Insolvency, Restructuring and Dissolution Bill

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Published in Bills Supplement
on 10 Sep 2018

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420 Arbitration agreements to which bankrupt is party

...Arbitration agreements to which bankrupt is party This section applies where a bankrupt had become party to a contract containing an arbitration agreement before the commencement of his or her bankruptcy. If the Official Assignee adopts the contract, the arbitration agreement is enforceable by or against the Official Assignee in relation to matters arising from or connected with the contract. If the Official Assignee does not adopt the contract and a matter to which the arbitration agreement applies requires to be determined in connection with or for the purposes of the bankruptcy proceedings — the Official Assignee; or any other party to the agreement, may apply to the Court which may, if the Court thinks fit in all the circumstances of the case, order that the matter be referred to arbitration in accordance with the arbitration agreement. ...

178 Power of liquidator to accept shares, etc., as consideration for sale of property of company

...Power of liquidator to accept shares, etc., as consideration for sale of property of company Where it is proposed that the whole or part of the business or property of a company (called in this section the company) be transferred or sold to another corporation (called in this section the corporation), the liquidator of the company may, with the sanction of a special resolution of the company conferring either a general authority on the liquidator or an authority in respect of any particular arrangement — receive in compensation or part compensation for the transfer or sale, any shares, debentures, policies or other like interests in the corporation for distribution among the members of the company; or enter into any other arrangement under which the members of the company may, in lieu of or in addition to receiving cash, shares, debentures, policies or other like interests in the corporation, participate in the profits of or receive any other benefit from the corporation. Any transfer, sale or arrangement mentioned in subsection (1) is binding on the members of the company. If any member of the company expresses the member's dissent to the resolution mentioned in subsection (1) in writing addressed to the liquidator and left at the registered office of the liquidator within 7 days after the passing of the resolution, the member may require the liquidator either — to abstain from carrying the resolution into effect; or to purchase the member's interest at a price to be determined by agreement or by arbitration in the manner provided by this section. If the liquidator elects to purchase the member's interest, the purchase money must be paid before the company is dissolved and be raised by the liquidator in such manner as is determined by special resolution. A special resolution is not invalid for the purposes of this section by reason that it is passed before or concurrently with a resolution for voluntary winding up or for appointing liquidators, but if an order for winding up the company by the Court is made within a year after the passing of the resolution, the resolution is not valid unless sanctioned by the Court. For the purposes of an arbitration under this section, the Arbitration Act (Cap. 10) applies as if there were a submission for reference to 2 arbitrators, one to be appointed by each party, and the appointment of an arbitrator may be made under the hand of the liquidator or, if there is more than one liquidator, under the hands of any 2 or more of the liquidators. The Court may give any directions necessary for the initiation and conduct of an arbitration under this section, and such direction is binding on the parties. In the case of a creditors' voluntary winding up, the powers of the liquidator under this section must not be exercised except with the approval of the Court or the committee of inspection. ...

116 Trade union representation on behalf of members who are creditors and employees of company

...Trade union representation on behalf of members who are creditors and employees of company Where employees of a company — are creditors, by reason that wages or salary are payable to them whether by way of allowance or reimbursement under contracts of employment or any award or agreement regulating conditions of employment or otherwise; and are members of a trade union that is recognised by the company under the Industrial Relations Act (Cap. 136), it is sufficient compliance by the judicial manager with sections 105, 107 and 108 if the notice, statement of proposals and revised proposals mentioned in those sections are sent to the trade union representing the employees. A trade union to which subsection (1) applies — is entitled to represent any such employees at a meeting of creditors summoned under section 107(1) or, with the leave of the Court, to apply to the Court under section 115 on their behalf; and may make representations to the judicial manager on behalf of those employees, in respect of any matter connected with or arising from the continuation or termination of their contracts of employment, or any matter relating to any award made by the Industrial Arbitration Court under the Industrial Relations Act or any collective agreement certified under that Act that affects those employees. ...

401 Disabilities of bankrupt

...Disabilities of bankrupt Where a bankrupt has not obtained his or her discharge — unless the bankrupt has obtained the previous sanction of the Official Assignee, the bankrupt is incompetent to commence, continue or defend — any action other than — an action for damages in respect of any injury to the bankrupt's person; or a matrimonial proceeding; or any appeal arising from any action referred to in sub-paragraph (i); and the bankrupt must not leave, or remain or reside outside, Singapore without the previous permission of the Official Assignee. Despite subsection (1)( a ), the bankrupt must notify the Official Assignee of any proceedings mentioned in subsection (1)( a )(i)(A) or (B), or any appeal arising from any such proceedings, not later than 3 days before commencing, continuing or defending the proceedings or appeal, as the case may be. A bankrupt who fails to comply with this section 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. In this section — action and proceedings include arbitration; matrimonial proceeding means — a proceeding under Part VIII, IX or X of the Women's Charter; or a proceeding mentioned in section 35(2)( a ), ( b ), ( c ), ( d ) or ( e ) or 35A of the Administration of Muslim Law Act (Cap. 3). ...

