Bankruptcy Act 1988

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1988/1988-0010/BankruptcyAct1988_1.pdf
Published: 2012-09-01

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
Bankruptcy Act 1988

c i e
AT 10 of 1988

BANKRUPTCY ACT 1988

Bankruptcy Act 1988 Index


c AT 10 of 1988 Page 3

c i e
BANKRUPTCY ACT 1988

Index Section Page

1 Co-operation between courts exercising bankruptcy jurisdiction ........................... 5
2 [Amendment of 1892 bankruptcy legislation] ............................................................ 6
3 Amendment of exemptions of certain goods from liability in bankruptcy,
etc ...................................................................................................................................... 6
4 [Amends section 7 of the Bankruptcy Procedure Act 1892.] ........................................ 6
5 [Repealed] ........................................................................................................................ 6
6 Short title .......................................................................................................................... 6
SCHEDULE 7

ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Bankruptcy Act 1988 Section 1


c AT 10 of 1988 Page 5

c i e
BANKRUPTCY ACT 1988

Received Royal Assent: 15 April 1988
Passed: 19 April 1988
Commenced: 19 April 1988
AN ACT
to provide for co-operation between the High Court and courts
exercising bankruptcy jurisdiction in other countries and to amend the
Bankruptcy Acts 1892 to 1903.
1 Co-operation between courts exercising bankruptcy jurisdiction

[P1985/65/213]
(1) The High Court shall assist the courts having bankruptcy jurisdiction in
any relevant country or territory.
(2) For the purposes of subsection (1), a request made to the High Court by a
court in any relevant country or territory shall be authority for the High
Court to apply, in relation to any matters specified in the request, the
bankruptcy law which is applicable by either court in relation to
comparable matters falling within its jurisdiction; and in exercising its
discretion under this subsection, the High Court shall have regard in
particular to the rules of private international law.
(3) In this section “bankruptcy law” means —
(a) in relation to the Island, the Bankruptcy Acts 1892 to 1988;1

(b) in relation to any relevant country or territory, so much of the law
of that country or territory as corresponds to provisions falling
within paragraph (a).
(4) In this section ‘relevant country or territory’ means —
(a) the United Kingdom or any part thereof;
(b) any country or territory designated for the purposes of this
section by an order made by the Council of Ministers.2

(5) An order of the Council of Ministers under subsection (4) shall be laid
before Tynwald.3

Section 2 Bankruptcy Act 1988


Page 6 AT 10 of 1988 c

(6) A request may be made under this section whether or not the person in
relation to whose bankruptcy the request is made was adjudicated
bankrupt before or after the commencement of this section.
2 [Amendment of 1892 bankruptcy legislation]

(1) [Amends section 5 of the Bankruptcy Code 1892.]
(2) [Inserts section 5A in the Bankruptcy Code 1892.]
(3) [Amends section 8 of the Bankruptcy Procedure Act 1892.]
3 Amendment of exemptions of certain goods from liability in

bankruptcy, etc

(1) [Amends section 27 of the Bankruptcy Code 1892.]
(2) [Amends section 11 of the Action of Arrest Act 1953.]
(3) [Amends section 10 of the Recovery of Rent Act 1954.]
(4) Subsection (1) shall not have effect in relation to any person who was
adjudicated bankrupt before it came into operation.4

4 [Amends section 7 of the Bankruptcy Procedure Act 1892.]

5 [Repealed]
5

6 Short title

This Act may be cited as the Bankruptcy Act 1988 and the Bankruptcy Acts 1892
to 1903 and this Act may be cited together as the Bankruptcy Acts 1892 to 1988.
Bankruptcy Act 1988 Schedule



c AT 10 of 1988 Page 7

Schedule
6

Bankruptcy Act 1988 Endnotes


c AT 10 of 1988 Page 9

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
Para (a) amended by Statute Law Revision Act 1989 Sch 1. 2
Para (b) amended by GC155/91. 3
Subs (5) amended by GC155/91. 4
Subs (4) amended by Statute Law Revision Act 1989 Sch 1. 5
S 5 repealed by Statute Law Revision Act 1992 Sch 2. 6
Sch repealed by Statute Law Revision Act 1992 Sch 2.