Bankruptcy Act
(CHAPTER 20)
(Original Enactment: Act 15 of 1995)
REVISED EDITION 2009
(31st October 2009)
An Act relating to the law of bankruptcy and matters connected therewith.
[15th July 1995]
PART III
OFFICIAL ASSIGNEE
Power to administer oaths
24. The Official Assignee may administer oaths for the purposes of any matters or proceedings under this Act or for the purpose of taking affidavits.
Official Assignee’s accounts
25. —(1) The Official Assignee shall, for such period as may be prescribed, keep in such form and manner as he determines —
(a)an account of his receipts and payments in respect of his administration of the estate of a bankrupt; and
(b)an account of his receipts and payments in respect of his administration of a debt repayment scheme under Part VA.
[6/2009]
(1A) The Official Assignee shall, upon payment of the prescribed fee, permit —
(a)the inspection of an account referred to in subsection (1)(a) by the bankrupt, any creditor who has proved his debt in the bankruptcy or any other interested person; and
(b)the inspection of an account referred to in subsection (1)(b) by the debtor to whom the debt repayment scheme relates, any creditor who has proved his debt under the debt repayment scheme or any other interested person.
[6/2009]
(2) Every account referred to in subsection (1) shall be audited not less than once in each year by such officer as the Minister may appoint in that behalf.
(3) For the purposes of the audit under subsection (2), the Official Assignee shall produce to the auditing officer such books and shall furnish him with such vouchers and information as he may require.
Records to be kept by Official Assignee
26.—(1) The Official Assignee shall, for such period as may be prescribed, keep records containing entries or minutes of proceedings at any meeting held under this Act and of such other matters as may be prescribed.
[6/2009]
(2) Any creditor of —
(a)a bankrupt; or
(b)a debtor referred to in Part VA,
may, upon payment of the prescribed fee and subject to the control of the court, personally or by his agent inspect any record kept by the Official Assignee under subsection (1) which pertains to that bankrupt or debtor (as the case may be).[6/2009]
Bankruptcy Estates Account and Debt Repayment Schemes Account
27.—(1) The Official Assignee shall keep with such bank as he may think fit —
(a)an account, to be called the Bankruptcy Estates Account, into which all moneys received by the Official Assignee under this Act (with the exception of Part VA) shall, subject to this Act, be paid; and
(b)an account, to be called the Debt Repayment Schemes Account, into which all moneys received by the Official Assignee under Part VA shall, subject to this Act, be paid.
[6/2009](2) All payments out of moneys standing to the credit of the Official Assignee in the Bankruptcy Estates Account or the Debt Repayment Schemes Account shall be made by such bank in such manner as the Official Assignee may think fit.[6/2009]
Investment of surplus funds in Bankruptcy Estates Account and Debt Repayment Schemes Account
28.—(1) Whenever the cash balance standing to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account is in excess of the amount which, in the opinion of the Official Assignee, is required for the time being to meet demands in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall —
(a)notify the excess to the Accountant-General; and
(b)pay over the whole or any part of the excess as the Accountant-General may require to such account as the Accountant-General may direct.
[6/2009]
(2) The Accountant-General may invest the sums paid over under subsection (1)(b) or any part thereof in trustee securities to be placed to the credit of the account referred to in subsection (1)(b).
(3) Where, in the opinion of the Official Assignee, any part of the money paid over from the Bankruptcy Estates Account or the Debt Repayment Schemes Account under subsection (1)(b) and invested under subsection (2) is required to meet any demand in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall notify the Accountant-General of the amount so required.
[6/2009]
(4) The Accountant-General shall repay the Official Assignee such sum as may be required under subsection (3) to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account, as the case may be, and for that purpose the Accountant-General may direct the sale of such part of the securities as may be necessary.
[6/2009]
(5) The income derived from any investment under subsection (2) shall form part of the Consolidated Fund and regard shall be had to the amount thus derived in fixing the fees payable in respect of proceedings in bankruptcy and the administration of debt repayment schemes under Part VA.
[6/2009]
(6) Any profits on the sale of any of the securities placed to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account shall be credited to the Consolidated Fund and that Fund shall be liable to make good any loss arising out of the sale of those securities.