378 General powers of Official Assignee

...General powers of Official Assignee The Official Assignee may exercise any of the following powers: carry on any business of the bankrupt so far as is necessary for winding it up beneficially; bring, institute or defend any action or legal proceedings relating to the property of the bankrupt; employ an advocate and solicitor to take any proceedings or do any business; accept, as the consideration for the sale of any property of the bankrupt, a sum of money payable at a future time, subject to such stipulations as to security or otherwise as the Official Assignee thinks fit; mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of the bankrupt's debts; refer any dispute to arbitration, or compromise all debts, claims and liabilities, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or supposed to subsist, between the bankrupt and any person who may have incurred any liability to the bankrupt, on the receipt of such sums payable at such times, and generally on such terms as are agreed on; make such compromise or other arrangement as is thought expedient with creditors or persons claiming to be creditors in respect of any debts provable under the bankruptcy; make such compromise or other arrangement as is thought expedient with respect to any claim arising out of or incidental to the property of the bankrupt, made or capable of being made on the Official Assignee by any person or by the Official Assignee on any person; divide in its existing form, amongst the creditors according to its estimated value, any property which from its peculiar nature or other special circumstances cannot be readily or advantageously sold. ...

FIRST SCHEDULE - Powers of judicial manager

...Section 99(4) Powers of judicial manager The judicial manager may exercise all or any of the following powers: power to take possession of, collect and get in the property of the company and, for that purpose, to take such proceedings as may seem to the judicial manager expedient; power to sell or otherwise dispose of the property of the company by public auction or private contract; power to borrow money and grant security for the borrowing over the property of the company; power to appoint a solicitor or accountant or other professionally qualified person to assist the judicial manager in the performance of the judicial manager's functions; power to bring or defend any action or other legal proceedings in the name and on behalf of the company; power to assign, in accordance with the regulations, the proceeds of an action arising under section 224, 225, 228, 238, 239 or 240; power to refer to arbitration any question affecting the company; power to effect and maintain insurances in respect of the business and property of the company; power to use the company's seal, if any; power to do all acts and to execute in the name and on behalf of the company any deed, receipt or other document; power to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company; power to appoint any agent to do any business which the judicial manager is unable to do himself or herself or which can more conveniently be done by an agent and power to employ and dismiss employees; power to do all such things (including the carrying out of works) as may be necessary for the realisation of the property of the company; power to make any payment which is necessary or incidental to the performance of the judicial manager's functions; power to carry on the business of the company; power to establish subsidiaries of the company; power to transfer to subsidiaries of the company the whole or any part of the business and property of the company; power to grant or accept a surrender of a lease or tenancy of any of the property of the company, and to take a lease or tenancy of any property required or convenient for the business of the company; power to make any arrangement or compromise on behalf of the company; power to call up any uncalled capital of the company; power to rank and claim in the bankruptcy, insolvency, sequestration or liquidation of any person indebted to the company and to receive dividends, and to accede to trust deeds for the creditors of any such person; power to make or defend an application for the winding up of a company; power to do all other things incidental to the exercise of the foregoing powers. ...

Derivations

... — 148 — Arbitration agreements to which bankrupt is party 420 — 148A — Costs 421 — 149 — Actions by Official Assignee and bankrupt's partners 422 — 150 — Action in aid of courts of Malaysia and designated countries 423 — 151 — Reciprocal recognition of Official Assignees 424 — 152 — Evidence of...

Explanatory Note

... prosecution of the bankrupt for a bankruptcy-related offence. PART 21 BANKRUPTCY MISCELLANEOUS PROVISIONS Clause 419 provides for the administration of insolvent estates of deceased persons. Clause 420 deals with the case where a bankrupt had become a party to a contract containing an arbitration agreement...

TABLE OF DERIVATIONS

This Table of Derivatives is provided for the convenience of users of the Act. It is not part of the Act.

Insolvency, Restructuring and Dissolution Bill 2018

Derivations

Section Heading

Clause

Companies Act
(Cap. 50)
(as modified)

Bankruptcy Act
(Cap. 20)
(as modified)

Others
(as modified)

Section

PRELIMINARY

PART 1

Short title and commencement

—

General Interpretation

4(1)

2(1)

Section 250 of UK Insolvency Act 1986

JURISDICTION, POWERS AND PROCEDURE OF COURT

PART 2

Jurisdiction

Division 1

High Court to be court that has jurisdiction in corporate and individual insolvency, etc. proceedings

—

Exercise of jurisdiction in chambers

—

Jurisdiction of Registrar under this Act

—

General powers of Court under this Act

—

Power to review orders

—

Appeals under this Act

—

Criminal jurisdiction of District and Magistrate’s Courts

—

Procedure

Division 2

Where no specific procedure provided

—

Power to adjourn proceedings

—

Power to amend written process, etc.

