Section 129 of Insolvency Act CAP 53: Transfer of shares after disclaimer
(1) After disclaimer, the bankruptcy trustee may, subject to any other written law and to the company's constitution, transfer the relevant shares to any person who has an interest in them.
(2) If that person refuses to accept the transfer, or if no person has an interest in them, the bankruptcy trustee may transfer the shares to the bankrupt if the bankrupt consents, and in that case the bankrupt is entitled as against the bankruptcy trustee to retain the shares and the proceeds if the bankrupt sells them.
(3) If the bankruptcy trustee does not transfer the shares to a person who has an interest in them or to the bankrupt, the directors of the company may—
(a) sell the shares; or
(b) with the Court's approval and whatever any other written law may provide, cancel the shares if they believe it is in the company's best interests to do so.
(4) The bankruptcy trustee is a director of the company for the purposes of transferring, selling, or cancelling the shares under this section if—
(a) immediately before the bankruptcy commenced, the bankrupt was a director of the company; and
(b) the number of directors is fewer than the minimum number of directors required by the Companies Act (Cap. 486) or the company's constitution as a result of the bankrupt's disqualification as a director.
Enhance Your Research with Bookmarks and Annotations
Here's how you can use these features:
- To bookmark this page, click the "Bookmark this Page" button below the document title.
- To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
- These features are great for organizing your research and keeping track of key information.
- You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.
- Section 130 - Company may prove for unpaid calls
(1) This section applies if the bankruptcy trustee has disclaimed liability under shares and the company is not in liquidation.
(2) The company may prove in the bankruptcy for—
(a) the amount of...
- Section 131 - Interpretation: Division 11
In this Division—
"cash price", in relation to a sale of goods, means—
(a) the lowest price at which a person could have bought those goods from the creditor on the basis of payment in full at the...
- Section 132 - Restrictions on creditor dealing with goods
(1) If a bankrupt acquired goods under a credit purchase transaction before the bankruptcy commenced and the creditor either—
(a) took possession of the goods within the twenty-one days immediately...
- Section 133 - Bankruptcy trustee's powers in relation to goods that are subject to a credit purchase transaction
(1) In the case of goods to which section 131 applies, the bankruptcy trustee may—
(a) within the thirty-day period referred to in that section, exercise any right conferred by any relevant written...
- Section 134 - Creditor in possession of goods may prove in bankruptcy if bankruptcy trustee has not exercised powers
(1) A creditor may prove in a bankruptcy for the amount (not exceeding that limited by any relevant written law) that the creditor was entitled to recover from the bankrupt as a debtor if—
(a) the...
- Section 135 - Creditor may assign goods to bankruptcy trustee
If—
(a) the bankrupt purchased goods under a credit purchase transaction before the time the bankruptcy commenced; and
(b) at that time the creditor either—
(i) has not taken possession of the...
- Section 136 - Status of bankrupt's property on second bankruptcy
(1) This section applies to and in respect of a bankrupt who, before discharge, is adjudged bankrupt for a second time.
(2) Property that is acquired by, or has passed to, the bankrupt since the...
- Section 137 - Effect of notice to bankruptcy trustee of application for bankruptcy
(1) This section applies if the bankruptcy trustee in respect of a bankrupt's estate receives notice that a creditor has lodged an application for another bankruptcy.
(2) The bankruptcy trustee shall...
- Section 138 - Separate accounts to be kept for each bankrupt
If two or more persons are adjudged bankrupt jointly, the bankruptcy trustee shall keep distinct accounts in respect of—
(a) the joint estate; and
(b) the separate estate of each bankrupt.
- Section 139 - How joint and separate estates are to be applied
(1) When two or more persons have been adjudged bankrupt jointly, the bankruptcy trustee shall first apply—
(a) the joint estate to the debts due by the bankrupts jointly; and
(b) the separate...
- Section 140 - General duty of bankrupt
(1) A bankrupt shall, to the best of the bankrupt's ability, assist in the realisation of the bankrupt's property and the distribution of the proceeds among the creditors.
(2) The duty imposed by...
- Section 141 - Bankrupt to disclose property acquired before discharge
(1) As soon as practicable after acquisition, the bankrupt shall notify the bankruptcy trustee of any property that—
(a) was acquired by, or passed to, the bankrupt before discharge; and (b) is...
- Section 142 - Bankrupt to deliver property to bankruptcy trustee on demand
(1) On demand by the bankruptcy trustee, the bankrupt shall deliver to the bankruptcy trustee, or to a person authorised by the bankruptcy trustee to receive it, all of the bankrupt's property that—...
