Bankruptcy
Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.
1–282 ..
L.R.O.
Act
26 of 2007
LAWS OF TRINIDAD AND TOBAGO
CHAPTER 9:70
BANKRUPTCY AND INSOLVENCY ACT
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Index of Subsidiary Legislation
Page
Bankruptcy and Insolvency Regulations (LN 232/2014) … … … 175
Note on Commencement
At the date of Revision of this Act, Part XI was awaiting proclamation.
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CHAPTER 9:70
BANKRUPTCY AND INSOLVENCY ACT
ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY
SECTION
1. Short title.
2. Commencement.
3. Interpretation.
PART II
ACTS OF BANKRUPTCY
4. Acts of bankruptcy.
PART III
RECEIVING ORDERS, INTERIM RECEIVERS, SECURED
CREDITORS AND RECEIVERS
PETITION FOR RECEIVING ORDER
5. Filing of petition.
6. Petition against estate of deceased.
7. Costs of petitioner.
APPOINTMENT OF INTERIM RECEIVER
8. Appointment of interim receiver.
9. Appointment of interim receiver where section 13 notice pending.
10. Appointment of interim receiver where notice of intention or
proposal filed.
11. Costs of interim receiver.
SECURED CREDITORS AND RECEIVERS
12. Who may be a receiver.
13. Secured party to provide notice.
14. Duties of the receiver.
15. Required action by receiver.
16. Rights of receiver.
17. Duty of debtor.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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ARRANGEMENT OF SECTIONS—Continued
SECTION
18. Receiver to provide notice of disposition.
19. Personal liability of receiver.
20. Court order in respect of non-performance of duties.
21. Court may order statement of accounts to be submitted for review.
22. Receiver may apply to Court for directions.
23. Provisions of Companies Act to apply where debtor is a company.
24. Priorities of distribution in a receivership.
PART IV
ASSIGNMENTS
25. Who may make an assignment.
PART V
PROPOSALS
26. Who may make a proposal.
27. Filing of proof of secured claim.
28. Where secured creditors may not vote.
29. Secured claims upon bankruptcy.
30. Notice of intention.
31. Trustee to assist in preparation of proposal.
32. Meeting of creditors.
33. Adjournment of meeting.
34. Proven creditors may vote prior to meeting.
35. Creditors may accept or refuse proposal.
36. Proposal may include terms of supervision.
37. Creditors may appoint inspectors.
38. Effect of refusal of proposal by creditors.
39. Substitution of trustee by Court order.
40. Trustee to apply to Court for approval of proposal.
41. Trustee to prepare report to Court.
42. Payment of preferred claims and trustee’s costs.
43. Where proposal approved by Court made by bankrupt.
44. Trustee to file proposal with Supervisor.
45. Default in performance of proposal.
46. Court may annul the proposal.
47. Date of assignment where Court approval not obtained.
48. Court to value claims where creditor participation required.
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SECTION
49. Agreement not to be terminated or altered.
50. Certificate of performance.
51. Mutatis mutandis provisions.
PART VI
PROPERTY OF THE BANKRUPT
52. Property of a bankrupt.
53. Excess income of individual bankrupts to be as prescribed.
54. Where assignment of certain payments ineffectual.
STAY OF PROCEEDINGS
55. Stay of proceedings upon filing of notice of intention or proposal.
56. Stay of proceedings upon bankruptcy.
57. Aggrieved creditor may apply to Court for removal of stay.
58. Stay ineffectual against certain parties and claims.
GENERAL PROVISIONS
59. Precedence of bankruptcy over certain creditors unless process completed.
60. Property of bankrupt to vest in trustee.
61. Trustee to avail himself of other rights.
62. Delivery of seized property to trustee.
63. Trustee may surrender lease or deal with leasehold interests.
64. Receiving order and assignment may be registered.
65. Joint tenancy to revert to tenants in common.
66. Transactions valid unless prior registration.
67. Where contributory indebted to bankrupt.
68. Banker to advise trustee of existence of account.
69. Trustee may inspect property.
70. Where trustee disposes property subject to an encumbrance.
71. Persons claiming ownership interest in property of the bankrupt.
72. Unpaid suppliers may prove for certain goods.
73. Claim of farmer or fisherman.
74. Sale of patented articles by trustee.
75. Copyright works dealt with by bankrupt.
76. Bankrupt’s interest vests in purchaser upon sale by trustee.
PARTNERSHIP PROPERTY
77. Limited partnerships.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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ARRANGEMENT OF SECTIONS—Continued
SECTION
STATE INTERESTS
78. State’s claims are unsecured.
79. State’s security to be registered to be enforceable.
SETTLEMENTS AND PREFERENCES
80. Settlements within one year void.
81. Contracts in consideration of marriage.
82. Payments void except on proof of certain facts.
83. Assignment of book debts void.
84. Preferences voidable if made within three months.
85. Preference to related party voidable if made within twelve months.
86. Transactions between initial bankruptcy event and bankruptcy.
87. Proceeds from dealing with property obtained in voidable
transaction.