—

Power to extend time

—

Manner of taking evidence

—

Costs to be in Court’s discretion

—

OFFICIAL ASSIGNEE, OFFICIAL RECEIVER AND INSOLVENCY PRACTITIONERS

PART 3

Official Assignee and Official Receiver

Division 1

Appointment of Official Assignee

—

Appointment of Official Receiver

—

Removal of Official Assignee or Official Receiver

—

Official names of Official Assignee and Official Receiver

—

Delegation of powers and functions by Official Assignee and Official Receiver

—

Official Assignee and Official Receiver deemed to be public servants

—

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

—

General duties of Official Assignee as regards estate of bankrupt

—

Discretion of Official Assignee in administration of estate of bankrupt

—

Power to administer oaths

—

Official Assignee’s accounts

—

Records to be kept by Official Assignee

—

Bankruptcy Estates Account and Debt Repayment Schemes Account

—

Investment of surplus funds in Bankruptcy Estates Account and Debt Repayment Schemes Account

—

Official Assignee to furnish list of creditors

—

Control of Court over Official Assignee

—

Control of Official Receiver by Minister

266

—

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

—

Liability of Official Assignee, etc.

—

Liability of Official Receiver, etc.

—

Trustee in bankruptcy

Division 2

Appointment of person other than Official Assignee as trustee in bankruptcy

—

Qualifications for appointment as trustee

—

Person appointed as trustee in bankruptcy to furnish security before acting

—

General functions, duties and powers of trustee in bankruptcy

—

Trustee in bankruptcy to pay moneys received into prescribed bank account

—

Remuneration of trustee in bankruptcy

—

Control of trustee in bankruptcy by Official Assignee

—

Review by Court of trustee in bankruptcy’s act, omission or decision

—

Removal of trustee in bankruptcy

—

Vacancy in office of trustee in bankruptcy

—

Liability of trustee in bankruptcy

—

Regulation of insolvency practitioners

Division 3

Acting as insolvency practitioner

—

Person not to act as insolvency practitioner without licence

—

Licensing officer and assistant licensing officers

—

Eligibility of individual to hold insolvency practitioner’s licence

—

Grant and renewal of licence

—

Conditions of licence

—

Form and validity of licence

—

Licensed insolvency practitioner not to act under certain circumstances

—

Revocation, cancellation or suspension of licence, etc.

—

Power to require documents or information

—

Power to issue written directions

—

Appeal to Minister

—

Composition of offences

—

CORPORATE INSOLVENCY, RESTRUCTURING AND DISSOLUTION — PRELIMINARY

PART 4

Interpretation of Parts 4 to 12

4(1), (10) and (11), 211B(13), 211C(8) and 227D(6)

—

Matters constituting affairs of company

4(8)

—

SCHEME OF ARRANGEMENT

PART 5

Application of this Part

211A

—

Power of Court to restrain proceedings, etc., against company

211B

—

Power of Court to restrain proceedings, etc., against subsidiary or holding company

211C

—

Restraint of disposition of property, etc., during moratorium period

211D

—

Super priority for rescue financing

211E

—

Filing, inspection and adjudication of proofs of debt

211F

—

Power of Court to order re-vote

211G

—

Power of Court to cram down

211H

—

Power of Court to approve compromise or arrangement without meeting of creditors

211I

—

Power of Court to review act, omission or decision, etc., after approval, etc., of compromise or arrangement

211J

—

CORPORATE INSOLVENCY — RECEIVERSHIP

PART 6

Application of this Part

—

Disqualification from appointment as receiver or manager

217

—

Liability of receiver or manager

218(1) and (2)

—

Sections 37(1) and (4) and 44 of UK Insolvency Act 1986

Application for directions

218(3) and (4)

—

Section 35(2) of UK Insolvency Act 1986

Liability for invalid appointment of receiver or manager

—

Section 34 of UK Insolvency Act 1986

Power of Court to fix remuneration of receivers or managers

219

—

Appointment of liquidator as receiver or manager

220

—

Time from which appointment of receiver or manager is effective

—

Section 33 of UK Insolvency Act 1986

Notification of appointment of receiver or manager

221

—

Statement that receiver or manager is appointed

222

—

Provisions as to information where receiver or manager is appointed

223

—

Special provisions as to statement submitted to receiver or manager

224

—

Lodging of accounts of receivers or managers

225

—

Payments of certain debts out of property subject to floating charge in priority to claims under charge

226

—

Enforcement of duty of receiver or manager, etc., to make returns

227

—

JUDICIAL MANAGEMENT

PART 7

Interpretation of this Part

227AA

—

Paragraphs 1 and 2 of Schedule B1 of UK Insolvency Act 1986

Purpose of judicial management and judicial manager

227B(1)(b)

—

Paragraphs 3, 4 and 5 of Schedule B1 of UK Insolvency Act 1986

Application to Court for company to be placed under judicial management and for appointment of judicial manager

227A

—

Power of Court to make judicial management order and appoint judicial manager

227B

—

Power of Court to appoint interim judicial manager

227B(10)(b)

—

Restrictions on acts of company pending hearing of judicial management application

211D(1)

—

Judicial management by resolution of creditors

—

Paragraphs 22 to 33 of Schedule B1 of UK Insolvency Act 1986

Effect of application for judicial management order or filing of written notice of appointment of interim judicial manager

211B(9), (12) and (13) and 227C

—

Effect of company entering judicial management

211B(12) and 227D

—

Notification of judicial management

227E

—

Vacancy in appointment of judicial manager or interim judicial manager

227F

—

General powers and duties of judicial manager

227G

—

Power to deal with charged property, etc.