- Section 143 - Court may impose charge on bankrupt's property
(1) If—
(a) any property consisting of an interest in a dwelling house that is occupied by the bankrupt or by the bankrupt's spouse or former spouse is comprised in the bankrupt's estate;...
- Section 144 - Bankrupt to give bankruptcy trustee accounting records and other documents
(1) As soon as practicable after being adjudged bankrupt, the bankrupt shall—
(a) deliver to the bankruptcy trustee relevant documents that are in the bankrupt's possession or control;...
- Section 145 - Bankrupt to give bankruptcy trustee information relating to property
A bankrupt shall—
(a) as soon as practicable after being adjudged bankrupt—
(i) give the bankruptcy trustee a complete and accurate list of the bankrupt's property and of the bankrupt's creditors...
- Section 146 - Bankrupt to give bankruptcy trustee information relating to income and expenditure
(1) Whenever the bankruptcy trustee requires it, the bankrupt shall provide the bankruptcy trustee with details of the bankrupt's income and expenditure since the bankruptcy commenced.
(2) A bankrupt...
- Section 147 - Bankrupt to notify bankruptcy trustee of change in personal information
(1) A bankrupt shall, within seven days after any change occurs in the bankrupt's name, address, employment or income, notify the bankruptcy trustee of the change.
(2) A bankrupt who, without...
- Section 148 - Bankrupt to give bankruptcy trustee financial information
(1) The bankrupt shall give the bankruptcy trustee (or any person employed by the bankruptcy trustee) the information and details that are necessary to prepare a financial statement that shows the...
- Section 148A - Principles of Data Protection
The principles of personal data protection set out in the Data Protection Act (Cap. 411C) shall apply with necessary modifications to the processing and handling, by the bankruptcy trustee, of the...
- Section 149 - Interpretation: Division 15
In this Division—
"building", in relation to a bankrupt, includes a reference to a part of a building in which the bankrupt holds a proprietorial interest;
"place" includes building, premises,...
- Section 150 - Bankrupt can be required to contribute to payment of debts
(1) If required by the bankruptcy trustee to do so, the bankrupt shall pay an amount or periodic amounts during the bankruptcy as a contribution towards payment of the bankrupt's debts.
(2) The...
- Section 151 - Onus of proof if bankrupt defaults in making payment
If a bankrupt fails to make a payment required under section 150, the onus is on the bankrupt in any proceedings arising out of the failure to show that the failure was not deliberate.
- Section 152 - Prohibition of bankrupt entering business
(1) An undischarged bankrupt shall not, without the consent of the bankruptcy trustee or the Court
(either directly or indirectly)—
(a) enter into, carry on, or take part in the management or...
- Section 153 - Warrant to search for and seize bankrupt's property
(1) The Court may issue a search warrant to the bankruptcy trustee or any other person if it reasonably believes that any relevant property is concealed in a specified place.
(2) The warrant may...
- Section 154 - Seizure of bankrupt's property
(1) If authorised by a warrant issued by the Court, the bankruptcy trustee or (if not the bankruptcy trustee) the Official Receiver, with such assistants as are considered necessary—
(a) may seize...
- Section 155 - Bankrupt to vacate land or buildings if required to do so
(1) The bankruptcy trustee may require the bankrupt and relatives of the bankrupt to vacate any land or building that is part of the property vested in the bankruptcy trustee under the...
- Section 156 - Bankrupt's right to inspect documents
A bankrupt is entitled at any reasonable time to inspect and to take copies of—
(a) the bankrupt's accounting records;
(b) the bankrupt's answers to questions put to the bankrupt in the course of an...
- Section 157 - Restrictions on bankrupt dealing with property
(1) After the bankruptcy commences, the bankrupt, and any person (other than the bankruptcy trustee) who claims through or under the bankrupt, ceases to be entitled—
(a) to recover property that is...
- Section 158 - Bankrupt prohibited from taking steps to defeat beneficial interests of others in bankrupt's property
(1) After the bankruptcy has commenced, the bankrupt may not execute a power of appointment, or any other power vested in the bankrupt, if the result would be to defeat or destroy any contingent or...
- Section 159 - Responsibility of bank to notify bankruptcy trustee of bankrupt's account
(1) As soon as practicable after becoming aware or formings reasonable suspicion that a customer is an undischarged bankrupt, a bank shall—
(a) notify the bankruptcy trustee of any account that the...
