Section 235 of Insolvency Act CAP 53: Creditor's claim payable six months or more after commencement of bankruptcy
(1) A creditor's claim that would, but for the bankruptcy, be payable six months or more after the commencement of the bankruptcy is taken to be a claim for the present value of the debt.
(2) The present value of the debt is to be calculated by deducting interest at the rate prescribed by the insolvency regulations for the period from the date on which the bankruptcy commenced to the date when the debt would be payable.
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- Section 238 - Post-bankruptcy interest payable at prescribed rate if surplus remains
(1) The bankruptcy trustee shall pay interest on all allowed creditors' claims at the prescribed rate if surplus assets remain after the bankruptcy trustee has paid the claims.
(2) The bankruptcy...
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- Section 240 - Meaning of prescribed rate for purposes of sections 238 and 239
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In this Division, "preferential claim" means a claim in respect of a debt listed in paragraphs 2, 3 or 4 of the Second Schedule.
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- Section 252 - Final distribution of bankrupt's estate
(1) On realising the bankrupt's estate or so much of it as can be realised without needlessly protracting the bankruptcy trusteeship, the bankruptcy trustee shall give notice either—
(a) of an...
- Section 253 - Final meeting of creditors
(1) Subject to this section, if—
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- Section 255 - Effect of automatic discharge
The automatic discharge of the bankrupt has the same effect as if the Court made an order for the bankrupt's discharge.
- Section 256 - Right of creditor to object to automatic discharge
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(2) An objection has...
- Section 257 - Objection can be withdrawn
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(2) A bankrupt is automatically discharged on the withdrawal of...
- Section 258 - Bankrupt may apply for early discharge
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(2) However, if the Court has previously refused an application by the bankrupt for a discharge, and has...
- Section 259 - When bankrupt is to be publicly examined before the Court concerning discharge
(1) The bankruptcy trustee shall summon the bankrupt to be publicly examined before the Court concerning the bankrupt's discharge if—
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- Section 260 - Bankruptcy trustee to lodge report with the Court in specified circumstances
(1) The bankruptcy trustee shall prepare a report and lodge it with the Court when—
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- Section 261 - When creditor required to give notice of opposition to discharge
(1) A creditor shall give to the bankruptcy trustee and the bankrupt a notice that complies with subsection (2) if the creditor intends to oppose the bankrupt's discharge on a ground that is not...
- Section 262 - Power of the Court to grant or refuse discharge
(1) On hearing an application made under section 258, or the holding of a public examination of the bankrupt under section 259, the Court may— (a) immediately discharge the bankrupt;
(b) discharge...
- Section 263 - Court may restrict bankrupt from engaging in business after discharge
(1) On making an order of discharge or at any earlier time, the Court may prohibit the bankrupt from doing after discharge all or any of the following without the Court's approval—
(a) entering into,...
- Section 264 - Court may quash order discharging bankrupt
(1) The bankruptcy trustee or a creditor of the bankrupt may make an application to the Court for an order under subsection (2).
(2) On the hearing of an application made under subsection (1), the...
- Section 265 - Effect of quashing order discharging bankrupt from bankruptcy
(1) The quashing of a discharge does not affect the rights or remedies that a person other than the bankrupt would have had if the discharge had not been quashed.
(2) It property acquired by the...
- Section 266 - Bankrupt may apply for absolute discharge on ground that conditions of discharge are too onerous
(1) A bankrupt may apply to the Court for an absolute discharge even though the bankrupt is not able to comply with any or all of the conditions of the bankrupt's discharge.
(2) The Court may...
- Section 267 - Debts from which bankrupt is released on discharge
(1) On being discharged, a bankrupt is released from all debts provable in the bankruptcy except those listed in subsection (2).
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- Section 268 - Discharge to be conclusive evidence of bankruptcy and the validity of bankruptcy proceedings
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(a) a business partner of the bankrupt;
(b) a co-trustee with the bankrupt;
(c) jointly...
- Section 270 - Discharged bankrupt to assist bankruptcy trustee
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(2) On the hearing of an...
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- Section 275 - Interpretation: Division 24
In this Division—
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(2) If...
- Section 277 - Composition not effective unless approved by confirming resolution
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- Section 278 - Compositions with members of partnership
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- Section 279 - Composition not binding unless approved by the Court
(1) A composition is not binding until it is approved by the Court.
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- Section 280 - Procedure for court approval of composition
(1) The bankrupt or the Official Receiver may apply to the Court to approve the composition.
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- Section 281 - Deed of composition to be executed
(1) As soon as practicable after the Court has approved a composition—
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- Section 282 - Effect of deed of composition
When the Court has confirmed the deed and quashed the bankruptcy order—
(a) the deed binds all the creditors in all respects as if they had each executed the deed; and
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- Section 283 - Bankrupt remains liable for unpaid balances of certain debts
(1) A bankrupt who makes a composition with the bankrupt's creditors remains liable for the unpaid balance of a debt if—
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(i) incurred or increased the debt;...
- Section 284 - Deadlines for steps to approve composition and execute deed
(1) The deadlines for steps to approve the composition and execute the deed are as follows—
(a) the confirming resolution has to have been passed within one month after the preliminary resolution is...
- Section 285 - Procedure following approval of composition by the Court
(1) The Registrar of the Court shall, after recording the deed of composition— (a) endorse on the deed that it has been recorded in the Court registry; and
(b) if requested to do so by the Official...