- Section 354 of Insolvency Act CAP 53: How debtor's participation in the no-asset procedure is terminated
A debtor's participation in the no-asset procedure terminates when—
(a) the Official Receiver terminates the debtor's participation under section 355;
(b) the debtor is discharged under section 359;
(c) the debtor applies for the debtor's own bankruptcy; or
(d) a creditor who is entitled to do...
- Section 355 of Insolvency Act CAP 53: When Official Receiver may terminate no-asset procedure
(1) The Official Receiver shall terminate a debtor's participation in the no-asset procedure if satisfied—
(a) that the debtor was wrongly admitted to the no-asset procedure (for example, because the debtor concealed assets) or misled the Official Receiver; or
(b) that the debtor's financial...
- Section 356 of Insolvency Act CAP 53: Official Receiver may apply for preservation order on ground of debtor's misconduct
(1) If the Official Receiver terminates a debtor's participation in the no-asset procedure on the ground that the debtor has concealed assets or misled the Official Receiver, the Court may, on the application of the Official Receiver, make an order for the preservation of the debtor's assets pending...
- Section 357 of Insolvency Act CAP 53: Effect of termination of debtor's participation in no-asset procedure
(1) On termination of the debtor's participation in the no-asset procedure—
(a) the debtor's debts that became unenforceable on the debtor's entry to the no-asset procedure become again enforceable; and
(b) the debtor becomes liable to pay any penalties and interest that may have...
- Section 358 of Insolvency Act CAP 53: Creditor may apply to Official Receiver for termination of debtor's participation in noasset procedure
A creditor may apply to the Official Receiver for termination of the debtor's participation in the no-asset procedure on the ground—
(a) that the debtor did not meet the criteria for admission to the no-asset procedure; or
(b) that there are reasonable grounds for the Official Receiver to conclude...
- Section 359 of Insolvency Act CAP 53: Discharge of debtor's participation in no-asset procedure
(1) A debtor who is participating in the no-asset procedure is automatically discharged from that procedure at the end of twelve months after the date when the debtor was admitted to it.
(2) Subsection (1) does not apply if the Official Receiver—
(a) is satisfied that the twelve-month period...
- Section 360 of Insolvency Act CAP 53: Effect of discharge of debtor's participation in no-asset procedure
(1) On discharge under section 359—
(a) the debtor's debts that became unenforceable on the debtor's entry to the no-asset procedure are cancelled; and
(b) the debtor is no longer liable to pay any part of the debts, including any penalties and interest that may have accrued.
(2) Subsection (1)...
- Section 361 of Insolvency Act CAP 53: Discharge does not release debtor's business partners and others
A discharge under section 359 does not release a person who, at the date of discharge, was— (a) a business partner of the discharged debtor;
(b) a co-trustee with the discharged debtor;
(c) jointly bound or had made any contract with the discharged debtor; or (d) a guarantor or in the nature of a...
- Section 362 of Insolvency Act CAP 53: Interpretation: Part V
(1) In this Part—
"administrator" has the same meaning as in the Law of Succession Act (Cap. 160);
"beneficiary", in relation to a deceased debtor's estate, means a person who is beneficially interested in the estate;
"estate" has the same meaning as in the Law of Succession Act and, in relation...
- Section 363 of Insolvency Act CAP 53: Court may order that estate be administered under this Part
(1) The Court may order that the estate of a deceased debtor be administered under this Part on the application—
(a) under section 364 of the executor or administrator or a person who is applying to the Court for a grant of probate or letters of administration; or (b) under section 365 of—
(i) a...
- Section 364 of Insolvency Act CAP 53: Application by executor or administrator, etc
(1) The executor or administrator, or a person who is applying to the Court for a grant of probate or letters of administration, may apply to the Court for an order that the estate be administered under this Part if the executor or administrator or person applying is of the view that the money in...
- Section 365 of Insolvency Act CAP 53: Application by creditor or beneficiary for order under this Part
(1) An application to the Court for an order under this Part may also be made—
(a) by a creditor of the deceased's estate, if the creditor's debt has reached the threshold for a creditor's application for bankruptcy; or (b) by a beneficiary.
(2) A creditor or beneficiary may apply for such an...
- Section 366 of Insolvency Act CAP 53: Notice of application by creditor or beneficiary
If an application has been lodged by a creditor or beneficiary under section 365, the applicant shall give notice of the application—
(a) to the executor or administrator; or
(b) if there is no executor or administrator, to the person specified by the Court.
- Section 367 of Insolvency Act CAP 53: Court may order administration by Official Receiver or the Public Trustee instead of executor or administrator
(1) This section applies if—
(a) an application has been made to the Court for an order to administer an estate under this Part; and
(b) the Court believes that the estate is likely to be better administered by the Official Receiver or the Public Trustee rather than by the person who is or may...
