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Bankruptcy (Amendment) Act 2017 [Act A1534]

21 Amendment of section 16   cite [+]

Section 16 of the principal Act is amended-

(a) in the shoulder note, by substituting for the word "Debtor's" the word "Bankrupt's";

(b) in subsection (1)-

(i) by substituting for the word "receiving" the word "bankruptcy"; and

(ii) by substituting for the words "debtor's assets" the words "his assets"; and

(c) in subsection (3)-

(i) by substituting for the word "debtor" the word "bankrupt"; and

(ii) by deleting the words ", and the court may on the application of the Director General of Insolvency or of any creditor adjudge him bankrupt".

22 Amendment of subheading   cite [+]

The principal Act is amended by substituting for the subheading of "Public Examination of Debtor" appearing before section 17 the following subheading:

(a) "Public Examination of Bankrupt".

23 Amendment of section 17   cite [+]

Section 17 of the principal Act is amended-

(a) by substituting for the word "debtor" wherever appearing the word "bankrupt";

(b) by substituting for the word "receiving" wherever appearing the word "bankruptcy"; and

(c) in subsection (2), by substituting for the word "debtor's" the word "bankrupt's".

24 Amendment of section 18   cite [+]

The principal Act is amended-

(a) by substituting for the word "debtor" wherever appearing the word "bankrupt";

(b) by substituting for subsection (1) the following subsection:

"(1) Where a debtor is adjudged bankrupt, the creditors may, at any time after the adjudication by special resolution, resolve to entertain a proposal for a composition in satisfaction of the debts due to the creditor under the bankruptcy, or for a scheme of arrangement of the bankrupt's affairs.";

(c) in subsection (2), by substituting for the words "resolution passed by a majority in number, representing at least three-fourths in value of all the creditors who have proved," the words "special resolution";

(d) in subsection (4), by deleting the words "and shall not be held until after the public examination of the debtor is concluded";

(e) by inserting after subsection (10) the following subsection:

"(10A) If the court approves the composition or scheme under this section, the court may make an order annulling the bankruptcy order and vesting the property of the bankrupt in the bankrupt or in such other person as the court appoints, on such terms and subject to such conditions, if any, as the court orders."; and

(f) by deleting subsections (12), (16), (17) and (19).

25 Deletion of sections 19, 20, 21, 22 and 23   cite [+]

The principal Act is amended by deleting sections 19, 20, 21, 22 and 23.

26 Substitution of subheading   cite [+]

The principal Act is amended by substituting for the subheading "Adjudication of Bankruptcy" appearing before section 24 the following subheading:

"Consultative Committee".

27 Deletion of sections 24 and 26   cite [+]

The principal Act is amended by deleting sections 24 and 26.

28 Amendment of section 27   cite [+]

Section 27 of the principal Act is amended-

(a) in the shoulder note, by substituting for the word "debtor" the word "bankrupt";

(b) in subsection (1), by substituting for the word "receiving" the word "bankruptcy";

(c) in subsection (2), by substituting for the word "He" the words "A bankrupt";

(d) in subsection (3), by substituting for the words "He shall, if adjudged bankrupt," the words "A bankrupt shall"; and

(e) in subsection (4), by substituting for the word "debtor" the word "bankrupt".

29 Amendment of section 28   cite [+]

Paragraph 28(1)(c) of the principal Act is amended by deleting the words "or after a receiving order is made against him".

30 Amendment of section 29   cite [+]

Subsection 29(2) of the principal Act is amended by deleting the words "or under section 9".


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