Section 245 of Insolvency Act CAP 53: When guarantor for bankrupt may prove claim
If, in relation to a bankruptcy—
(a) a person is, at the commencement of the bankruptcy, a guarantor of, or is otherwise liable for a debt of, the bankrupt; and
(b) the person discharges the debt or liability (before or after that commencement), the person is entitled to the benefit to subsection (3) or (4), whichever is applicable to the person.
(3) If the creditor of the bankrupt has submitted a creditor's claim for the debt or liability, the person may stand in the creditor's place in respect of the claim.
(4) If the creditor has not submitted a creditor's claim form for the debt or liability—
(a) the person may prove for the payment that the person has made as if the payment were a debt, without disturbing dividends already paid to the creditor in the bankruptcy; and
(b) if the person does so, the person is entitled to receive dividends paid subsequently.
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- Section 246 - Interpretation: Division 21
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(a) of an...
- Section 253 - Final meeting of creditors
(1) Subject to this section, if—
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- Section 254 - Automatic discharge three years after bankrupt lodges statement of financial position
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- Section 255 - Effect of automatic discharge
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- 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- Section 257 - Objection can be withdrawn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
(1) A bankrupt may at any time apply to the Court for an order of discharge from bankruptcy.
(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—
(a) the bankruptcy trustee or a creditor has objected to the...
- 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—
(a) the bankrupt has applied under section 258 for a discharge; or
(b) the bankruptcy trustee has summoned the...
- Section 261 - When creditor required to give notice of opposition to discharge
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- Section 262 - Power of the Court to grant or refuse discharge
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(b) discharge...
- Section 263 - Court may restrict bankrupt from engaging in business after discharge
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(a) entering into,...
- Section 264 - Court may quash order discharging bankrupt
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(2) On the hearing of an application made under subsection (1), the...
- Section 265 - Effect of quashing order discharging bankrupt from bankruptcy
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(2) It property acquired by the...
- Section 266 - Bankrupt may apply for absolute discharge on ground that conditions of discharge are too onerous
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(2) The Court may...
- Section 267 - Debts from which bankrupt is released on discharge
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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;
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- Section 270 - Discharged bankrupt to assist bankruptcy trustee
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- Section 271 - Official Receiver to record in public register decision of the Court refusing to discharge bankrupt, etc.
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(2) On the hearing of an...
- Section 273 - When Official Receiver may annul bankruptcy order
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- Section 275 - Interpretation: Division 24
In this Division—
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- Section 276 - Creditors may accept composition by passing preliminary resolution
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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 280 - Procedure for court approval of composition
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(2) The Court may hear the application only if satisfied that each creditor who has submitted a claim in...
- Section 281 - Deed of composition to be executed
(1) As soon as practicable after the Court has approved a composition—
(a) the bankrupt and the Official Receiver shall execute a deed of composition for putting the proposal into effect;...
- Section 282 - Effect of deed of composition
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(a) the deed binds all the creditors in all respects as if they had each executed the deed; and
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- Section 293 - Offence in relation to fictitious losses or expenses
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- Section 294 - Offences in relation to credit, etc
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- Section 295 - Offences in relation to obtaining consent of creditors
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