Section 76 of Insolvency Act CAP 53: When Official Receiver is released from obligations as bankruptcy trustee
(1) If a person has been appointed by the Court to replace the Official Receiver on his or her ceasing to hold office as bankruptcy trustee in respect of a bankrupt's estate, the Official Receiver is released from such time as the Court orders.
(2) If a person has been appointed by a general meeting of a bankrupt’s creditors to replace the Official Receiver on his or her ceasing to hold office as bankruptcy trustee in respect of the bankrupt’s estate, the Official Receiver is released from office from the time at which the Official Receiver gives notice to the Court that another person has been appointed as a replacement.
(3) If the Official Receiver, while acting as bankruptcy trustee, gives notice to the Cabinet Secretary that the administration of the bankrupt's estate is for practical purposes complete, the Official Receiver's release takes effect from such time as the Cabinet Secretary determines in writing.
(4) On being released under this section, the Official Receiver is, from the time specified in accordance with this section, discharged from all liability both in respect of acts or omissions occurring in the course of, or in relation to, administering the estate of the bankrupt concerned.
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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...
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(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
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There are two kinds of creditors' meetings—
(a) the first meeting of creditors; and (b) subsequent creditors' meetings.
- Section 82 - Subsequent meetings of creditors
(1) The bankruptcy trustee may at any time convene a meeting of creditors after the first meeting of creditors.
(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
(b) if the bankruptcy trustee makes it available, by means of...
- 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
A person who is not a creditor of the bankrupt may attend a creditors' meeting with the consent of— (a) the bankruptcy trustee; or
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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
(1) A creditors' meeting is not valid unless at least the following persons attend— (a) the bankruptcy trustee or a person who represents the bankruptcy trustee; (b) a creditor or a person who...
- 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—
(a) an ordinary resolution is passed if a majority in number and value of the creditors, or their proxies, who attend and who vote on the resolution vote in favour of it;...
- Section 94 - What votes can be counted for passing of resolutions at creditors' meeting
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(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;
(b) valued the charge; or (c) realised the charge.
- Section 97 - When creditor under bill of exchange or promissory note may vote at creditors' meeting
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(a) to treat a qualifying...
- Section 98 - Person disqualified from voting at creditor's meeting through preferential effect
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- Section 99 - Entitlement of partner's creditor to prove debt at creditors' meeting
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(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...
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(1) Until the bankrupt is discharged—
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- Section 105 - Property vests in replacement bankruptcy trustee
If the bankruptcy trustee is replaced, the property and powers vested in the former bankruptcy trustee under this Act vest in the replacement bankruptcy trustee.
- Section 106 - Property held in trust by bankrupt
Property held by the bankrupt in trust for another person vests in the bankruptcy trustee, who shall assume control of the property and deal with it for the benefit of the beneficiaries of the trust.
- Section 107 - Court may order money due to bankrupt to be assigned to bankruptcy trustee
(1) If a bankruptcy trustee considers it necessary to do so, the bankruptcy trustee may apply to the Court for an order under subsection (2).
(2) On the hearing of an application made under...
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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...
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(2) On the hearing of an application made...
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- Section 115 - Executions and attachments in good faith
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(b) that...
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- Section 119 - Effect of disclaimer
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- Section 120 - Position of person who suffers loss as result of disclaimer
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(a) claim as a creditor in the bankruptcy for the amount of the loss or damage, taking account of the...
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(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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- Section 125 - Bankruptcy trustee may transfer shares and other securities
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(a) securities of a...
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