88. Good faith transactions with bankrupts protected.
89. Reviewable transactions in year prior to initial bankruptcy event.
90. Where dividend paid by company.
91. Sections 80 to 90 to apply.
92. Where proposal followed by bankruptcy.
PART VII
ADMINISTRATION OF ESTATES
MEETINGS OF CREDITORS
93. Trustee to send notice to creditors of first meeting.
94. Trustee may call meeting.
95. Notice regarding subsequent meetings.
PROCEDURE AT MEETINGS
96. Chairman of first meeting.
97. Quorum at meeting.
98. Creditors may vote by class.
99. Chairman may admit or reject proofs.
100. Completed proof of claim required to enable voting.
101. Voting where claims acquired.
102. Where non-bankrupt parties jointly liable.
103. Secured creditor may vote unsecured portion only.
104. Where trustee may vote.
105. Minutes to be proof of meeting.
106. Creditors vote by dollar.
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SECTION
INSPECTORS
107. Appointment of inspectors.
108. Trustee may call meeting of inspectors.
109. Trustee to call meeting to appoint inspectors.
110. Directions of creditors to override directions by inspectors.
111. Inspectors may not acquire assets.
CLAIMS PROVABLE
112. Claims provable.
113. Where bankruptcy follows proposal.
114. Proof in respect of distinct contracts.
PROOF OF CLAIMS
115. Proof of claim required to share in distribution.
116. Court may disallow false claims.
117. Proven creditors may examine proofs of claim.
PROOF BY SECURED CREDITORS
118. Secured creditor may prove for balance due.
119. Trustee may require proof of claim by secured creditor.
120. Trustee may require security to be sold.
121. Secured creditor may require election of trustee.
122. Amended claim where security realised.
123. Amendment of claim where security not realised.
124. Exclusion of secured creditor from dividend.
125. No creditor to receive more than 100 cents on dollar.
ADMISSION AND DISALLOWANCE OF PROOFS OF CLAIM AND
PROOFS OF SECURITY
126. Trustee to examine proofs.
SCHEME OF DISTRIBUTION
127. Preferred creditors.
128. Claim of dividend where reviewable transaction.
129. Claim of relative of bankrupt.
130. Claim of participating lender.
131. Claim of officer and director.
132. Dividends pro rata.
133. Property of bankrupt partnership.
134. Where surplus remains after claims paid.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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ARRANGEMENT OF SECTIONS—Continued
SECTION
135. Final surplus to bankrupt.
136. Motor vehicle insurance.
137. Supervisor’s levy.
DIVIDENDS
138. Inspectors to declare dividends to ordinary unsecured creditors.
139. Thirty-day notice to prove claims.
140. Where claim proven after dividend declared.
141. Final statements of receipts and disbursements to be prepared.
142. Final statement to be complete account.
143. Dividends on joint and separate properties.
144. Unclaimed dividends and undistributed funds.
SUMMARY ADMINISTRATION
145. Provisions applying to summary administration.
146. Remuneration in summary administration.
147. Provisions to apply mutatis mutandis.
PART VIII
BANKRUPTS
COUNSELLING SERVICES
148. Trustee to counsel individual bankrupts.
DUTIES OF BANKRUPT
149. Duties of bankrupt.
150. Bankrupt corporation.
151. Imprisoned bankrupt.
EXAMINATION OF BANKRUPTS AND OTHERS
152. Examination of bankrupt by Supervisor.
153. Investigation by Supervisor regarding bankrupt.
154. Trustee may examine bankrupt and others.
155. Trustee may require delivery of property of bankrupt and production
of books and records.
156. Where person may be ordered by Court to pay trustee.
157. Issue of warrant for apprehension and examination of persons.
158. Examination by Court.
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SECTION
ARREST OF BANKRUPTS
159. Court order for arrest of bankrupt.
DISCHARGE OF BANKRUPTS
160. Automatic discharge of first-time individual bankrupt.
161. Bankruptcy of an individual operates as an application for discharge.
162. Trustee to prepare report of application of bankrupt for discharge.
163. Trustee’s report to provide recommendation.
164. Questions to debtor.
165. Facts pursuant to which bankrupt’s conduct is subject to censure.
166. Value of bankrupt’s assets.
167. Cessation of any statutory disqualification.
168. Bankrupt to report to trustee and Court.
169. Court may consider effects of settlement before marriage.
170. Debts not released by order of discharge.
171. Third parties not released.
172. Court may annul discharge.
173. Court may annul bankruptcy.
174. Issuance of orders to be delayed.
PART IX
ADMINISTRATIVE OFFICIALS
SUPERVISOR
175. Appointment of Supervisor.
176. Employee association to represent interest of employees.
177. Access to trustee’s accounts.
178. Suspected offences.
PUBLIC RECORDS
179. Maintenance of public records.
TRUSTEES
LICENSING OF TRUSTEES
180. Application for licence as trustee.
181. Form of licence.
182. Payment of fees.
UNOFFICIAL VERSION
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ARRANGEMENT OF SECTIONS—Continued
SECTION
CONDUCT OF TRUSTEES
183. Trustee prohibited from acting in specified circumstances.
184. Independent legal opinion.
185. Code of ethics.
186. Cancelled licences.
APPOINTMENT AND SUBSTITUTION OF TRUSTEES
187. Appointment or substitution of trustee by creditors.
188. Rights of Supervisor where trustee’s conduct is questionable.
189. Notice to trustee.
190. Protection of estate by Supervisor.
191. Court removal of trustee.
192. Appointment by Supervisor of non-licensed trustee.
193. Duty to act.
194. Acts done in good faith.
CORPORATIONS AS TRUSTEE
195. Corporate trustee.
196. Incorporation.
197. Acts by corporate trustee.
198. Corporate trustee not a trust company.
OFFICIAL NAME
199. Official name.
DUTIES AND POWERS OF TRUSTEES
200. Trustee to give security.
201. Delivery of property to trustee.
202. Protective measures.
203. Legal proceedings to protect estate.
204. Divesting of real property.
205. Initiation of criminal proceedings.
206. Returns.
207. Regulators empowered to review records.
208. Insure property.
209. Deposits.
210. Maintenance books and records.
211. Reporting by trustee.
212. Documents to be provided to Supervisor.
213. Report to Supervisor where trustee no longer appointed.
214. Permission to take specified action.
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SECTION
215. Borrowing with permission of Court.
216. Trustee not required to operate business.
217. Order for sale of assets.
218. Application for directions.
219. Redirection of mail.
220. Former trustee to pass accounts.
221. Application to Court by aggrieved party.
222. Trustee refusing to act.
REMUNERATION OF TRUSTEE
223. Determination of fees.
DISCHARGE OF TRUSTEE
224. Property incapable of realisation.
225. Trustee to apply for discharge.
PART X
COURTS AND PROCEDURE
JURISDICTION OF COURTS
226. Jurisdiction of High Court.
227. Title of insolvency matters.
228. General power of Court.
229. Proceeding not invalidated by defect or irregularity.
230. Court may review, rescind, or vary order.
231. Court may give leave to omit material or to send notices in
alternative manner.
232. Seizure of property of bankrupt.
233. Evidence in Court.
234. Orders subject to appeal.
235. Costs are in the discretion of the Court.
236. Application to Court where default.
237. Trustee not personally liable.
PART XI
INTERNATIONAL INSOLVENCIES
238. Interpretation.
239. Copy of order to be proof of event.
240. Stay of proceedings not to apply unless proceedings taken in
Trinidad and Tobago.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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ARRANGEMENT OF SECTIONS—Continued
SECTION
241. Proceedings by foreign representatives.
242. Court may seek aid of foreign authority.
243. Court order may be conditional on compliance of foreign
representative with other Court order.
244. Foreign representative not prevented from proceeding due to appeal.
245. Dividends subject to property the creditor may acquire outside
Trinidad and Tobago.
246. Claim payable in foreign currency.
PART XII
OFFENCES
247. Offences committed by bankrupt.
248. Offences committed by undischarged bankrupt.
249. Where debtor having previously taken bankruptcy protection and
not keeping proper books.
