Bankruptcy (Maximum Amount Payable in Priority under Debt Repayment Plan) Order 2016

Status:

Published in Subsidiary Legislation Supplement
on 27 Jul 2016

No. S 362

Bankruptcy Act

(CHAPTER 20)

Bankruptcy (Maximum Amount Payable in
Priority under Debt
Repayment Plan) Order 2016

In exercise of the powers conferred by section 56I(2) of the Bankruptcy Act, the Minister for Law makes the following Order:

Citation and commencement

1. This Order is the Bankruptcy (Maximum Amount Payable in Priority under Debt Repayment Plan) Order 2016 and comes into operation on 1 August 2016.

Prescribed amount for section 56I(1)(b) and (c) of Act

2.—(1) Subject to sub-paragraph (2), for the purposes of section 56I(1)(b) and (c) of the Act, the maximum amount is the lower of the following for each employee:

(a)	5 months’ salary (whether for time or piecework) in respect of services rendered by the employee to the debtor;
(b)	$12,500, or an amount that is 5 times the amount (if any) prescribed by the Minister for Manpower under section 35(b) of the Employment Act (Cap. 91), whichever is the higher.

(2) Where the amounts in sub-paragraph (1)(a) and (b) are the same, the maximum amount for each employee is equal to either of those amounts.

Made on 25 July 2016.

NG HOW YUE

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW06/011/009 Vol. 5; AG/LEGIS/SL/20/2015/5 Vol. 1]

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