Insolvency, Restructuring and Dissolution (Bankruptcy) Regulations 2020
Table of Contents
Enacting Formula
Part 1 PRELIMINARY
1 Citation and commencement
2 Definitions
3 Forms
4 Notices to be in writing
5 Proof of posting of notice by Official Assignee
Part 2 OFFICIAL ASSIGNEE
6 Use of proxies by Official Assignee
7 Removal of special manager
8 Deposits payable to Official Assignee
Part 3 TRUSTEE IN BANKRUPTCY
9 Provisions as to security
10 Report of trustee in bankruptcy
11 Payment by trustee in bankruptcy to Bankruptcy Estates Account
12 Trustee in bankruptcy to notify Official Assignee of constitution of creditors’ committee
13 Removal of trustee in bankruptcy by creditors’ meeting
13A Remuneration sought by trustee in bankruptcy
Part 4 INTERIM RECEIVER
14 Repayment of deposit to applicant for order appointing interim receiver, etc.
Part 5 PRESCRIBED VALUE FOR PURPOSES OF SECTION 274 OF ACT
15 Prescribed value for purposes of section 274(1)(f) of Act
Part 6 BANKRUPTCY ADMINISTRATION
Division 1 — Creditors’ meetings
16 Meetings summoned by trustee of bankrupt’s estate
17 Meetings summoned by Court
18 Creditors’ committees in bankruptcy of partnership
19 Non-receipt of notice by creditor
20 Chairperson of meeting
21 Costs of creditors’ meeting
22 Orders or directions for meetings
23 Quorum
24 Adjournment
25 Proxies
26 Where creditor is blind or incapable of writing
27 Use and retention of proxies
28 Proxy-holder with financial interest
29 Entitlement to vote
30 Admission and rejection of proofs of debt
31 Record of proceedings
Division 2 — Statements of affairs
32 Prescribed particulars and information for statement of affairs
33 Submission and filing of statement of affairs
34 Proof of information in statement of affairs
35 Extension of time to file statement of affairs, etc.
Division 3 — Trading accounts, etc., of bankrupt’s business
36 Accounts of bankrupt’s business to be submitted to trustee of bankrupt’s estate
Division 4 — Settlement of list of debtors to estate
37 Settled list of debtors to estate
Division 5 — Monthly contribution and target contribution
38 Notice, etc., of determination of monthly contribution and target contribution
39 Notice of issue of certificate reducing monthly contribution and target contribution, etc.
40 Review by Official Assignee of administration by trustee in bankruptcy
Division 6 — Procedure for proving of debts and quantification of claims in proofs
41 Manner of giving notice of bankruptcy order, etc.
42 Manner and contents of proof of debt
43 Workmen’s wages
44 Proof of debt filed by licensed moneylenders
45 Cost of proving
46 Time for lodging proofs
47 Inspection of proofs
48 Discounts
49 Debt in foreign currency
50 Periodical payments
51 Prescribed rate of interest under section 356(1) and (2)(b)(ii) of Act
52 Debt payable at future time
Division 7 — Secured creditors
53 Secured creditors
54 Amendment of valuation on satisfaction of trustee
55 Realisation of security
56 Maximum amount receivable by creditor
Division 8 — Taking accounts and sale of mortgaged property
57 Application of proceeds of sale of mortgaged property
Division 9 — Admission and rejection of proofs
58 Adjudication and notice to creditor
59 Withdrawal or variation of proof
60 Expunging of proof by trustee
Division 10 — Acceptance of composition or scheme
61 Acceptance of composition or scheme by joint and separate creditors
62 Voting on composition or scheme by firm and by individual partners
63 Forms in respect of proposal and terms of resolution
64 Action upon issue of certificate of discharge or annulment under section 358 of Act
65 Effect of annulment of composition or scheme
66 Provision for disputed claims
67 Proofs of debts in composition or scheme
Division 11 — Disclaimers
68 Notice of disclaimer under section 373 of Act
69 Service of copy of notice of disclaimer on interested persons
70 Application by person interested in property
Division 12 — Realisation of bankrupt’s property
71 Summary of administration of bankrupt’s estate
Division 13 — Special manager
72 Accounts of special manager
73 Removal of special manager
Division 14 — Distribution of dividends
74 Notice of intended dividend
75 Provision for dividend
76 Declaration of dividend
77 Production of bills of exchange, etc.
78 Separate firms
Part 7 ANNULMENT AND DISCHARGE
79 Security for debts and expenses of bankruptcy
80 Bankrupt to give information of property acquired after discharge
81 Report supporting trustee in bankruptcy’s request to issue certificate of discharge
82 Discharge by certificate of Official Assignee
Part 8 MISCELLANEOUS PROVISIONS
83 Duties of executor
84 Advances to Official Assignee
85 Expenses of sale