250. False claims, unlawful fees and unlawful transactions.
251. Offences by trustee and others.
252. Removal of property.
253. Invalid trustee licence.
254. Trustee acting outside authority.
255. Offences committed by corporation.
256. Court may make order for community service.
257. Variation of order made under section 256.
258. Court may make an order regarding damages.
259. Trustee to report to Court.
260. Trustee to report criminal acts.
261. Substance of offence sufficient.
262. Time for commencement of action.
PART XIII
GENERAL
263. Power respecting Bankruptcy Rules.
264. Gazette or local daily newspaper to be evidence of facts.
265. Admission not admissible under the law.
266. Acts by corporations, firms and individuals of unsound mind.
267. Leave of the Court required to pursue certain actions.
268. Regulations.
269. Transitional.
270. Repeal.
271. Act binds the State.
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26 of 2007.
Short title.
Commencement.
225/2014.
Interpretation.
Ch. 79:09.
Ch. 45:55.
CHAPTER 9:70
BANKRUPTCY AND INSOLVENCY ACT
An Act to revise the law relating to bankruptcy to make
provision for corporate and individual insolvency; to
provide for the rehabilitation of the insolvent debtor and
to create the office of Supervisor of Insolvency.
*[ASSENTED TO 28TH SEPTEMBER 2007]
PART I
PRELIMINARY
1. This Act may be cited as the Bankruptcy and Insolvency Act.
*2. Parts I, II, III, IV, V, VI, VII, VIII, IX, X, XII and XIII of
this Act came into operation on the 26th of May, 2014.
3. (1) In this Act—
“affidavit” includes statutory declaration and solemn affirmation;
“assignment” means an assignment filed with the Supervisor of
Insolvency;
“bank” means every bank to which the Financial Institutions Act
applies, and where the context requires includes a banker;
“bankrupt” means a person who has made an assignment or
against whom a receiving order has been made under
section 5(10);
“books” and “records” include documents as well as data
maintained or processed manually, mechanically,
photographically or electronically by any information
storage device;
“claim provable in bankruptcy”, “provable claim” or “claim
provable” includes any claim or liability provable in
proceedings under this Act by a creditor;
“cohabitant” means a person in a cohabitational relationship
referred to in section 2 of the Cohabitational
Relationships Act;
*See Note on Commencement on page 2.
UNOFFICIAL VERSION
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“cohabitational relationship” means the relationship between
cohabitants, who not being married to each other are living
or have lived together as husband and wife in a bona fide
domestic relationship;
“corporation” means any incorporated company, wherever or
however incorporated, that is authorised to carry on business
in Trinidad and Tobago or that has an office or property in
Trinidad and Tobago, but does not include financial
institutions to which the Financial Institutions Act applies or
insurance companies;
“Court” means the High Court and includes a judge sitting in
chambers;
“credit card” has the same meaning assigned to it under section 2
of the Electronic Transfer of Funds Crime Act, and includes
debit cards and smart cards;
“creditor” means a person having a claim, unsecured preferred
by virtue of priority under section 127 or secured, provable
as a claim under this Act;
“date of the initial bankruptcy event”, in respect of a person,
means the earliest of the date of filing of or making of—
(a) an assignment by or in respect of the person;
(b) a proposal by or in respect of the person;
(c) a notice of intention by the person; or
(d) the first petition for a receiving order against
the person;
“debtor” includes an insolvent person and any person who, at the
time an act of bankruptcy was committed by him, resided or
carried on business in Trinidad and Tobago and, where the
context requires, includes a bankrupt;
“goods” includes all chattels personal;
“individual” means a natural person;
“inspector” means an inspector appointed under section 107;
“insolvent person” means a person who is not bankrupt and who
resides, carries on business or has property in Trinidad and
Ch. 79:09.
Ch. 79:51.
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Tobago, whose liabilities to creditors provable as claims under
this Act amount to not less than four thousand dollars, and—
(a) who is for any reason unable to meet his
obligations as they generally become due;
(b) who has ceased paying his current obligations in
the ordinary course of business as they generally
become due; or
(c) the aggregate of whose property is not, at a fair
valuation, sufficient, or, if disposed of at a fairly
conducted sale under legal process, would not
be sufficient to enable payment of all his
obligations, due and accruing due;
“Marshal” includes bailiff and any officer charged with the
execution of a writ or other process under this Act or any
other proceeding with respect to any property of a debtor;
“Minister” means the Minister to whom the responsibility for
finance is assigned;
“person” includes a partnership, an unincorporated association,
a corporation, a co-operative society or an organisation,
the successors of a partnership, association, corporation,
society or organisation, and the heirs, executors,
liquidators of the succession, administrators or other legal
representative of a person;
“property” includes money, goods, choses in action, land and every
description of property, whether real or personal, legal or
equitable, and whether situated in Trinidad and Tobago or
elsewhere, and includes obligations, easements and every
description of estate, interest and profit, present or future,
vested or contingent in, arising out of or incidental to property;
“proposal” means a proposal for a composition, for an extension
of time, or for a scheme or arrangement;
“receiver” means a person who has been appointed to take, or has
taken, possession or control, pursuant to—
(a) a security agreement; or
(b) an order of a Court made under any law that
provides for or authorises the appointment of a
receiver or receiver-manager,
of all or substantially all of—
(i) the inventory;
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(ii) the accounts receivable; or
(iii) the other property,
of a debtor that was acquired for, or is used in relation to, a
business carried on by the debtor;
“receiving order” means an order of the Court made under any
law that provides for or authorises the appointment of a
receiver or a receiver-manager;
“Registrar” means the Registrar of the Supreme Court;
“resolution” or “ordinary resolution” means a resolution carried
by the majority of votes, and for that purpose the votes of a
creditor shall be calculated by counting one vote for each
dollar of every claim of the creditor that is not disallowed;
“secured creditor” means a person holding a mortgage, pledge,
charge or lien on or against the property of the debtor or any
part thereof as security for a debt due or accruing due to him
from the debtor, or a person whose claim is based on, or
secured by, a negotiable instrument held as collateral
security and on which the debtor is only indirectly or
secondarily liable;
“security agreement” means an agreement under which
property becomes subject to a security for the payment of
an obligation;
“service provider” means any entity or person who supplies fuel,
water, electricity, telecommunications, or such services as
may be prescribed;
“settlement” includes a contract, covenant, conveyance, transfer,
gift and designation of a beneficiary in an insurance
contract, to the extent that the contract, covenant,
conveyance, transfer, gift, or designation is gratuitous or
made for merely nominal consideration;
“special resolution” means a resolution decided by a majority in
number and two-thirds in value of the creditors with proven
claims present, personally or by proxy, at a meeting of
creditors and voting on the resolution;
“Supervisor” means the office of Supervisor of Insolvency
established under section 175;
“trustee” or “licensed trustee” means a person who is licensed or
appointed under this Act.