[6/2009]
Official Assignee to furnish list of creditors
29. The Official Assignee shall, whenever required by any creditor of a bankrupt to do so, and on payment by the creditor of the prescribed fee, furnish and transmit to the creditor a list of the creditors of the bankrupt, showing in the list the amount of the debt due from the bankrupt to each of the creditors.
Control of court over Official Assignee
30.—(1) The court shall take cognizance of the conduct of the Official Assignee in his administration of the estate of a bankrupt.
(2) If the Official Assignee does not faithfully perform his duties or duly observe all the requirements imposed on him by this Act, the rules or any other written law with respect to the performance of his duties, or if any complaint is made to the court by any creditor in regard thereto, the court shall inquire into the matter and take such action thereon as it may consider expedient.
(3) The court may —
(a)at any time require the Official Assignee to answer any inquiry made by it in relation to his administration of the estate of a bankrupt; and
(b)direct an investigation to be made of the books and vouchers of the Official Assignee or examine him on oath concerning his administration of the estate of a bankrupt.
Review by court of Official Assignee’s act, omission or decision
31.—(1) If a bankrupt or any of his creditors or any other person is dissatisfied by any act, omission or decision of the Official Assignee in relation to the Official Assignee’s administration of the bankrupt’s estate, he may apply to the court to review such act, omission or decision.
(2) On hearing an application under subsection (1), the court may —
(a)confirm, reverse or modify any act or decision of the Official Assignee; or
(b)give such directions to the Official Assignee or make such other order as it may think fit.
(3) The Official Assignee may apply to the court for directions in relation to any particular matter arising under the bankruptcy.
Liability of Official Assignee to be discharged out of Consolidated Fund
32.—(1) All sums required to discharge any liability which the Official Assignee may be personally liable to discharge shall be charged upon the Consolidated Fund.
(2) Neither the Official Assignee nor any of his officers shall be liable for any act to which he has not in any way contributed or which he could not by the exercise of reasonable diligence have averted.
(CHAPTER 20)
(Original Enactment: Act 15 of 1995)
REVISED EDITION 2009
(31st October 2009)
An Act relating to the law of bankruptcy and matters connected therewith.
[15th July 1995]
PART III
OFFICIAL ASSIGNEE
Power to administer oaths
24. The Official Assignee may administer oaths for the purposes of any matters or proceedings under this Act or for the purpose of taking affidavits.
Official Assignee’s accounts
25. —(1) The Official Assignee shall, for such period as may be prescribed, keep in such form and manner as he determines —
(a)an account of his receipts and payments in respect of his administration of the estate of a bankrupt; and
(b)an account of his receipts and payments in respect of his administration of a debt repayment scheme under Part VA.
[6/2009]
(1A) The Official Assignee shall, upon payment of the prescribed fee, permit —
(a)the inspection of an account referred to in subsection (1)(a) by the bankrupt, any creditor who has proved his debt in the bankruptcy or any other interested person; and
(b)the inspection of an account referred to in subsection (1)(b) by the debtor to whom the debt repayment scheme relates, any creditor who has proved his debt under the debt repayment scheme or any other interested person.
[6/2009]
(2) Every account referred to in subsection (1) shall be audited not less than once in each year by such officer as the Minister may appoint in that behalf.
(3) For the purposes of the audit under subsection (2), the Official Assignee shall produce to the auditing officer such books and shall furnish him with such vouchers and information as he may require.
Records to be kept by Official Assignee
26.—(1) The Official Assignee shall, for such period as may be prescribed, keep records containing entries or minutes of proceedings at any meeting held under this Act and of such other matters as may be prescribed.
[6/2009]
(2) Any creditor of —
(a)a bankrupt; or
(b)a debtor referred to in Part VA,
may, upon payment of the prescribed fee and subject to the control of the court, personally or by his agent inspect any record kept by the Official Assignee under subsection (1) which pertains to that bankrupt or debtor (as the case may be).[6/2009]
Bankruptcy Estates Account and Debt Repayment Schemes Account
27.—(1) The Official Assignee shall keep with such bank as he may think fit —
(a)an account, to be called the Bankruptcy Estates Account, into which all moneys received by the Official Assignee under this Act (with the exception of Part VA) shall, subject to this Act, be paid; and
(b)an account, to be called the Debt Repayment Schemes Account, into which all moneys received by the Official Assignee under Part VA shall, subject to this Act, be paid.