- Section 368 of Insolvency Act CAP 53: Certificate lodged by the Public Trustee has effect as application and order
(1) If the Public Trustee is the executor or administrator of, or would be entitled to obtain a grant of administration for, an apparently insolvent estate, the Public Trustee may lodge a certificate under this section.
(2) The lodging of a certificate in the prescribed form has the effect both of...
- Section 369 of Insolvency Act CAP 53: Estate vests in trustee
(1) The whole of the estate at the date when the application for the order under this Part was lodged vests in the person appointed by the Court to administer it as trustee.
(2) In its order that the estate be administered under this Part or in a subsequent order, the Court shall appoint as...
- Section 370 of Insolvency Act CAP 53: Trustee to realise, administer and distribute estate
The trustee shall, as soon as practicable after the estate vests in the trustee, realise, administer, and distribute the assets in accordance with the law and practice of bankruptcy, subject to any modifications in this Part.
- Section 371 of Insolvency Act CAP 53: Entitlement of surviving spouse to household furniture and effects
(1) This section applies if the estate that vests in the trustee includes any of the deceased's necessary household furniture and effects that would have passed to the deceased's surviving spouse if the estate had not been insolvent.
(2) The surviving spouse may select and retain as the spouse's...
- Section 372 of Insolvency Act CAP 53: Trustee may make allowance to surviving spouse
(1) The trustee may make an allowance out of the estate to the surviving spouse or to any of the relatives or dependants of the deceased or the surviving spouse for the support of any of them.
(2) However, the trustee shall first obtain the consent of the creditors, which is to be expressed in the...
- Section 373 of Insolvency Act CAP 53: Application of Division 3
This Division applies if the Court has made an order that the estate of a deceased person be administered under this Part.
- Section 374 of Insolvency Act CAP 53: Trustee's functions and powers in respect of insolvent deceased's estate
The trustee has, in relation to the estate, the same functions and powers as a bankruptcy trustee has in relation to the property of a bankrupt.
- Section 375 of Insolvency Act CAP 53: Distribution of insolvent deceased's estate
(1) The trustee shall distribute the estate in the following order—
(a) firstly, payment of all proper costs, charges, debts and expenses of the due administration of the estate, whether incurred before or after the order is made;
(b) secondly, payment of the deceased's reasonable funeral...
- Section 376 of Insolvency Act CAP 53: How any surplus is to be paid
(1) In this section, "surplus" means the surplus of assets that remains with the trustee after the trustee has paid in full—
(a) the debts due by the deceased debtor;
(b) the costs of the administration under this Part; and
(c) any other money that would be payable in a case of...
- Section 377 of Insolvency Act CAP 53: Creditor's notice to executor or administrator
If an order that a deceased's estate be administered under this Part is notified to the deceased's executor or administrator, the executor or administrator may obtain a proper discharge for any payment of money or disposition of property by the executor or administrator only if the payment or...
- Section 378 of Insolvency Act CAP 53: Power of trustee to act in relation to deceased's irregular transactions
(1) A trustee may take a step that a bankruptcy trustee could have taken under Division 19 of Part III (for example, by cancelling an irregular transaction) as if the deceased had been bankrupt at the time of death.
(2) When a trustee takes such a step, the following further additional restrictions...
- Section 379 of Insolvency Act CAP 53: Trustee may cancel execution against insolvent deceased debtor's estate
The trustee may cancel an execution against the deceased debtor's estate unless it was completed more than three months before the date of the order that the estate be administered under this Part.
- Section 380 of Insolvency Act CAP 53: Certain acts of executor or administrator valid if done in good faith
A payment made, or an act done or omitted to be done, in good faith by an executor or administrator in respect of a deceased's estate before the executor or administrator had notice of an intention to apply for an order that the estate be administered under this Part is not invalidated by any other...
- Section 381 of Insolvency Act CAP 53: Scheme of Part VI
(1) This Part applies to the liquidation of a company registered under the Companies Act (Cap. 486).
(2) A liquidation may be either—
(a) voluntary in accordance with Divisions 2 to 5; or (b) by the Court in accordance with Division 6.
(3) This Division and Divisions 7 to 10 relate to liquidation...
- Section 382 of Insolvency Act CAP 53: Distinction between "members" and "creditors" voluntary liquidation
In this Part—
(a) a liquidation in the case of which a directors' statutory declaration under section 398 has been made is a "members' voluntary liquidation"; and
(b) a liquidation in the case of which such a declaration has not been made is a "creditors' voluntary liquidation".
- Section 383 of Insolvency Act CAP 53: Interpretation: Part VI
(1) In this Part—
"contributories"—
(a) means all persons liable to contribute to the assets of a company if it is liquidated; and
(b) for the purposes of all proceedings for determining, and all proceedings before the final determination of, the persons who are to be treated as contributories...