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(2) For the purposes of this Act—
“related group” means a group of persons each member of which
is related to every other member of the group;
“unrelated group” means a group of persons that is not a
related group.
(3) For the purposes of this Act—
“related persons” are persons who are related to each other if
they are—
(a) individuals connected by blood relationship,
marriage, cohabitational relationship or adoption;
(b) a corporation and—
(i) a person who controls the corporation, if
it is controlled by one person;
(ii) a person who is a member of a related
group that controls the corporation; or
(iii) any person connected in the manner set
out in paragraph (a) to a person described
in subparagraph (i) or (ii); or
(c) two corporations—
(i) controlled by the same person or group
of persons;
(ii) each of which is controlled by one person
and the person who controls one of the
corporations is related to the person who
controls the other corporation;
(iii) one of which is controlled by one
person and that person is related to any
member of a related group that controls
the other corporation;
(iv) one of which is controlled by one person
and that person is related to each member
of an unrelated group that controls the
other corporation;
(v) one of which is controlled by a related
group a member of which is related to
each member of an unrelated group that
controls the other corporation; or
UNOFFICIAL VERSION
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(vi) one of which is controlled by an unrelated
group each member of which is related to
at least one member of an unrelated group
that controls the other corporation.
(4) For the purposes of this Act—
(a) where two corporations are related to the same
corporation within the meaning of subsection (3),
they shall be deemed to be related to each other;
(b) where a related group is in a position to control
a corporation, it shall be deemed to be a related
group that controls the corporation whether or
not it is part of a larger group by whom the
corporation is in fact controlled;
(c) a person who has a right under a contract, in
equity or otherwise, either immediately or in the
future and either absolutely or contingently, to, or
to acquire, shares in a corporation, or to control
the voting rights in shares of a corporation, shall,
except where the contract provides that the right
is not exercisable until the death of an individual
designated therein, be deemed to have the same
position in relation to the control of the
corporation as if he owned the shares;
(d) where a person owns shares in two or more
corporations, he shall, as a shareholder of
one of the corporations, be deemed to be
related to himself as shareholder of each of
the other corporations;
(e) persons are connected by blood relationship if
one is the child, mother, father, brother, sister,
aunt, uncle or first cousin of the other;
(f) persons are connected by marriage if one is
married to the other or to a person who is
connected by blood relationship to the other;
(g) persons are connected by a cohabitational
relationship if one is a cohabitant of the other; and
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Acts of
bankruptcy.
(h) persons are connected by adoption if one has
been adopted, either legally or in fact, as the
child of the other or as the child of a person who
is connected by blood relationship, otherwise
than as a brother or sister, to the other.
(5) For the purposes of the Act, a person who has
entered into a transaction with another person otherwise than
at arm’s length shall be deemed to have entered into a
reviewable transaction.
(6) It is a question of fact whether persons not related to
one another within the meaning of subsection (2) were at a
particular time dealing with each other at arm’s length.
(7) Persons related to each other within the meaning of
subsection (2) shall be deemed not to deal with each other at
arm’s length while so related.
PART II
ACTS OF BANKRUPTCY
4. (1) A debtor commits an act of bankruptcy where the
debtor—
(a) either in Trinidad and Tobago or elsewhere
makes an assignment of his property to a trustee
for the benefit of his creditors generally,
whether it is an assignment authorised by this
Act or not;
(b) either in Trinidad and Tobago or elsewhere
makes a fraudulent conveyance, gift, delivery
or transfer of his property or of any part of
that property;
(c) either in Trinidad and Tobago or elsewhere
makes any conveyance or transfer of his
property or any part of the property, or creates
any charge on the property that would under this
Act be void as a fraudulent preference;
(d) with intent to defeat or delay his creditors,
departs out of Trinidad and Tobago, or being out
of Trinidad and Tobago remains out of Trinidad
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and Tobago, or departs from his dwelling house
or otherwise absents himself;
(e) permits any execution or other process issued
against the debtor under which any of the
debtor’s property is seized, levied on or taken in
execution to remain unsatisfied for twenty-one
days, or if any of the debtor’s property has been
sold by the Marshal, or if the execution or other
process is returned endorsed to the effect that
the Marshal can find no property on which to
levy or to seize or to take;
(f) exhibits to any meeting of his creditors any
statement of his assets and liabilities that shows
he is insolvent, or presents or causes to be
presented to that meeting a written admission of
his inability to pay his debts;
(g) assigns, removes, secretes or disposes of or
attempts or is about to assign, remove,
secrete or dispose of any of his property with
intent to defraud, defeat or delay his creditors
or any of them;
(h) gives notice to any of his creditors that he has
suspended or is about to suspend payment of
his debts;
(i) defaults in any proposal made under this Act; or
(j) ceases to meet his liabilities generally as they
become due.
(2) Notwithstanding paragraph (e), where interpleader
proceedings have been instituted in respect of the property
seized, the time elapsing between the date at which the
proceedings were instituted and the date at which the proceedings
are finally disposed of, settled or abandoned shall not be taken
into account in calculating the period of twenty-one days.
(3) Every assignment of his property other than an
assignment pursuant to this Act, made by an insolvent debtor for
the general benefit of his creditors, is void.
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Filing of
petition.
PART III
RECEIVING ORDERS, INTERIM RECEIVERS, SECURED
CREDITORS AND RECEIVERS
PETITION FOR RECEIVING ORDER
5. (1) Subject to this section, one or more creditors may
file in Court a petition for a receiving order against a debtor
where it is alleged in the petition that—
(a) the debt owing to the petitioning creditor
amounts to not less than ten thousand dollars; and
(b) the debtor has committed an act of bankruptcy
within six months immediately preceding the
filing of the petition.
(2) Where the petitioning creditor referred to in
subsection (1) is a secured creditor, the petitioning creditor shall
in his petition either state that he is willing to give up his security
for the benefit of the creditors in the event of a receiving order
being made against the debtor or give an estimate of the value of
his security.
(3) Where the petitioning creditor gives an estimate of
the value of his security, he may be admitted as a petitioning
creditor to the extent of the balance of the debt due to him after
deducting the value so estimated, in the same manner as if he
were an unsecured creditor.
(4) The petition shall be verified by affidavit of the
petitioner or by someone duly authorised on his behalf having
personal knowledge of the facts alleged in the petition.
(5) Where the petition is attested—
(a) in Trinidad and Tobago, the witness must be an
Attorney-at-law;
(b) out of Trinidad and Tobago, the witness must be
a Judge, a Magistrate, a Consul or Consular
Officer, or a Notary Public.
(6) When the petitioning creditor cannot himself verify
all the statements contained in his petition he shall file in support
of the petition the affidavit of some person who can depose to
the statements.