100

227H

—

Super priority for rescue financing

101

227HA

—

Agency and liability for contracts

102

227I

—

Suspension of requirements to call annual general meeting and to file annual returns and audited accounts

103

—

Vacation of office and release

104

227J

—

Information to be given by judicial manager

105

227K(1) and (3)

—

Company’s statement of affairs

106

227K(2) and 227L

—

Statement of proposals

107

227M

—

Consideration of proposals by creditors’ meeting

108

227N

—

Committee of creditors

109

227O

—

Duty to manage company’s affairs, etc., in accordance with approved proposals

110

227P

—

End of judicial management

111

—

Paragraphs 76 to 78 of Schedule B1 of UK Insolvency Act 1986

Duty to apply for discharge from judicial management

112

227Q

—

Application to Court for approval of remuneration and expenses of former judicial manager

113

—

Order of priority for expenses of judicial manager and interim judicial manager

114

—

Protection of interests of creditors and members

115

227R

—

Trade union representation on behalf of members who are creditors and employees of company

116

227S

—

Application of certain provisions in Companies Act and Part 5 to company under judicial management

117

227X

—

Transition from judicial management to winding up

118

—

WINDING UP

PART 8

Preliminary provisions applicable to winding up

Division 1

Modes of winding up and application of this Division

119

247 and 248

—

Government bound by certain provisions

120

249

—

Liability of present and past members as contributories, and unlimited liability of directors

121

250

—

Nature of liability of contributory

122

251

—

Contributories in case of death or bankruptcy of member

123

252

—

Provisions applicable to winding up by Court

Division 2

General

Subdivision (1)

Application for winding up

124

253

—

Circumstances in which company may be wound up by Court

125

254

—

Commencement of winding up

126

255

—

Payment of preliminary costs, etc.

127

256

—

Powers of Court on hearing winding up application

128

257

—

Power to stay or restrain proceedings against company

129

258

—

Avoidance of dispositions of property and certain attachments, etc.

130

259 and 260

—

Winding up application to be lis pendens

131

261

—

Copy of order to be lodged, etc.

132

262(1), (2) and (5)

—

Effect of winding up order

133

262(3) and (4)

—

Liquidators

Subdivision (2)

Appointment, style, etc., of liquidators

134

263

—

Nomination and consent of liquidator

135

—

Rule 31 of Companies (Winding up) Rules (Cap. 50, R 1)

Provisions where person other than Official Receiver is appointed liquidator

136

264

—

Control of liquidators by Official Receiver

137

265

—

Provisional liquidator

138

267

—

Rule 35(2) of Companies (Winding Up) Rules (Cap. 50, R 1)

General provisions as to liquidators

139

21(6G)(a) and 268

—

Custody and vesting of company’s property

140

269

—

Statement of company’s affairs to be submitted to Official Receiver

141

270

81(7) and (8)

—

Statements of concurrence

142

—

Rule 4.33 of UK Insolvency Rules 1986

Report by liquidator

143

271

—

Powers of liquidator

144

272

—

Exercise and control of liquidator’s powers

145

273

—

Payment by liquidator into bank

146

274

—

Release of liquidators and dissolution of company

147

275

—

Final account and dissolution

148

308

—

As to orders for release or dissolution

149

276

—

Committees of inspection

Subdivision (3)

Meetings to determine whether committee of inspection to be appointed

150

277

—

Constitution and proceedings of committee of inspection

151

278

—

General powers of Court

Subdivision (4)

Settlement of list of contributories and application of assets

152

280

—

Payment of debts due by contributory and extent to which set off allowed, etc.

153

281

—

Appointment of special manager

154

282

—

Claims of creditors and distribution of property

155

283

—

Inspection of books and papers by creditors and contributories

156

284

—

Power to arrest absconding contributory, director or former director

157

287

—

Delegation to liquidator of certain powers of Court

158

288

—

Powers of Court cumulative

159

289

—

Provisions applicable to voluntary winding up

Division 3

Preliminary

Subdivision (1)

Circumstances in which company may be wound up voluntarily

160

290

—

Provisional liquidator and commencement of voluntary winding up

161

291

—

Effect of voluntary winding up

162

292

—

Declaration of solvency

163

293

—

Provisions applicable only to members’ voluntary winding up

Subdivision (2)

Liquidator

164

294

—

Duty of liquidator to call creditors’ meeting, and alternative provisions as to annual meetings, in case of insolvency

165

295

—

Section 95(2A) and (4) of UK Insolvency Act 1986

Provisions applicable only to creditors’ voluntary winding up

Subdivision (3)

Meeting of creditors

166

296

—

Liquidator

167

297

—

Liquidator’s right to request for statements of concurrence

168

—

Rule 4.33 of UK Insolvency Rules 1986

Committee of inspection

169

298

—

Property and proceedings

170

299

—

Provisions applicable to every voluntary winding up

Subdivision (4)

Powers of provisional liquidator prior to creditors’ meeting

171

—

Section 166 of UK Insolvency Act 1986

Distribution of property of company

172

300

—

Appointment of liquidator

173

301

—

Removal of liquidator

174

302

—

Review of liquidator’s remuneration

175

303

—

Act of liquidator valid, etc.

