 Presumption of inability to pay debts

63 Where petitioner is secured creditor

64 Power of court to stay or dismiss proceedings on bankruptcy petition

65 Proceedings on creditor’s petition

66 Proceedings on bankruptcy petition by nominee or creditor bound by voluntary arrangement

67 Proceedings on debtor’s petition

68 Consolidation of bankruptcy petitions

69 Power to dismiss petition against some respondents only

70 Power to change conduct of proceedings

71 Continuance of proceedings on death of debtor

72 Withdrawal of bankruptcy petition

Protection of debtor’s property

73 Appointment of interim receiver

74 Power to stay proceedings against person or property of debtor

Part VII ADMINISTRATION IN BANKRUPTCY

Bankruptcy

75 Commencement and duration of bankruptcy

76 Effect of bankruptcy order

77 Restrictions on dispositions of property by bankrupt

78 Description of bankrupt’s property divisible amongst creditors

Inquiry into bankrupt’s affairs, dealings and property

79 Meeting of creditors

80 Creditors’ committee

81 Bankrupt’s statement of affairs

82 Bankrupt to submit accounts

83 Examination of bankrupt and others

84 Power of court following examination of bankrupt and others

85 Unenforceability of liens on books, etc

86 Official Assignee to settle list of debtors to the estate

Proof of debts

87 Description of debts provable in bankruptcy

88 Mutual credit and set-off

89 Rules as to proof of debts

90 Priority of debts

91 Payment of partnership debts

92 Right of landlord to distrain for rent

93 Contracts to which bankrupt is party

94 Interest on debts

Composition or scheme of arrangement

95 Creditors may accept composition or arrangement subject to court’s approval

96 Effect of composition or scheme

Effect of bankruptcy on antecedent transactions

97 Provisions as to second bankruptcy

98 Transactions at an undervalue

99 Unfair preferences

100 Relevant time under sections 98 and 99

101 Meaning of "associate"

102 Orders under sections 98 and 99

103 Extortionate credit transactions

104 Avoidance of general assignment of book debts

105 Restriction of rights of creditor under execution or attachment

106 Duties of Sheriff as to property taken in execution

Possession, control and realisation of bankrupt’s property

107 Possession of property by Official Assignee

108 Seizure of bankrupt’s property held by bankrupt or other person

109 Appropriation of portion of pay or salary to creditors

110 Disclaimer of onerous property

111 Power of Official Assignee to deal with property

112 General powers of Official Assignee

113 Power to appoint special manager

114 Power to allow bankrupt to manage property

115 Re-direction of bankrupt’s letters, etc

116 Power to impound passport, etc., of bankrupt

Distribution of property

117 Distribution by means of dividend

118 Claims by unsatisfied creditors

119 Final distribution

120 Joint and separate dividends

121 No action for dividend

122 Right of bankrupt to surplus

Part VIII ANNULMENT AND DISCHARGE

123 Court’s power to annul bankruptcy order

124 Discharge by court

125 Discharge by certificate of Official Assignee

126 Objection by creditor to discharge of bankrupt under section 125

127 Effect of discharge

128 Discharged bankrupt to give assistance

Part IX DUTIES, DISQUALIFICATION AND DISABILITIES OF BANKRUPT

129 Duties of bankrupt

130 Disqualification of bankrupt

131 Disabilities of bankrupt

Part X BANKRUPTCY OFFENCES

132 Definitions

133 Defence of innocent intention

134 Non-disclosure

135 Concealment of property

136 Concealment of books and papers; falsification, etc

137 False statements

138 Fraudulent disposal of property

139 Absconding with property

140 Fraudulent dealing with property obtained on credit

141 Obtaining credit; engaging in business

142 Failure to keep proper accounts of business

143 Gambling

144 Bankrupt incurring debt without reasonable ground of expectation of being able to pay it

145 Making of false claims, etc

146 Penalty

147 Supplementary provisions

Part XI MISCELLANEOUS PROVISIONS

148 Administration in bankruptcy of estate of person dying insolvent

149 Costs

150 Actions by Official Assignee and bankrupt’s partners

151 Action in aid of courts of Malaysia and designated countries

152 Reciprocal recognition of Official Assignees

153 Evidence of proceedings at meetings of creditors

154 Evidence of proceedings in bankruptcy

155 Swearing of affidavits

156 Death of witness

157 Service of notices

158 Formal defect not to invalidate proceedings or acts

159 Exemption from stamp duty

160 Acts of corporations, firms and lunatics

161 Access to bankrupt’s books

162 Exclusion of liability relating to computerised information service

163 List of undischarged bankrupts to be kept

164 Unclaimed and undistributed moneys

165 Insolvency Assistance Fund

166 Rules

167 Repeal, transitional and consequential provisions

FIRST SCHEDULE Transitional Provisions and Savings

SECOND SCHEDULE Consequential Amendments

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Table Of Contents

Bankruptcy Act 1995

Status:

Published in Acts Supplement
on 21 Apr 1995

Bankruptcy Act 1995 (No. 15 of 1995)

Print
Help

Table of Contents

Bankruptcy Act 1995
(No. 15 of 1995) Long Title Enacting Formula Part I PRELIMINARY

1 Short title and commencement

2 Interpretation

Part II CONSTITUTION, PROCEDURE AND POWERS OF COURT Jurisdiction

3 High Court to be the court having jurisdiction in bankruptcy

4 Exercise of jurisdiction in chambers

5 Jurisdiction in bankruptcy of Registrar

6 General powers of bankruptcy court

7 Power to review orders

8 Appeals in bankruptcy

9 Power of arrest and seizure

10 Criminal jurisdiction of District and Magistrate’s Courts

11 Where no specific procedure provided

12 Power to adjourn proceedings

13 Power to amend written process

14 Power to extend time

15 Manner of taking evidence

16 Costs to be in court’s discretion

Part III OFFICIAL ASSIGNEE

17 Appointment of Official Assignee of bankrupts’ estates

18 Official name of Official Assignee

19 Delegation of powers and functions by Official Assignee

20 Official Assignee deemed to be public servant

21 General duties of Official Assignee as regards bankrupt’s conduct and affairs

22 General duties of Official Assignee as regards estate of bankrupt

23 Discretion of Official Assignee in administration of estate of bankrupt

24 Power to administer oaths

25 Official Assignee’s accounts

26 Books to be kept by Official Assignee

27 Bankruptcy Estates Account

28 Investment of surplus funds in Bankruptcy Estates Account

29 Official Assignee to furnish list of creditors

30 Control of court over Official Assignee

31 Review by court of Official Assignee’s act, omission or decision

32 Liability of Official Assignee to be discharged out of Consolidated Fund

Part IV TRUSTEE IN BANKRUPTCY

33 Appointment of person other than Official Assignee as trustee in bankruptcy

34 Qualifications for appointment as trustee

35 Person appointed as trustee to furnish security before acting

36 General functions, duties and powers of trustee

37 Trustee to pay moneys received by him into prescribed bank account

38 Remuneration of trustee

39 Control of trustee by Official Assignee

40 Review by court of trustee’s act, omission or decision

41 Removal of trustee

42 Vacancy in office of trustee

43 Liability of trustee

Part V VOLUNTARY ARRANGEMENTS Moratorium for insolvent debtor

44 This Part not applicable to undischarged bankrupts

45 Interim order of court

47 Effect of application

48 Conditions for making of interim order

49 Nominee’s report on debtor’s proposal

50 Summoning of creditors’ meeting

Consideration and implementation of debtor’s proposal

51 Decision of creditors’ meeting

52 Report of decisions to court

53 Effect of approval

54 Review of meeting’s decision

55 Implementation and supervision of approved voluntary arrangement

56 Consequence of failure by debtor to comply with voluntary arrangement

Part VI PROCEEDINGS IN BANKRUPTCY Bankruptcy petitions and bankruptcy orders

57 Persons who may present creditor’s petition

58 Persons who may present debtor’s petition

59 Bankruptcy order

60 Conditions to be satisfied in respect of debtor

61 Grounds of bankruptcy petition

62 Presumption of inability to pay debts

63 Where petitioner is secured creditor

64 Power of court to stay or dismiss proceedings on bankruptcy petition

65 Proceedings on creditor’s petition

66 Proceedings on bankruptcy petition by nominee or creditor bound by voluntary arrangement

67 Proceedings on debtor’s petition

68 Consolidation of bankruptcy petitions

69 Power to dismiss petition against some respondents only

70 Power to change conduct of proceedings

71 Continuance of proceedings on death of debtor

72 Withdrawal of bankruptcy petition

Protection of debtor’s property

73 Appointment of interim receiver

74 Power to stay proceedings against person or property of debtor

Part VII ADMINISTRATION IN BANKRUPTCY Bankruptcy

75 Commencement and duration of bankruptcy

76 Effect of bankruptcy order

77 Restrictions on dispositions of property by bankrupt

78 Description of bankrupt’s property divisible amongst creditors

Inquiry into bankrupt’s affairs, dealings and property

79 Meeting of creditors

80 Creditors’ committee

81 Bankrupt’s statement of affairs

82 Bankrupt to submit accounts

83 Examination of bankrupt and others

84 Power of court following examination of bankrupt and others

85 Unenforceability of liens on books, etc

86 Official Assignee to settle list of debtors to the estate

