Bankruptcy Proceedings PDF

2\. BANKRUPTCY - \(a) Bankruptcy Proceedings - \(i) **[Who]** can make a bankruptcy application Creditor's application: Section 307 of the IRDA Debtor's application: Section 308 of the IRDA - - \(ii) Conditions to be satisfied in respect of debtor - Does t...

2\. BANKRUPTCY - \(a) Bankruptcy Proceedings - \(i) **[Who]** can make a bankruptcy application Creditor's application: Section 307 of the IRDA Debtor's application: Section 308 of the IRDA - - \(ii) Conditions to be satisfied in respect of debtor - Does the Court have **[jursidiction]** over the debtor? - Section 310(1) of the IRDA - - - - - - - - - - **[Grounds]** for bankruptcy application: Section **** of the IRDA (**[\$15,000]**) - - - - - - **[Presumption]** of inability to pay debts: Section 312 of the IRDA - Statutory demand: Section 312(a) of the IRDA - Expediated procedure (Section 3.1 IRDA) - **[Effect]** of bankruptcy Order - **[Alternatives to bankruptcy]** - \(v) **[Debt Repayment Scheme \ - - - Prescribed limit for Debt Repayment Scheme: Section 289(2)(a) of the IRDA, and Regulation 4 of the Insolvency, Restructuring and Dissolution (Debt Repayment Scheme) Regulations 2020 - - - - - - \(b) **[Individual Voluntary Arrangement- for large business debts]** - Is there a moratorium ? Part 14 of the IRDA (a general understanding of what the Individual Voluntary Arrangement is will be sufficient) - - Application / Nominee appointed as supervisor - \(c) Bankruptcy Administration - Official Assignee / **[Private Trustee in Bankruptcy (PBIT)]** is **[mandatory]** - Remuneration Rule 47 IRDA - Administration of Bankrupt\'s property s327 IRA - \(iii) Duties of Bankrupt - General **[duties of the Bankrupt]**: Section **** of the IRDA - - - - - - - - - - - - - - - - File Statement of Affairs - s332(1) IRDA Submit accounts as and when directed by OA - s333 IRDA - \(iv) **[Restrictions]** against Bankrupt - Sections 400, 401 and 412 of the IRDA - s400 - Bankrupt is **[disqualified]** - s401 - Bankrupt **[not to leave Singapore]** - s412 - **[limits of liability]** - Bankrupt cannot be director of company: section 148(1) of the Companies Act ([This is a strict liability offence]) - \(d) Discharge or annulment of bankruptcy - **[4 ways]** to case being a bankrupt - \[1\] **[Annulment]** under Sections 392 to 395 of the IRDA - s392 - Court\'s power to annul bankruptcy order - - - s393 - Powers of the OA - \[2\] Composition or scheme of arrangement by **[special resolution]** : s357 IRDA - \[3\] OA\'s application to court s394 IRDA - \[4\] Discharge by OA\'s certification s395 IRDA - s396 IRDA **[Factors]** for OA\'s certificate - Factors Where bankrupt is not repeat bankrupt s395(2)(a)(i) IRDA - **[Effect]** of discharge: Section 397 of the IRDA - - - - - -