INFORMATION, ETC., FOR PREPARATION OF NOMINEE’S REPORT
Statement of debtor’s affairs
8.—(1) The statement of the debtor’s affairs required to be submitted by a debtor to a nominee under section 280(2)(b) of the Act must —
(a)
be in the current version of Form VA‑1 set out on the Internet website of the Ministry of Law at https://www.mlaw.gov.sg; and
(b)
be submitted to the nominee within —
(i)
7 days after the date of the delivery of the debtor’s proposal to the nominee; or
(ii)
any longer time allowed by the nominee.
(2) Where the debtor is a firm —
(a)
the partners in the firm must jointly submit to the nominee a statement of their partnership affairs; and
(b)
each partner in the firm must submit to the nominee a statement of the partner’s separate affairs as part of the firm’s statement of affairs.
(3) For the purposes of section 280(2)(b) of the Act, the prescribed particulars of the assets, creditors, debts and other liabilities of a debtor or a partner of a debtor that is a firm, are as follows:
(a)
a list of the debtor’s or partner’s assets, divided into categories that are appropriate for each identification, and the estimated value of each asset;
(b)
in the case of any property on which a claim against the debtor or partner is wholly or partly secured, the particulars of the claim, its amount, and how and when the security was created;
(c)
the names and addresses of the debtor’s or partner’s preferential creditors, with the amounts of their respective claims;
(d)
the names and addresses of the debtor’s or partner’s unsecured creditors, with the amounts of their respective claims;
(e)
the particulars of any debts owed by the debtor or partner to persons who are associates of the debtor or partner, as the case may be;
(f)
the particulars of any debts owed by associates of the debtor or partner;
(g)
any other particulars as the nominee may in writing require to be provided for the purposes of making the nominee’s report.
(4) The statement of affairs must be prepared up to —
(a)
a date not more than 14 days before the date of the delivery of the notice to the nominee under regulation 6; or
(b)
any earlier date (not being more than 2 months before the date of the delivery of the notice to the nominee under regulation 6) that the nominee may allow.
(5) The statement of affairs must be verified by statutory declaration —
(a)
where the debtor is an individual — by the debtor; or
(b)
where the debtor is a firm — by each partner who joined in the preparation of the proposal in question.
Additional disclosure for assistance of nominee
9.—(1) If it appears to a nominee that the nominee cannot properly prepare his or her report to the Court on the basis of information in the debtor’s proposal and statement of affairs, the nominee may require the debtor to provide the nominee with more information which the nominee thinks necessary for the purposes of the report, including —
(a)
further and better particulars as to the circumstances in which, and the reasons why, the debtor is insolvent or threatened with insolvency;
(b)
particulars as to the circumstances in which, and the reasons why, the debtor has at any time —
(i)
been adjudged bankrupt in Singapore or elsewhere; or
(ii)
been subject to a debt repayment scheme under Part 15 of the Act or a voluntary arrangement under Part 14 of the Act or a similar scheme or arrangement outside Singapore;
(c)
particulars of each bankruptcy, scheme and arrangement mentioned in sub‑paragraph (b), including particulars of each previous proposal made by the debtor under Part 14 of the Act or a similar arrangement outside Singapore;
(d)
any further information with respect to the debtor’s affairs; and
(e)
information whether the debtor has at any time been involved in the affairs of any company (whether incorporated in Singapore or elsewhere) which has become insolvent.
(2) In this regulation, a reference to a Part of the Act includes a reference to any previous written law corresponding to that Part.
Access to accounts and reports
10. A debtor who has made a proposal must give the nominee access to any accounts and records of the debtor which are necessary for enabling the nominee to prepare the nominee’s report.