Proof of debts

87 Description of debts provable in bankruptcy

88 Mutual credit and set-off

89 Rules as to proof of debts

90 Priority of debts

91 Payment of partnership debts

92 Right of landlord to distrain for rent

93 Contracts to which bankrupt is party

94 Interest on debts

Composition or scheme of arrangement

95 Creditors may accept composition or arrangement subject to court’s approval

96 Effect of composition or scheme

Effect of bankruptcy on antecedent transactions

97 Provisions as to second bankruptcy

98 Transactions at an undervalue

99 Unfair preferences

100 Relevant time under sections 98 and 99

101 Meaning of "associate"

102 Orders under sections 98 and 99

103 Extortionate credit transactions

104 Avoidance of general assignment of book debts

105 Restriction of rights of creditor under execution or attachment

106 Duties of Sheriff as to property taken in execution

Possession, control and realisation of bankrupt’s property

107 Possession of property by Official Assignee

108 Seizure of bankrupt’s property held by bankrupt or other person

109 Appropriation of portion of pay or salary to creditors

110 Disclaimer of onerous property

111 Power of Official Assignee to deal with property

112 General powers of Official Assignee

113 Power to appoint special manager

114 Power to allow bankrupt to manage property

115 Re-direction of bankrupt’s letters, etc

116 Power to impound passport, etc., of bankrupt

Distribution of property

117 Distribution by means of dividend

118 Claims by unsatisfied creditors

119 Final distribution

120 Joint and separate dividends

121 No action for dividend

122 Right of bankrupt to surplus

Part VIII ANNULMENT AND DISCHARGE

123 Court’s power to annul bankruptcy order

124 Discharge by court

125 Discharge by certificate of Official Assignee

126 Objection by creditor to discharge of bankrupt under section 125

127 Effect of discharge

128 Discharged bankrupt to give assistance

Part IX DUTIES, DISQUALIFICATION AND DISABILITIES OF BANKRUPT

129 Duties of bankrupt

130 Disqualification of bankrupt

131 Disabilities of bankrupt

Part X BANKRUPTCY OFFENCES

132 Definitions

133 Defence of innocent intention

134 Non-disclosure

135 Concealment of property

136 Concealment of books and papers; falsification, etc

137 False statements

138 Fraudulent disposal of property

139 Absconding with property

140 Fraudulent dealing with property obtained on credit

141 Obtaining credit; engaging in business

142 Failure to keep proper accounts of business

144 Bankrupt incurring debt without reasonable ground of expectation of being able to pay it

145 Making of false claims, etc

147 Supplementary provisions

Part XI MISCELLANEOUS PROVISIONS

148 Administration in bankruptcy of estate of person dying insolvent

150 Actions by Official Assignee and bankrupt’s partners

151 Action in aid of courts of Malaysia and designated countries

152 Reciprocal recognition of Official Assignees

153 Evidence of proceedings at meetings of creditors

154 Evidence of proceedings in bankruptcy

155 Swearing of affidavits

156 Death of witness

157 Service of notices

158 Formal defect not to invalidate proceedings or acts

159 Exemption from stamp duty

160 Acts of corporations, firms and lunatics

161 Access to bankrupt’s books

162 Exclusion of liability relating to computerised information service

163 List of undischarged bankrupts to be kept

164 Unclaimed and undistributed moneys

165 Insolvency Assistance Fund

167 Repeal, transitional and consequential provisions

FIRST SCHEDULE Transitional Provisions and Savings SECOND SCHEDULE Consequential Amendments

Bankruptcy Act 1995

Status:

Published in Acts Supplement on 21 Apr 1995

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Disqualification of bankrupt

130.—(1) In addition to any disqualification under any other written law, a bankrupt shall be disqualified from being appointed or acting as a trustee or personal representative in respect of any trust, estate or settlement, except with leave of the court.

(2) Any disqualification to which a bankrupt is subject under this section shall cease when —

(a)	the bankruptcy order against him is annulled or rescinded; or
(b)	he is discharged under Part VIII.

(3) Any person who acts as a trustee or personal representative while he is disqualified by virtue of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding one year or to both.

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