Section 74 of Insolvency Act CAP 53: Audit of bankruptcy trustee's accounts
(1) If, in relation to a bankruptcy, the Official Receiver is not the bankruptcy trustee, the Official
Receiver may from time to time audit—
(a) the bankruptcy trustee's accounting records for any particular bankruptcy;
(b) any statement of accounts and statement of financial position prepared by the bankruptcy trustee under section 73; and
(c) the account (if any) maintained by the bankruptcy trustee for the purposes of this Act.
(2) If, in relation to a bankruptcy, the Official Receiver is the bankruptcy trustee, the Auditor-General may from time to time audit the records, statements and account referred to in subsection (1)(a) to (b).
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- Section 75 - Removal of bankruptcy trustee and vacation of office
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- Section 77 - When bankruptcy trustee, not being the Official Receiver, is released from obligation
(1) This section applies when a person other than the Official Receiver ceases hold office as a bankruptcy trustee.
(2) If the person has been removed from office by a meeting of the bankrupt’s...
- Section 78 - Vacancy in office of bankruptcy trustee
(1) This section applies to a vacancy in the office of bankruptcy trustee that has arisen because—
(a) the appointment of a person as bankruptcy trustee has failed to take effect; or
(b) when such...
- Section 79 - General control of bankrupt trustee by the Court
(1) If, in relation to the bankruptcy trustee in respect of a bankrupt's estate, a person (including the bankrupt or a creditor of the bankrupt) is dissatisfied with any act, omission to act or...
- Section 80 - Liability of bankruptcy trustee for misapplication of money, etc.
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- Section 81 - Kinds of creditors' meetings
There are two kinds of creditors' meetings—
(a) the first meeting of creditors; and (b) subsequent creditors' meetings.
- Section 82 - Subsequent meetings of creditors
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(2) The bankruptcy trustee shall convene such a meeting if— (a) requested to do so by a...
- Section 83 - Meeting and resolution not defective for lack of notice
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- Section 84 - Appointment of Chairperson to conduct creditor’s' meetings
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(2) However, if neither the bankruptcy trustee nor the...
- Section 85 - Power of Chairperson to adjourn creditors' meeting
The Chairperson of a creditors' meeting may adjourn the meeting from time to time and place to place.
- Section 86 - Bankruptcy trustee to report to creditors' meeting
If the bankruptcy trustee attends a creditors' meeting or an adjournment of the meeting, the bankruptcy trustee shall—
(a) report on the administration of the bankrupt's estate;
(b) give any...
- Section 87 - Who can attend creditors' meeting
(1) A person may attend a creditors' meeting—
(a) by being physically present at the time, date and place appointed for the meeting; or
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- Section 88 - Bankrupt may be required to attend creditors' meeting and be questioned
(1) The bankrupt shall, if required by the bankruptcy trustee, attend all creditors' meetings by being physically present or present by an audio or audio-visual link.
(2) The following persons may...
- Section 89 - Attendance at creditors' meeting by non-creditors
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- Section 90 - Minutes and record of creditors' meeting
(1) The bankruptcy trustee shall ensure that minutes are kept of each creditors' meeting.
(2) The minutes are invalid unless signed by the bankruptcy trustee or the Chairperson of the...
- Section 91 - Number of persons required for creditors' meeting to be valid
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- Section 92 - Who can represent creditors and bankrupt at creditors' meeting
(1) Any of the following persons may represent a creditor at a creditors' meeting— (a) an advocate;
(b) a certified public accountant;
(c) a person who keeps the creditor's or bankrupt's accounting...
- Section 93 - Passing of resolutions at creditors' meetings
(1) At a creditors' meeting—
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- Section 94 - What votes can be counted for passing of resolutions at creditors' meeting
(1) A creditor who is entitled to vote at a creditors' meeting may vote on a resolution to be put to the meeting—
(a) by postal vote; or
(b) by electronic vote, if the voting paper for the...
- Section 95 - Who may vote at creditors' meeting
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- Section 96 - When secured creditor may vote at creditors' meeting
A debt that is secured only entitles the creditor to vote at a creditors' meeting if the creditor has— (a) surrendered the charge;
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- Section 97 - When creditor under bill of exchange or promissory note may vote at creditors' meeting
(1) A debt on, or secured by, a current bill of exchange or promissory note entitles the creditor to vote only if the creditor is willing to take the following steps—
(a) to treat a qualifying...