[6/2009](2) All payments out of moneys standing to the credit of the Official Assignee in the Bankruptcy Estates Account or the Debt Repayment Schemes Account shall be made by such bank in such manner as the Official Assignee may think fit.[6/2009]
Investment of surplus funds in Bankruptcy Estates Account and Debt Repayment Schemes Account
28.—(1) Whenever the cash balance standing to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account is in excess of the amount which, in the opinion of the Official Assignee, is required for the time being to meet demands in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall —
(a)notify the excess to the Accountant-General; and
(b)pay over the whole or any part of the excess as the Accountant-General may require to such account as the Accountant-General may direct.
[6/2009]
(2) The Accountant-General may invest the sums paid over under subsection (1)(b) or any part thereof in trustee securities to be placed to the credit of the account referred to in subsection (1)(b).
(3) Where, in the opinion of the Official Assignee, any part of the money paid over from the Bankruptcy Estates Account or the Debt Repayment Schemes Account under subsection (1)(b) and invested under subsection (2) is required to meet any demand in respect of insolvent estates or debt repayment schemes administered under Part VA, as the case may be, the Official Assignee shall notify the Accountant-General of the amount so required.
[6/2009]
(4) The Accountant-General shall repay the Official Assignee such sum as may be required under subsection (3) to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account, as the case may be, and for that purpose the Accountant-General may direct the sale of such part of the securities as may be necessary.
[6/2009]
(5) The income derived from any investment under subsection (2) shall form part of the Consolidated Fund and regard shall be had to the amount thus derived in fixing the fees payable in respect of proceedings in bankruptcy and the administration of debt repayment schemes under Part VA.
[6/2009]
(6) Any profits on the sale of any of the securities placed to the credit of the Bankruptcy Estates Account or the Debt Repayment Schemes Account shall be credited to the Consolidated Fund and that Fund shall be liable to make good any loss arising out of the sale of those securities.
[6/2009]
Official Assignee to furnish list of creditors
29. The Official Assignee shall, whenever required by any creditor of a bankrupt to do so, and on payment by the creditor of the prescribed fee, furnish and transmit to the creditor a list of the creditors of the bankrupt, showing in the list the amount of the debt due from the bankrupt to each of the creditors.
Control of court over Official Assignee
30.—(1) The court shall take cognizance of the conduct of the Official Assignee in his administration of the estate of a bankrupt.
(2) If the Official Assignee does not faithfully perform his duties or duly observe all the requirements imposed on him by this Act, the rules or any other written law with respect to the performance of his duties, or if any complaint is made to the court by any creditor in regard thereto, the court shall inquire into the matter and take such action thereon as it may consider expedient.
(3) The court may —
(a)at any time require the Official Assignee to answer any inquiry made by it in relation to his administration of the estate of a bankrupt; and
(b)direct an investigation to be made of the books and vouchers of the Official Assignee or examine him on oath concerning his administration of the estate of a bankrupt.
Review by court of Official Assignee’s act, omission or decision
31.—(1) If a bankrupt or any of his creditors or any other person is dissatisfied by any act, omission or decision of the Official Assignee in relation to the Official Assignee’s administration of the bankrupt’s estate, he may apply to the court to review such act, omission or decision.
(2) On hearing an application under subsection (1), the court may —
(a)confirm, reverse or modify any act or decision of the Official Assignee; or
(b)give such directions to the Official Assignee or make such other order as it may think fit.
(3) The Official Assignee may apply to the court for directions in relation to any particular matter arising under the bankruptcy.
Liability of Official Assignee to be discharged out of Consolidated Fund
32.—(1) All sums required to discharge any liability which the Official Assignee may be personally liable to discharge shall be charged upon the Consolidated Fund.
(2) Neither the Official Assignee nor any of his officers shall be liable for any act to which he has not in any way contributed or which he could not by the exercise of reasonable diligence have averted.