Bankruptcy Bill
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
Explanatory Statement
Expenditure of Public Money
Table of Derivations