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(7) Where a petition is presented against a debtor who
resides or carries on business at an address other than the address
at which the debtor was residing or carrying on business at the
time of contracting the debt or liability in respect of which the
petition is presented, the petitioning creditor, in addition to
stating in the petition the description of the debtor and of his then
present address and description, shall in the petition, describe the
debtor as lately residing or carrying on business at the address at
which he was residing or carrying on business when the debt or
liability was incurred.
(8) A petitioning creditor—
(a) who is resident abroad;
(b) whose estate is vested in a trustee or an assignee
under any law relating to bankruptcy;
(c) against whom a petition is pending under the
Act; or
(d) who has made default in payment of any
costs ordered by any Court, to be paid by him
to the debtor,
may be ordered to give security for costs to the debtor.
(9) Where two or more petitions are filed against the
same debtor or against joint debtors, the Court may consolidate the
proceedings or any of them on such terms as the Court thinks fit.
(10) At the hearing of the petition, the Court shall require
proof of the facts alleged in the petition and of the service of the
petition, and, if satisfied with the proof, may make a receiving order.
(11) Where the Court is not satisfied with the proof of
the facts alleged in the petition or of the service of the petition, or
is satisfied by the evidence of the debtor that he is able to pay his
debts, or that for other sufficient cause no order ought to be made,
it shall dismiss the petition.
(12) Where there is more than one respondent to a
petition, the Court may dismiss the petition with respect to one or
more of them, without prejudice to the effect of the petition as
against the other or others of them.
(13) On a receiving order being made, the Court shall
appoint a licensed trustee of the property of the bankrupt, having
regard as far as the Court deems just, to the wishes of the creditors.
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(14) Where the debtor appears at the hearing of the
petition and denies the truth of the facts alleged in the petition,
the Court may instead of dismissing the petition, stay all
proceedings on the petition on such terms as it may see fit to
impose on the petitioner as to costs or on the debtor to prevent
alienation of his property and for such time as may be required
for trial of the issue relating to the disputed facts.
(15) The Court may for other sufficient reason make an
order staying the proceedings under a petition, either altogether
or for a limited time, on such terms and subject to such conditions
as the Court may think just.
(16) A petitioner who is resident outside of Trinidad and
Tobago may be ordered to give security for costs to the debtor,
and proceedings under the petition may be stayed until the
security is furnished.
(17) Where proceedings on a petition have been stayed
or have not been prosecuted with due diligence and effect, the
Court may—
(a) if by reason of the delay or for any other cause
it is deemed just, substitute or add as petitioner
any other creditor to whom the debtor may be
indebted in the amount required by this Act;
(b) make a receiving order on the petition of the
other creditor; and
(c) shall dismiss on such terms as it may deem just
the petition in the stayed or non-prosecuted
proceedings.
(18) Where proceedings on a petition have been stayed
for trial on the question of the validity of the creditor’s debt, and
the question has been decided in favour of the validity of the
debt, the petitioning creditor may apply to the Registrar to fix a
day on which further proceedings on the petition may be had and
the Registrar, on production of the judgment or certified copy of
the judgment shall give notice—
(a) to the petitioner, by post or otherwise, of the time
and place fixed for the hearing of the petition;
(b) to the debtor, at the address given in the notice
to dispute; and
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Petition against
estate of
deceased.
Costs of
petitioner.
(c) to the Attorneys-at-law, for the creditor and debtor.
(19) A petition shall not be withdrawn without the leave
of the Court.
(20) Any creditor whose claim against a partnership is
sufficient to entitle him to present a bankruptcy petition may
present a petition against any one or more partners of the firm
without including the others.
(21) Where a receiving order has been made against one
member of a partnership, and any other petition against a member
of the same partnership is filed, the Court may give such
directions for consolidating the proceedings under the petitions
as it thinks just.
(22) Where a debtor against whom a petition has been
filed dies, the proceedings shall, unless the Court otherwise
orders, be continued as if he were alive.
6. (1) Subject to section 5, a petition for a receiving order
may be filed against the estate of a deceased debtor.
(2) After service of a petition for a receiving order on
the legal personal representative of a deceased debtor, he shall
not make payment of any moneys or transfer any property of the
deceased debtor, except as required for payment of the proper
funeral and testamentary expenses, until the petition is disposed
of otherwise, in addition to any penalties to which he may be
subject, he is personally liable.
(3) Nothing in this section invalidates any payment or
transfer of property made or any act or thing done by the legal
personal representative in good faith before the service of a
petition referred to in subsection (2).
7. (1) Where a receiving order is made, the costs of the
petitioner shall be taxed and be payable out of the estate unless
the Court otherwise orders.
(2) Where the proceeds of the estate are not sufficient
for the payment of any costs incurred by the trustee, the Court
may order the costs to be paid by the petitioner.
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APPOINTMENT OF INTERIM RECEIVER
8. (1) The Court may, if it is shown to be necessary for the
protection of the estate of a debtor, at any time after the filing of a
petition for a receiving order and before a receiving order is made,
appoint a licensed trustee as interim receiver of the property of the
debtor or any part of that property and direct the licensed trustee
to take immediate possession of the property on such undertaking
being given by the petitioner as the Court may impose with
respect to interference with the debtor’s legal rights and with
respect to damages in the event of the petition being dismissed.
(2) The interim receiver appointed under subsection (1)
may, under the direction of the Court, take conservatory
measures and summarily dispose of property that is perishable or
likely to depreciate rapidly in value and exercise such control
over the business of the debtor as the Court deems advisable, but
the interim receiver shall not unduly interfere with the debtor in
the carrying out of his business except as may be necessary for
conservatory purposes or to comply with the order of the Court.
9. (1) Where the Court is satisfied that a notice is about to
be sent or has been sent under section 13, the Court may, subject
to subsection (3), appoint a trustee as interim receiver of all or any
part of the debtor’s property that is subject to the security to which
the notice relates, for such term as the Court may determine.
(2) The Court may direct an interim receiver appointed
under subsection (1) to do any or all of the following:
(a) take possession of all or part of the debtor’s
property mentioned in the appointment;
(b) exercise such control over that property, and
over the debtor’s business, as the Court
considers advisable; and
(c) take such other action as the Court considers
advisable.
(3) An appointment of an interim receiver may be made
under subsection (1) only if it is shown to the Court to be
necessary for the protection of—
(a) the debtor’s estate; or
Appointment of
interim receiver.
Appointment of
interim receiver
where section 13
notice pending.
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Appointment of
interim receiver
where notice of
intention or
proposal filed.
Costs of interim
receiver.
(b) the interests of the creditor who sent the notice
under section 13.