176

304

—

Powers and duties of liquidator

177

305

—

Power of liquidator to accept shares, etc., as consideration for sale of property of company

178

306

—

Annual meeting of members and creditors

179

307

—

Final account and dissolution

180

308

—

Application to Court to have questions determined or powers exercised

181

310

—

No liquidator appointed or nominated by company

182

—

Section 114 of UK Insolvency Act 1986

Costs

183

311

—

Limitation on right to wind up voluntarily

184

312

—

Summoning, proof of notice, and quorum of meetings

185

—

Rules 114, 115 and 123 of Companies (Winding Up) Rules (Cap. 50, R 1)

Provisions applicable to every mode of winding up

Division 4

General

Subdivision (1)

Power to stay or terminate winding up

186

279

—

Section 482 of Australian Corporations Act 2001

Arrangement when binding on creditors

187

309

—

Books to be kept by liquidator, control of Court over liquidators, and delivery of property to liquidator

188

313

—

Powers of Official Receiver where no committee of inspection

189

314

—

Appeal against decision of liquidator

190

315

—

Notice of appointment and address of liquidator

191

316

—

Liquidator’s accounts

192

317

—

Liquidator to make good defaults

193

318

—

Notification that company is in liquidation

194

319

—

Books and papers of company and liquidator

195

320

—

Investment of surplus funds on general account

196

321

—

Unclaimed assets to be paid to Official Receiver

197

322

—

Outstanding assets of company wound up on grounds of national security or interest

198

322A

—

Expenses of winding up where assets insufficient

199

323

—

Resolutions passed at adjourned meetings of creditors and contributories

200

324

—

Meetings to ascertain wishes of creditors or contributories

201

325

—

Special commission for receiving evidence

202

326

—

Priority of debts

203

328

90(1)(e)

—

Funding by creditors

204

328(10)

—

Effect on other transactions

Subdivision (2)

Transfer or assignment of company’s property to trustees

205

329(3)

—

Restriction of rights of creditor as to execution or attachment

206

333 and 334

—

Duties of bailiff as to goods taken in execution

207

335

—

Dissolution

Subdivision (3)

Power of Court to declare dissolution of company void

208

343

—

Early dissolution of company administered by Official Receiver when Official Receiver is liquidator

209

344(2) and (4)

—

Section 202 of UK Insolvency Act 1986

Early dissolution of company administered by liquidator other than Official Receiver

210

344(2) and (4)

—

Section 202 of UK Insolvency Act 1986

Application for order in early dissolution of company administered by Official Receiver or liquidator

211

—

Section 203 of UK Insolvency Act 1986

Official Receiver to act as representative of defunct company in certain events

212

345

—

Outstanding assets of defunct company to vest in Official Receiver

213

346

—

Disposal of outstanding interests in property

214

347

—

Liability of Official Receiver and Government as to property vested in Official Receiver

215

348

—

Accounts and audit

216

349

—

PROVISIONS APPLICABLE IN JUDICIAL MANAGEMENT AND WINDING UP

PART 9

Preliminary

Division 1

Interpretation of this Part

217

255, 291(6) and 329(2)

—

Sections 249 and 435 of UK Insolvency Act 1986

Proof of Debts

Division 2

Description of debts provable in judicial management or winding up

218

327

87(1) and (3) to (8)

—

Mutual credit and set‑off

219

—

Regulations as to proof of debts

220

—

Contracts to which company is party

221

—

Interest on debts

222

—

Realisation of security

223

—

76(4)

—

Adjustment of prior transactions

Division 3

Transactions at undervalue

224

329

Section 238 of UK Insolvency Act 1986

Unfair preferences

225

329

Section 239 of UK Insolvency Act 1986

Relevant time under sections 224 and 225

226

329

100

Section 240 of UK Insolvency Act 1986

Orders under sections 224 and 225

227

329

102

Section 241 of UK Insolvency Act 1986

Extortionate credit transactions

228

329

103

Section 244 of UK Insolvency Act 1986

Avoidance of certain floating charges

229

330

—

Section 245 of UK Insolvency Act 1986

Disclaimer of onerous property

Division 4

Power to disclaim onerous property

230

—

Section 178 of UK Insolvency Act 1986

Disclaimer of leaseholds

231

—

Section 179 of UK Insolvency Act 1986

Court order vesting disclaimed property

232

212(4) and 269(4)

—

Section 181 of UK Insolvency Act 1986

Order under section 232 in relation to leaseholds

233

—

Section 182 of UK Insolvency Act 1986

Offences

Division 5

Offences by officers of companies in judicial management or in liquidation

234

336

—

Inducement to be appointed judicial manager or liquidator

235

337

—

Penalty for destruction, falsification, etc., of books

236

338

—

Liability where proper accounts not kept

237

339(1) and (2)

—

Responsibility for fraudulent trading

238

340

—

Responsibility for wrongful trading

239

340

—

Power of Court to assess damages against delinquent officers, etc.