- Section 160 - Official Receiver entitled to require bank to search records relating to bankrupt's account
(1) The Official Receiver may, by notice, require a bank to search its account records by comparing the names of its customers with the names (including any aliases) of undischarged bankrupts...
- Section 161 - Bankrupt entitled to retain certain assets
(1) A bankrupt may choose and retain as the bankrupt's own property assets of a description specified in subsection (2) up to a maximum value determined in accordance with subsection (3).
(2) The...
- Section 162 - Bankrupt may retain certain assets with consent of creditors
A bankrupt may retain necessary tools of trade and necessary household furniture and effects that are worth more than the maximum value fixed in accordance with section 161, if the bankrupts'...
- Section 163 - Retention of assets not to affect rights under charge or credit purchase transaction
(1) Subject to subsection (2), the retention of an asset by the bankrupt under section 161 or 162 does not affect rights arising under a valid charge, bailment contract or credit purchase transaction...
- Section 164 - Retention provisions not to confer rights to other assets
The fact that the net value of the assets that the bankrupt retains is less than the maximum values specified in section 161 does not give the bankrupt any rights in relation to other assets in the...
- Section 165 - Relative or dependant entitled to exercise bankrupt's right to retain assets
If the bankrupt has died, a relative or dependant of the bankrupt, who has been approved for this purpose by the bankruptcy trustee or the Court, may exercise the right to retain assets under section...
- Section 166 - Bankruptcy trustee may make allowance to bankrupt
The bankruptcy trustee may make an allowance out of the property of the bankrupt to the bankrupt, or to any relative or dependant of the bankrupt, for the support of the bankrupt and the bankrupt's...
- Section 167 - Bankruptcy trustee may allow bankrupt to retain money
(1) The bankruptcy trustee may allow the bankrupt to retain, for the immediate maintenance of the bankrupt and the bankrupt's relatives and dependants, money up to the prescribed limit that the...
- Section 168 - Bankruptcy trustee may summon bankrupt and others to be examined
(1) The bankruptcy trustee may, at any time before or after a bankrupt's discharge—
(a) serve on any of the persons listed in subsection (2) a summons to appear before the bankruptcy trustee or the...
- Section 169 - Conduct of examination of person summoned by bankruptcy trustee
(1) The bankruptcy trustee may examine on oath the persons summoned for examination in accordance with section 168.
(2) The bankruptcy trustee shall ensure that the examination is recorded in...
- Section 170 - Expenses of person summoned by bankruptcy trustee or the Court
A person who is summoned for examination by the bankruptcy trustee—
(a) is entitled to be paid the expenses incurred in attending the examination, not exceeding the amount prescribed by the...
- Section 171 - Entitlement of examinee to be represented
(1) A person who is examined or questioned at an examination by the bankruptcy trustee is entitled to be represented by an advocate.
(2) Such a person may be questioned by the bankrupt's advocate,...
- Section 172 - Creditor may inspect record of examination
A creditor, or the creditor's advocate, is entitled at any reasonable time to inspect the record of the examination of a person conducted in accordance with section 169.
- Section 173 - Report of examination not to be published without court's consent
(1) A person shall not, without the approval of the Court, publish a report of—
(a) any examination of a person summoned for examination by the bankruptcy trustee; or (b) any matter arising in the...
- Section 174 - Examination provisions also apply when bankruptcy trustee appointed interim trustee in respect of debtor's property
Sections 168 to 173 also apply when the bankruptcy trustee has been appointed as interim trustee in respect of all or part of a debtor's property under section 36 and, for that purpose, references in...
- Section 175 - No lien over bankrupt's documents and other records
(1) A person is not entitled as against the bankruptcy trustee to withhold possession of, or claim a lien over—
(a) a document that belongs to the bankrupt; or (b) the bankrupt's business...
- Section 176 - Offences relating to conduct of examinations by bankruptcy trustee
(1) A person who, without reasonable excuse—
(a) fails to comply with a summons attend the public examination of a bankrupt as required by section 168(1);
(b) fails without reasonable excuse to...
- Section 177 - Court to hold public examination if bankruptcy trustee or creditors require
(1) At any time before an absolute order for a bankrupt's discharge is made—
(a) the bankruptcy trustee; or
if a ordinary resolution has been passed at a creditor's meeting seeking the public...
- Section 178 - Bankruptcy trustee to serve notice of examination on bankrupt
(1) As soon as practicable after the Court has made an order under section 177, the bankruptcy trustee shall serve a copy of the order on the bankrupt.
(2) At least seven days before the date fixed...