10. (1) Where a notice of intention has been filed under
section 30 or a proposal has been filed under section 44(1), the
Court may at any time thereafter, subject to subsection (3),
appoint as interim receiver of all or part of the debtor’s property,
for such term as the Court may determine—
(a) the trustee under the notice of intention or proposal;
(b) another trustee; or
(c) the trustee under the notice of intention or
proposal and another trustee jointly.
(2) The Court may direct an interim receiver appointed
under subsection (1) to—
(a) carry out the duties set out in section 26(18), in
substitution for the trustee referred to in that
subsection or jointly with that trustee;
(b) take possession of all or part of the debtor’s
property mentioned in the order of the Court;
(c) exercise such control over that property, and
over the debtor’s business, as the Court
considers advisable; and
(d) take such other action as the Court considers
advisable.
(3) An appointment of an interim receiver may be made
under subsection (1) only if it is shown to the Court to be
necessary for the protection of—
(a) the debtor’s estate; or
(b) the interests of one or more creditors, or of the
creditors generally.
11. (1) Where an appointment of an interim receiver is
made under section 9 or 10, the Court may make such order
respecting the payment of fees and disbursements of the interim
receiver as it considers proper, including an order giving the
interim receiver a charge, ranking ahead of any or all secured
creditors, over any or all of the assets of the debtor in respect of
his claim for fees or disbursements; but the Court shall not make
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Who may be a
receiver.
Secured party to
provide notice.
such an order unless it is satisfied that all secured creditors who
would be materially affected by the order were given reasonable
advance notification and an opportunity to make representations
to the Court.
(2) With respect to interim receivers appointed under
section 8, 9, or 10—
(a) the form and content of their accounts;
(b) the procedure for the preparation and taxation of
those accounts; and
(c) the procedure for the discharge of the interim
receiver,
shall be as prescribed.
(3) In subsection (1), “disbursements” do not include
payments made in operating a business of the debtor.
SECURED CREDITORS AND RECEIVERS
12. Only a person who is licensed as a trustee under this Act
may be appointed a receiver under a security agreement.
13. (1) A secured creditor who intends to enforce a security
on all or substantially all of—
(a) the inventory;
(b) the accounts receivable; or
(c) the other property,
of a debtor that was acquired for, or is used in relation to a
business carried on by the debtor, shall send to that debtor in the
prescribed form and manner, a notice of that intention.
(2) Where a notice is required to be sent under
subsection (1), the secured creditor shall not enforce the security
in respect of which the notice is required until the expiry of ten
days after sending that notice, unless the debtor consents to an
earlier enforcement of the security.
(3) For the purposes of subsection (2), consent to earlier
enforcement of a security may not be obtained by a secured creditor
prior to the sending of the notice referred to in subsection (1).
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Duties of the
receiver.
(4) This section does not apply, or ceases to apply—
(a) in respect of a secured creditor—
(i) whose right to realise or otherwise deal
with his security is protected by
section 55(3) or (4); or
(ii) in respect of whom a stay under section 55
has been lifted pursuant to section 57;
(b) where there is a receiver in respect of the debtor.
14. A receiver shall—
(a) act honestly and in good faith;
(b) deal with the property of the debtor in a
commercially reasonable manner;
(c) not later than ten days after becoming a receiver,
send a notice of that fact, in the prescribed form
and manner—
(i) to the Supervisor, accompanied by the
prescribed fee;
(ii) where the debtor is bankrupt, to the
trustee; and
(iii) where the debtor is not bankrupt, to the
debtor, and to all creditors of the debtor
that the receiver, after making reasonable
efforts, has ascertained;
(d) send notice of his becoming a receiver to any
creditor whose name and address he ascertains
after sending the notice referred to in
subparagraph (c)(iii);
(e) forthwith after taking possession or control,
whichever occurs first, of property of a debtor,
prepare a statement containing prescribed
information relating to the receivership, and
shall forthwith provide a copy of the statement
to the Supervisor, the debtor, the trustee, in the
case of a bankrupt, and to any creditor of the
debtor who requests a copy at any time up to six
months after the end of the receivership;
(f) in accordance with the Bankruptcy Rules, prepare
interim reports relating to the receivership, and
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Required action
by receiver.
shall provide copies of those reports to the
Supervisor, the debtor, the trustee, in the case of a
bankrupt, and to any creditor of the debtor who
requests a copy at any time up to six months after
the end of the receivership; and
(g) prepare, forthwith after the completion of his
duties as receiver, a final report and a statement
of accounts, in the prescribed form and
containing the prescribed information relating to
the receivership, and forthwith provide a copy
of that Report and statement of accounts to the
Supervisor, the debtor, the trustee, in the case of
a bankrupt, and to any creditor of the debtor or
the bankrupt who requests a copy at any time up
to six months after the end of the receivership.
15. A receiver shall—
(a) if appointed by instrument, act in accordance with
the instrument and any directions by the Court;
(b) if appointed by a Court order, act in accordance
with the directions of the Court;
(c) not later than fourteen days after being appointed
receiver, publish a notice of his appointment in
one issue of a local daily newspaper;
(d) take into his custody or control the collateral in
accordance with the security agreement or order
providing for his appointment;
(e) deal with any property of the debtor in his
possession or control in a commercially
reasonable manner;
(f) open and maintain a bank account in his name as
receiver for the deposit of all moneys coming
under his control as receiver;
(g) keep records, in accordance with accepted
accounting practices, of all receipts,
expenditures and transactions involving
collateral or other property of the debtor;
(h) prepare monthly summaries of accounts of his
administration of the collateral and other
property of the debtor;
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Rights of
receiver.
Duty of debtor.
Receiver to
provide notice
of disposition.
(i) indicate on every business letter, invoice,
contract, or similar document used or executed
in connection with the receivership, that he is
acting as a receiver.
16. A receiver—
(a) may, subject to the rights of secured creditors,
receive the income from the property, pay the
liability connected with the property, and realise
the security interest of those on behalf of whom
he is appointed; and
(b) may not, unless appointed a receiver-manager or
unless the Court orders otherwise, carry on the
business of the debtor for more than fourteen
days after his appointment.
17. A debtor shall, forthwith after being notified that there is
a receiver in respect of any of his property, provide the receiver
with the names and addresses of all creditors.
18. (1) A receiver shall, not less than fourteen days before
the disposition of the collateral in whole or in part, give notice of
disposition in the prescribed form—
(a) to the debtor;
(b) to any person with a charge registered against
the collateral;
(c) to any person who, as a creditor of the debtor,
has given notice to the receiver of its interest in
the collateral; and
(d) if the debtor is a corporation, to a director of
the debtor.