240

341

—

Prosecution of delinquent officers and members of company

241

342

—

Management by judicial managers and liquidators

Division 6

Getting in company’s property

242

227U

—

Section 234 of UK Insolvency Act 1986

Duty to cooperate with judicial manager and liquidator

243

227V

—

Section 235 of UK Insolvency Act 1986

Inquiry into company’s dealings, etc.

244

227W

—

Section 236 of UK Insolvency Act 1986

WINDING UP OF UNREGISTERED COMPANIES AND LIQUIDATION OR DISSOLUTION OF FOREIGN COMPANIES

PART 10

Winding up of unregistered companies

Division 1

Preliminary

245

350

—

Winding up of unregistered companies

246

351

—

Contributories in winding up of unregistered company

247

352

—

Power of Court to stay or restrain proceedings

248

353

—

Outstanding assets of defunct unregistered company

249

354

—

Liquidation or dissolution of foreign companies

Division 2

Liquidation, dissolution, etc., of foreign company in its place of incorporation

250

365 and 377(2), (3), (4), (4A), (7) and (14)

—

CROSS-BORDER INSOLVENCY

PART 11

Interpretation of this Part

251

354A

—

Model Law to have force of law

252

354B

—

Interaction with Singapore insolvency law

253

354C

—

GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11

PART 12

Registers, etc.

254

12(1), (2) and (3) to (7)

—

Electronic transaction system

255

12A

—

Rectification by High Court

256

12B

—

Rectification by Registrar of Companies on application

257

12C

—

Rectification or updating on initiative of Registrar of Companies

258

12D

—

Enforcement of duty to make returns

259

—

Relodging of lost registered documents

260

—

Size, durability and legibility of documents delivered to Registrar of Companies

261

—

False and misleading statement

262

401(2A)

—

Power to grant relief

263

391

—

Irregularities

264

392

—

Translations of instruments, etc.

265

397

—

General penalty provisions

266

407

—

Default penalties

267

408

—

Powers of enforcement

268

—

Section 31 of Accounting and Corporate Regulatory Authority Act (Cap. 2A)

Proceedings how and when taken

269

409

—

Injunctions

270

409A

—

Composition of offences

271

409B

—

Appeal

272

409C

—

BANKRUPTCY — PRELIMINARY

PART 13

Interpretation of Parts 13 to 21

273

—

Power of arrest and seizure

274

—

VOLUNTARY ARRANGEMENTS

PART 14

Moratorium for insolvent debtor

Division 1

This Part not applicable to undischarged bankrupts

275

—

Interim order of court

276

—

Nominee

277

—

Effect of application

278

—

Conditions for making of interim order

279

—

Nominee’s report on debtor’s proposal

280

—

Summoning of creditors’ meeting

281

—

Consideration and implementation of debtor’s proposal

Division 2

Decision of creditors’ meeting

282

—

Report of decisions to Court

283

—

Effect of approval

284

—

Review of decision of creditors’ meeting

285

—

Implementation and supervision of approved voluntary arrangement

286

—

Consequence of failure by debtor to comply with voluntary arrangement

287

—

DEBT REPAYMENT SCHEME

PART 15

Preliminary

Division 1

Interpretation of this Part

288

—

56A

—

Proposal for debt repayment scheme

Division 2

Referral by Court

289

—

56B

—

Debtor’s statement of affairs and proposal for repayment of debts, and creditors’ proofs of debts

290

—

56C

—

Approval of debt repayment plan

291

—

56D

—

Commencement and administration of debt repayment scheme

Division 3

Commencement and administration of debt repayment scheme

292

—

56E

—

Moratorium under debt repayment scheme, etc.

293

—

56F

—

Proving of debts under debt repayment scheme

294

—

56G

—

Modification of debt repayment plan

295

—

56H

—

Priority of debts and interest on debts

296

—

56I

—

Payment and distribution of moneys under debt repayment scheme

297

—

56J

—

Cessation of debt repayment scheme

Division 4

Cessation of debt repayment scheme

298

—

56K

—

Certificate of inapplicability of debt repayment scheme

299

—

56L

—

Certificate of failure of debt repayment scheme

300

—

56M

—

Certificate of completion of debt repayment scheme

301

—

56N

—

Revocation of certificate of completion of debt repayment scheme

302

—

56O

—

Miscellaneous

Division 5

Duties of debtor

303

—

56P

—

Appeal Panel and Appeal Panel Committee

304

—

56Q

—

Validity of things done under debt repayment scheme

305

—

56R

—

Offences

306

—

56S

—

PROCEEDINGS IN BANKRUPTCY

PART 16

Bankruptcy applications and bankruptcy orders

Division 1

Persons who may make creditor’s bankruptcy application

307

—

Persons who may make debtor’s bankruptcy application

308

—

Bankruptcy order

309

—

Conditions to be satisfied in respect of debtor

310

—

Grounds of bankruptcy application

311

—

Presumption of inability to pay debts

312

—

Where applicant for bankruptcy order is secured creditor

313

—

Expedited bankruptcy application

314

—

63A

—

Power of Court to stay or dismiss proceedings on bankruptcy application

315

—

Proceedings on creditor’s bankruptcy application

316

—

Proceedings on bankruptcy application by nominee or creditor bound by voluntary arrangement

