Bankruptcy Bill - Singapore Statutes Online

Bankruptcy Bill

Bill No. 16/1994

Read the first time on 25th July 1994.

An Act relating to the law of bankruptcy and matters connected therewith and to repeal the Bankruptcy Act (Chapter 20 of the 1985 Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

PART I

PRELIMINARY

Short title and commencement

1. This Act may be cited as the Bankruptcy Act 1994 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Interpretation

2.—(1) In this Act, unless the context otherwise requires —

“appointed day” means the date of commencement of this Act;

“bankrupt” means —

(a)	the individual debtor who has been adjudged bankrupt by a bankruptcy order; or
(b)	where a bankruptcy order has been made against a firm, each of the partners in the firm;

“bankruptcy order” means an order adjudging a debtor bankrupt;

“bankruptcy petition” means a petition to the court for a bankruptcy order;

“court” means the court having jurisdiction in bankruptcy under this Act;

“creditor”, in relation to a debtor proposing a voluntary arrangement under Part V, means a creditor to whom the debtor owes a debt provable in bankruptcy;

“creditors’ committee” means a committee appointed under section 80;

“creditor’s petition” means a bankruptcy petition presented under section 57 by a creditor or by two or more creditors jointly;

“debt provable in bankruptcy” or “provable debt” means any debt or liability that is made provable in bankruptcy under this Act;

“debtor” —

(a)	in relation to a proposal for a voluntary arrangement under Part V, means the individual or the firm making or intending to make that proposal and includes each of the partners in such firm; and
(b)	in relation to a bankruptcy petition, means the individual debtor to whom, or a firm, or each of the partners in the firm, to which, the petition relates;

“debtor’s petition” means a bankruptcy petition presented under section 58 by a debtor against himself or by all or a majority of the members of a firm against the firm;

“estate”, in relation to a bankrupt, is to be construed in accordance with section 78;

“family”, in relation to a bankrupt, means the persons (if any) who are living with and dependent on him;

“firm” means an unincorporated body of individuals carrying on business in partnership with a view to profit;

“gazetted” means published in the Gazette;

“goods” includes all chattels personal;

“judgment debt” means a debt which is payable by any person by virtue of a judgment or an order of court against him;

“liability” means a liability to pay money or money’s worth, irrespective of whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —

(a)	under any written law;
(b)	under contract, tort or bailment;
(c)	as a result of a breach of trust by the person liable; or
(d)	out of an obligation to make restitution;

“nominee” means the person appointed by virtue of a debtor’s proposal for a voluntary arrangement under Part V to act as trustee or otherwise to supervise the implementation of the voluntary arrangement and includes —

(a)	any replacement of such person pursuant to an order under section 49(3)(a) or 55(4); and
(b)	any person upon whom the functions of the nominee have been conferred by a creditors’ meeting pursuant to section 51(3);

“Official Assignee” includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;

“ordinary resolution” means a resolution passed by a majority in value of the creditors present personally or by proxy at a meeting of creditors and voting on the resolution;

“partnership debt” means a debt for which all the partners in a firm are jointly liable;

“preferential debt” means any debt which is to be paid in priority to all other unsecured debts and which is specified in section 90, and any reference to a preferential creditor shall be construed accordingly;

“property” includes money, goods, things in action, land and every description of property wherever situated and also obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to, property;

“records” includes computer records and other documentary records;

“Registrar” means the Registrar of the Supreme Court and includes the Deputy Registrar or an Assistant Registrar of the Supreme Court;

“rules” means rules made under this Act;

“secured creditor”, in relation to a debtor, means a person holding a mortgage, pledge, charge or lien on or against the property of the debtor or any part thereof as security for a debt due to him from the debtor;

“Sheriff” includes a bailiff and any officer charged with the execution of a writ or other process of the court;

“special resolution” means a resolution passed by a majority in number and at least three-fourths in value of the creditors present personally or by proxy at a meeting of creditors and voting on the resolution;

“statutory demand” means a demand in the prescribed form which requires the person to whom it is addressed to pay, secure or compound to the reasonable satisfaction of the creditor making the demand, any debt owed by him to the creditor;

“transaction” includes any gift, agreement or arrangement, and any reference to entering into a transaction shall be construed accordingly;

“trustee”, in relation to a bankruptcy and a bankrupt, means the trustee of the bankrupt’s estate.

(2) Any reference in this Act to the person or property of a debtor or bankrupt shall, in relation to a debtor which is a firm or to a firm against which a bankruptcy order has been made, as the case may be, be read as a reference to the person or property of each partner of the firm.

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