(2) The notice under subsection (1) is not required if—
(a) the collateral is money, is perishable or, on
reasonable grounds, is expected to decline
significantly in value;
(b) the collateral is to be disposed of by sale on an
organised market that handles large volumes of
transactions between many different sellers and
many different buyers; or
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(c) the cost and care of storing the collateral is
disproportionately large to the collateral’s
expected value.
19. A receiver—
(a) is personally liable on any contract entered into
by him in the performance of his functions,
except to the extent that the contract otherwise
provides; and
(b) is entitled in respect of the liability under
paragraph (a), to an indemnity out of the assets
of which he was appointed to be receiver.
20. Where the Court, on the application of the Supervisor, the
debtor, the trustee, in the case of a bankrupt, a receiver or a creditor,
is satisfied that the secured creditor, the receiver or the debtor is
failing or has failed to carry out any duty imposed in this Part, the
Court may make an order, on such terms as it considers proper—
(a) directing the secured creditor, receiver or debtor,
as the case may be, to carry out that duty; or
(b) restraining the secured creditor or receiver, as
the case may be, from realising or otherwise
dealing with the property of the debtor until that
duty has been carried out, or both.
21. (1) The Court may, on the application of the Supervisor,
the debtor, the trustee (in the case of a bankrupt), or a creditor,
made within six months after the statement of accounts was
provided to the Supervisor pursuant to section 14, order the
receiver to submit to it the statement of accounts for review.
(2) The Court may adjust in the manner and the extent
as it considers proper, the fees and charges of the receiver as set
out in the statement of accounts.
22. A receiver may apply to the Court for directions in
relation to any provision of this Part, and the Court shall give, in
writing, such directions, if any, as it considers proper in the
circumstances including—
(a) an order appointing, replacing or discharging a
receiver or receiver-manager and approving
his accounts;
Personal
liability of
receiver.
Court order in
respect of non-
performance of
duties.
Court may order
statement of
accounts to be
submitted for
review.
Receiver may
apply to Court
for directions.
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(b) an order determining the notice to be given
to any person, or dispensing with notice to
any person;
(c) an order declaring the rights of persons before
the Court or otherwise, or directing any person
to do, or abstain from doing, anything;
(d) an order fixing the remuneration of the receiver
or receiver-manager;
(e) an order requiring the receiver or receiver-
manager, or a person by or on behalf of whom
he is appointed—
(i) to make good any default in connection
with the receiver’s or receiver-manager’s
custody or management of the property
and business of the company;
(ii) to relieve any such person from any
default on such terms as the Court thinks
fit; and
(iii) to confirm any act of the receiver or
receiver-manager; and
(f) an order giving direction on any matter in
relation to the duties of the receiver or
receiver-manager.
23. Where the debtor is a corporation—
(a) the provisions of sections 290 to 303 of the
Companies Act shall apply in the absence of
provisions relating thereto in this Act; and
(b) where the provisions of this Act are inconsistent
with the provisions of sections 290 to 303 of the
Companies Act, this Act shall prevail.
24. Except where the debtor is bankrupt or the Court has
ratified a proposal made to creditors under this Act, the priorities
in receivership, of distribution of the property of a debtor shall be
as established by Division 3 of Part IV of the Companies Act.
Provisions of
Companies Act
to apply where
debtor is a
company.
Ch. 81:01.
Priorities of
distribution in a
receivership.
Ch. 81:01.
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Who may make
an assignment.
PART IV
ASSIGNMENTS
25. (1) An insolvent person or, if deceased, the insolvent’s
legal personal representative, may, with the leave of the Court,
make an assignment of all his property for the general benefit of
his creditors.
(2) The assignment made under subsection (1) shall
be accompanied by a sworn statement in the prescribed
form showing—
(a) the property of the debtor divisible among his
creditors;
(b) the names and addresses of all his creditors;
(c) the amounts of their respective claims; and
(d) the nature of the claim, whether secured,
preferred or unsecured.
(3) The assignment made under subsection (1) shall be
offered to the Supervisor, and it is inoperative until filed with the
Supervisor, who shall refuse to file the assignment unless it is in
the prescribed form and accompanied by the sworn statement
required by subsection (2).
(4) Where the Supervisor files the assignment made
under subsection (1), the Supervisor shall appoint as trustee a
licensed trustee whom he shall, as far as possible, select by
reference to the wishes of the most interested creditors if
ascertainable at the time, and the Supervisor shall complete the
assignment by inserting therein as grantee the name of the trustee.
(5) Where the Supervisor is unable to find a licensed
trustee who is willing to act, the Supervisor shall, after giving the
bankrupt five days notice, cancel the assignment.
(6) Where the bankrupt is not a corporation and in the
opinion of the Supervisor the realisable assets of the bankrupt,
after the claims of secured creditors are deducted, will not exceed
ten thousand dollars or such other amount as is prescribed, the
provision of this Act relating to the summary administration of
estates shall apply.
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Who may make
a proposal.
(7) In the determination of the realisable assets of a
bankrupt for the purpose of subsection (6), no regard shall be had
to any property that may be acquired by the bankrupt or devolve
on the bankrupt before the bankrupt’s discharge.
(8) The Supervisor may direct that subsection (6) shall
cease to apply in respect of the bankrupt where the Supervisor
determines that—
(a) the realisable assets of the bankrupt, after the
claims of secured creditors are deducted, exceed
ten thousand dollars or the amount prescribed,
as the case may be; or
(b) the costs of realisation of the assets of the
bankrupt are a significant proportion of the
realisable value of the assets,
and the Supervisor considers that such a direction is appropriate.
PART V
PROPOSALS
26. (1) A proposal may be made by—
(a) an insolvent person;
(b) a receiver, but only in relation to an insolvent
person;
(c) a liquidator of an insolvent person’s property;
(d) a bankrupt; and
(e) a trustee of the estate of a bankrupt.
(2) Subject to subsection (3), a proposal must be made
to the creditors generally, either as a group or separated into
classes as provided in the proposal, and may also be made to
secured creditors in respect of any class of secured claims.
(3) Where a proposal is made to one or more secured
creditors in respect of secured claims of a particular class, the
proposal must be made to all secured creditors in respect of the
secured claims of that class.
(4) Secured claims may be included in the same class
where the interests of the creditors holding those claims are
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sufficiently similar to give them a commonality of interest, taking
into account—
(a) the nature of the debts giving rise to the claims;
(b) the nature and priority of the security in respect
of the claims;
(c) the remedies available to the creditors in the
absence of the proposal, and the extent to which
the creditors would recover their claims by
exercising those remedies;
(d) the treatment of the claims under the proposal,
and the extent to which the claims would be paid
under the proposal; and
(e) such further criteria, consistent with those set out
in paragraphs (a) to (d), as may be prescribed.