317

—

Proceedings on debtor’s bankruptcy application

318

—

Consolidation of bankruptcy applications

319

—

Power to dismiss application against some respondents only

320

—

Power to change conduct of proceedings

321

—

Continuance of proceedings on death of debtor

322

—

Withdrawal of bankruptcy application

323

—

Protection of debtor’s property

Division 2

Appointment of interim receiver

324

—

Power to stay proceedings against person or property of debtor

325

—

74(1)

—

ADMINISTRATION IN BANKRUPTCY

PART 17

Bankruptcy

Division 1

Commencement and duration of bankruptcy

326

—

Effect of bankruptcy order

327

—

Restrictions on dispositions of property by bankrupt

328

—

Description of bankrupt’s property divisible amongst creditors

329

—

Inquiry into bankrupt’s affairs, dealings and property

Division 2

Meeting of creditors

330

—

Creditors’ committee

331

—

Bankrupt’s statement of affairs

332

—

Bankrupt to submit accounts

333

—

Powers of Official Assignee to examine persons, etc.

334

—

82A

—

Examination of bankrupt and others

335

—

Power of Court following examination of bankrupt and others

336

—

Unenforceability of liens on books, etc.

337

—

Official Assignee to settle list of debtors to bankrupt’s estate

338

—

Monthly contribution and target contribution

Division 3

Determination of monthly contribution and target contribution

339

—

86A

—

Review by Court of determination of monthly contribution and target contribution

340

—

86B

—

Power of Court to vary monthly contribution and target contribution

341

—

86C

—

Power of Official Assignee to reduce monthly contribution and target contribution

342

—

86D

—

Review by Court of decision of Official Assignee under section 342

343

—

86E

—

Review by Official Assignee of administration by trustee in bankruptcy

344

—

86F

—

Proof of debts

Division 4

Description of debts provable in bankruptcy

345

—

Mutual credit and set‑off

346

—

Creditors to file proof of debts within time limited

347

—

88A

—

Surrender of security for non-disclosure

348

—

Rule 188 of Bankruptcy Rules (Cap. 20, R 1)

Valuation of property

349

—

Rule 189 of Bankruptcy Rules (Cap. 20, R 1)

Failure to comply

350

—

Rule 192 of Bankruptcy Rules (Cap. 20, R 1)

Regulations as to proof of debts

351

—

Priority of debts

352

—

Payment of partnership debts

353

—

Right of landlord to distrain for rent

354

—

Contracts to which bankrupt is party

355

—

Interest on debts

356

—

Composition or scheme of arrangement

Division 5

Creditors may accept composition or scheme by special resolution

357

—

Discharge or annulment of bankruptcy order by certificate of Official Assignee where composition or scheme accepted by creditors

358

—

95A

—

Effect of composition or scheme

359

—

Effect of bankruptcy on antecedent transactions

Division 6

Provisions as to second or subsequent bankruptcy, etc.

360

—

Transactions at undervalue

361

—

Unfair preferences

362

—

Relevant time under sections 361 and 362

363

—

100

—

Meaning of associate

364

—

101

—

Orders under sections 361 and 362

365

—

102

—

Extortionate credit transactions

366

—

103

—

Restriction of rights of creditor under execution or attachment

367

—

105

—

Duties of Sheriff as to property taken in execution

368

—

106

—

Possession, control and realisation of bankrupt’s property

Division 7

Possession of property by Official Assignee

369

—

107

—

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

370

—

108

—

Payment of monthly contribution

371

—

108A

—

Appropriation of portion of pay or salary to creditors

372

—

109

—

Power to disclaim onerous property

373

—

Sections 315 and 316 of UK Insolvency Act 1986

Disclaimer of leaseholds

374

—

Section 317 of UK Insolvency Act 1986

Court order vesting disclaimed property

375

212(4) and 269(4)

—

Section 320 of UK Insolvency Act 1986

Order under section 375 in relation to leaseholds

376

—

Section 321 of UK Insolvency Act 1986

Power of Official Assignee to deal with property

377

—

111

—

General powers of Official Assignee

378

—

112

—

Power to appoint special manager

379

—

113

—

Power to allow bankrupt to manage property and make allowance to bankrupt, etc.

380

—

114

—

Re-direction of bankrupt’s letters, etc.