- Section 98 - Person disqualified from voting at creditor's meeting through preferential effect
(1) A person is not entitled to vote in favour of a resolution that would, if passed, directly or indirectly enable that person or any of the following persons to receive remuneration from the...
- Section 99 - Entitlement of partner's creditor to prove debt at creditors' meeting
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- Section 100 - Creditors may appoint expert or committee to assist bankruptcy trustee
(1) A creditors' meeting may pass an ordinary resolution—
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(b) providing for the expert's...
- Section 101 - Creditors' right to inspect documents
A creditor who has lodged a creditor's claim, or an advocate or a certified public accountant who is acting for the creditor, is entitled at any reasonable time to inspect or take copies of—
(a) the...
- Section 102 - Committee of creditors may be established
(1) A general meeting of the creditors of a bankrupt may establish a creditors' committee to perform the functions conferred on it by or under this Part.
(2) A general meeting of the creditors of a...
- Section 103 - Exercise by Cabinet Secretary of functions of creditor's committee
(1) A creditors' committee may not perform its functions if at any time the Official Receiver is bankruptcy trustee in respect of the bankrupt's estate.
(2) If, in the case of a bankruptcy, no...
- Section 104 - Status of property acquired during bankruptcy
(1) Until the bankrupt is discharged—
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- Section 105 - Property vests in replacement bankruptcy trustee
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- Section 106 - Property held in trust by bankrupt
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- Section 107 - Court may order money due to bankrupt to be assigned to bankruptcy trustee
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(2) On the hearing of an application made under...
- Section 108 - Certain payments to be applied in accordance with the Second Schedule
The bankruptcy trustee shall apply the following payments in accordance with the Second Schedule
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- Section 110 - Effect of notice to judicial enforcement officer of bankruptcy
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(a) before the property is sold;...
- Section 111 - Judicial enforcement officer to retain proceeds of execution for fourteen days after sale
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(a) sells property of the debtor; or
(b) is paid money in...
- Section 112 - Purchaser under sale by judicial enforcement officer acquires good title
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- Section 113 - Court may set aside rights conferred on bankruptcy trustee
(1) An execution creditor may make an application to the Court for an order setting aside the rights of the bankruptcy trustee under section 110 or 111.
(2) On the hearing of an application made...
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- Section 115 - Executions and attachments in good faith
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- Section 116 - When execution or attachment completed for purposes of sections 109 and 115
For the purposes of sections 109 and 115—
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(b) an attachment of a debt is completed by receipt of the debt; and
(c) an execution...
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If the bankruptcy trustee's interest in property is acquired by or passes to a bankrupt after bankruptcy has commenced—
(a) the bankruptcy trustee's interest in the property ends; and
(b) that...
- Section 118 - Bankruptcy trustee may disclaim onerous property
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- Section 119 - Effect of disclaimer
A disclaimer by the bankruptcy trustee—
(a) terminates, on and from the date of the disclaimer, the rights, interests, and liabilities of the bankruptcy trustee and the bankrupt in relation to the...
- Section 120 - Position of person who suffers loss as result of disclaimer
(1) A person who sustains loss or damage as a result of disclaimer by the bankruptcy trustee may—
(a) claim as a creditor in the bankruptcy for the amount of the loss or damage, taking account of the...
- Section 121 - Bankruptcy trustee may be required to elect whether to disclaim
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(a) a person whose rights would be affected by the disclaimer has sent the bankruptcy trustee a notice requiring the bankruptcy...
- Section 122 - Liability for rentcharge on bankrupt's land after disclaimer
(1) If land disclaimed by the bankruptcy trustee is subject to a rentcharge, the vesting of that land in any other person (including the State), or the person's successors in title, does not make any...
- Section 123 - Transmission of interest in land
(1) This section applies to an interest in land that—
(a) is owned by the bankrupt;
(b) is subject to a mortgage or a charge; and
(c) is not disclaimed by the bankruptcy trustee.
(2) The...
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