Section 150 of Insolvency Act CAP 53: 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 bankruptcy trustee may impose conditions with respect to the payments, including conditions as the dates on which and the manner in which they are to be made, and may from time to time amend any such conditions or substitute new conditions for existing ones.
(3) In deciding whether to require the bankrupt to make the payment or payments, the bankruptcy trustee shall—
(a) have regard to all the circumstances of the bankruptcy and the bankrupt's conduct, earning power, responsibilities, and prospects; and
(b) make reasonable allowance for the maintenance of the bankrupt and the bankrupt's relatives and dependants.
(4) If the bankrupt fails to comply with a requirement made under subsection (1), or with a condition imposed in respect of such a requirement under subsection (2), the bankruptcy trustee may make an application to the Court for an order under subsection (5).
(5) On the hearing of an application made under subsection (4), the Court may order the bankrupt to pay the amount or amounts required by the bankruptcy trustee under subsection (1), or to comply with any condition imposed in respect of the requirement under subsection (2).
(6) On the hearing of an application made to the Court by the bankruptcy trustee, the bankrupt, or a creditor, the Court may—
(a) amend, suspend, or cancel the bankrupt's obligations to make payments under this section:
(b) amend, suspend or discharge an order made under subsection (5); or (c) remit any arrears owing by the bankrupt.


Disclaimer: This document is not to be taken as legal advise.

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.

Cited By:



More Sections