381

—

115

—

Power to impound passport, etc., of bankrupt

382

—

116

—

Incurring expenses where property insufficient

383

—

116A

—

Official Assignee not to incur further expenses if majority in value of debts owed to institutional creditors

384

—

116B

—

Distribution of property

Division 8

Distribution by means of dividend

385

—

117

—

Claims by unsatisfied creditors

386

—

118

—

Final distribution

387

—

119

—

Joint and separate dividends

388

—

120

—

No action for dividend

389

—

121

—

Payment of interest exceeding what is allowed under section 356 out of surplus

390

—

121A

—

Right of bankrupt to surplus

391

—

122

—

ANNULMENT AND DISCHARGE

PART 18

Court’s power to annul bankruptcy order

392

—

123

—

Annulment of bankruptcy order by certificate of Official Assignee where debts and expenses fully paid

393

—

123A

—

Discharge by Court

394

—

124

—

Discharge by certificate of Official Assignee

395

—

125

—

Objection by creditor to discharge of bankrupt under section 395

396

—

126

—

Effect of discharge

397

—

127

—

Discharged bankrupt to give assistance

398

—

128

—

DUTIES, DISQUALIFICATION AND DISABILITIES OF BANKRUPT

PART 19

Duties of bankrupt

399

—

129

—

Disqualification of bankrupt

400

—

130

—

Disabilities of bankrupt

401

—

131

—

BANKRUPTCY OFFENCES

PART 20

Interpretation of this Part

402

—

132

—

Powers of investigation

403

—

132A

—

Defence of innocent intention

404

—

133

—

Non-disclosure

405

—

134

—

Concealment of property

406

—

135

—

Concealment of books and papers; falsification, etc.

407

—

136

—

False statements

408

—

137

—

Fraudulent disposal of property

409

—

138

—

Absconding with property

410

—

139

—

Fraudulent dealing with property obtained on credit

411

—

140

—

Obtaining credit, engaging in business, or standing as guarantor

412

—

141

—

Failure to keep proper accounts of business

413

—

142

—

Gambling

414

—

143

—

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

415

—

144

—

Making of false claims, etc.

416

—

145

—

Penalty

417

—

146

—

Supplementary provisions

418

—

147

—

BANKRUPTCY MISCELLANEOUS PROVISIONS

PART 21

Administration in bankruptcy of estate of person dying insolvent

419

—

148

—

Arbitration agreements to which bankrupt is party

420

—

148A

—

Costs

421

—

149

—

Actions by Official Assignee and bankrupt’s partners

422

—

150

—

Action in aid of courts of Malaysia and designated countries

423

—

151

—

Reciprocal recognition of Official Assignees

424

—

152

—

Evidence of proceedings at meetings of creditors

425

—

153

—

Evidence of proceedings in bankruptcy

426

—

154

—

Swearing of affidavits

427

—

155

—

Death of witness, etc.

428

—

156

—

Service of summons, notice, etc.

429

—

157

—

Formal defect not to invalidate proceedings or acts

430

—

158

—

Acts of corporations, firms and lunatics

431

—

160

—

Exclusion of liability relating to computerised information service

432

—

162

—

List of undischarged bankrupts, etc., to be kept

433

—

163

—

Unclaimed and undistributed moneys

434

—

164

—

Debt Repayment Scheme Assistance Fund

435

—

164A

—

Insolvency Assistance Fund

436

—

165

—

Composition of offences

437

—

165A

—

PROVISIONS AGAINST DEBT AVOIDANCE AND LIMITATION ON CERTAIN CONTRACTUAL RIGHTS

PART 22

Transactions defrauding creditors

438

—

Sections 423 and 424 of UK Insolvency Act 1986

Provisions which may be made by order under section 438

439

—

Section 425 of UK Insolvency Act 1986

Certain contractual rights limited

440

—

Section 34 of Canadian Companies’ Creditors Arrangement Act (R.S.C. 1985, c. C‑36)

MISCELLANEOUS AND GENERAL PROVISIONS

PART 23

Application of sections 442, 443 and 444, etc.

441

—

Electronic delivery in insolvency proceedings — general

442

—

Rule 12A.10 of UK Insolvency Rules 1986 inserted by UK Insolvency (Amendment) Rules 2010

Electronic delivery by relevant officeholders

443

—

Rule 12A.11 of UK Insolvency Rules 1986 inserted by UK Insolvency (Amendment) Rules 2010

Use of Internet websites by relevant officeholder

444

—

Rule 12A.12 of UK Insolvency Rules 1986 inserted by UK Insolvency (Amendment) Rules 2010

Remote attendance at meetings

445

—

Section 246A of UK Insolvency Act 1986

Resolutions by correspondence

446

184A(5)(a)(i) and (6A)(b)

—

Rule 4.63A of UK Insolvency Rules 1986 inserted by UK Insolvency (Amendment) Rules 2010

Amendment of Schedules

447

—

Rules of Court

448

410

—

Section 80 of Supreme Court of Judicature Act (Cap. 322)

Regulations

449

411

166

—

Repeal

450

—

Powers of judicial manager

First Schedule

Eleventh Schedule

—

Written laws and relevant persons mentioned in sections 230(4) and 373(4)

Second Schedule

—

UNCITRAL Model law on cross‑border insolvency

Third Schedule

Tenth Schedule

—

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