(5) the Court may, on application made at any time after
a notice of intention or a proposal is filed, determine in
accordance with subsection (4), the classes of secured claims
appropriate to a proposal, and the class into which any particular
secured claim falls.
(6) Subject to section 27, as regards included secured
creditors, any creditor may respond to the proposal as made to the
creditors generally, by filing with the trustee a proof of claim in
the manner provided for in—
(a) sections 115 to 117, in the case of unsecured
creditors; or
(b) sections 115 to 125, in the case of secured creditors.
(7) In the following sections in this Part, a reference to
an unsecured creditor shall be deemed to include a secured
creditor who has filed a proof of claim under subsection (6), and
a reference to an unsecured claim shall be deemed to include that
secured creditor’s claim.
(8) All questions relating to a proposal, except the
question of accepting or refusing the proposal, shall be decided by
ordinary resolution of the creditors to whom the proposal was made.
(9) Proceedings for a proposal shall be commenced in
the case of an insolvent person by lodging with a licensed trustee,
and in the case of a bankrupt by lodging with the trustee of the
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estate, a copy of the proposal in writing setting out the terms of
the proposal and the particulars of any securities or sureties
proposed, signed by the person making the proposal and the
proposed sureties if any, and—
(a) if the person in respect of whom the proposal is
made is bankrupt, the statement of affairs
referred to in section 149(e); or
(b) if the person in respect of whom the proposal is
made is not bankrupt, a statement showing the
financial position of the person at the date of the
proposal, verified by affidavit as being
correct to the belief and knowledge of the
person making the proposal.
(10) A proposal made in respect of a bankrupt shall be
approved by the inspectors before any further action is taken on
the proposal.
(11) No proposal or any security or guarantee tendered
with the proposal may be withdrawn pending the decision of the
creditors and the Court.
(12) Subsection (11) shall not be construed as
preventing an insolvent person in respect of whom a proposal has
been made from subsequently making an assignment.
(13) The trustee shall make or cause to be made such an
appraisal and investigation of the affairs and property of the
debtor as to enable the trustee to estimate with reasonable
accuracy the financial situation of the debtor and the cause of the
debtor’s financial difficulties or insolvency and report the result
of the appraisal and investigation to the meeting of the creditors.
(14) The trustee shall, when filing a proposal under
section 44(1), file with the proposal—
(a) a statement indicating the projected cash flow of
the insolvent person for the expected duration of
the proposal in this section referred to as the
“cash flow statement”, prepared by the person
making the proposal, reviewed for its
reasonableness by the trustee and signed by the
trustee and the person making the proposal;
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(b) a report on the reasonableness of the cash flow
statement, in the prescribed form, prepared and
signed by the trustee; and
(c) a report containing prescribed representations
by the person making the proposal regarding the
preparation of the cash flow statement, in the
prescribed form, prepared and signed by the
person making the proposal.
(15) Subject to subsection (16), any creditor may obtain
a copy of the cash flow statement on request made to the trustee.
(16) The Court may order that a cash flow statement or
any part of that statement not be released to some or all of the
creditors pursuant to subsection (15) where it is satisfied that—
(a) such release would unduly prejudice the
insolvent person; and
(b) non-release would not unduly prejudice the
creditor or creditors in question.
(17) If the trustee acts in good faith and takes reasonable
care in reviewing the cash flow statement, the trustee is not liable
for loss or damage to any person resulting from that person’s
reliance on the cash flow statement.
(18) Subject to any direction of the Court under
section 27(2)(a), the trustee under a proposal in respect of an
insolvent person shall, for the purpose of monitoring the
business and financial affairs, have access to and examine the
property of the insolvent person, including the premises,
books, records and other financial documents, to the extent
necessary to assess adequately the business and financial
affairs of the insolvent person, from the filing of the proposal
until the proposal is approved by the Court or the insolvent
person becomes bankrupt, and shall—
(a) file a report on the state of the business and
financial affairs of the insolvent person
containing any prescribed information—
(i) with the Supervisor forthwith after
ascertaining any material adverse change
in the insolvent person’s projected cash
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Filing of proof
of secured
claim.
flow or financial circumstances of the
insolvent person; and
(ii) with the Court at such other times as the
Court may order; and
(b) send a report on the state of the business and
financial affairs of the insolvent person,
containing any prescribed information, to the
creditors and the Supervisor, in the prescribed
manner, at least ten days before the meeting of
creditors referred to in section 32(1).
(19) An interim receiver who has been directed under
section 10(2) to carry out the duties set out in subsection (18) in
substitution for the trustee shall deliver a report on the state of the
business and financial affairs, of the insolvent person, containing
any prescribed information, to the trustee at least three days
before the meeting of creditors referred to in section 32(1).
(20) The Court may, on application by the trustee, the
interim receiver, if any, appointed under section 10 or a creditor,
at any time before the meeting of creditors, declare that the
proposal is deemed to have been refused by the creditors if the
Court is satisfied that—
(a) the debtor has not acted, or is not acting, in good
faith and with due diligence;
(b) the proposal will not likely be accepted by the
creditors; or
(c) the creditors as a whole would be materially
prejudiced if the application under this
subsection is rejected.
27. (1) Subject to subsections (2) to (4), a secured creditor
to whom a proposal has been made in respect of a particular
secured claim may respond to the proposal by filing with the
trustee a proof of secured claim in the prescribed form, and may
vote on all questions relating to the proposal, in respect of that
entire claim, and sections 115 to 117 apply, in so far as they are
applicable, with such modifications as the circumstances require,
to proofs of secured claim.
(2) Where a proposal made to a secured creditor in
respect of a secured claim includes a proposed assessed value of
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Where secured
creditors may
not vote.
Secured claims
upon
bankruptcy.
Notice of
intention.
the security in respect of the claim, the secured creditor may file
with the trustee a proof of secured claim in the prescribed form,
and may vote as a secured creditor on all questions relating to the
proposal in respect of an amount equal to the lesser of —
(a) the amount of the claim; and
(b) the proposed assessed value of the security.
(3) Where the proposed assessed value is less than the
amount of the claim of the secured creditor, the secured creditor
may file with the trustee a proof of claim in the prescribed form,
and may vote as an unsecured creditor on all questions relating to
the proposal in respect of an amount equal to the difference
between the amount of the claim and the proposed assessed value.
(4) Where a secured creditor is dissatisfied with the
proposed assessed value of his security, the secured creditor may
apply to the Court within fifteen days after the proposal is sent to
the creditors, to have the proposed assessed value revised, and
the Court may revise the proposed assessed value, in which case
the revised value applies for the purposes of this Part.
(5) Where no secured creditor having a secured claim of
a particular class files a proof of secured claim at or before the
meeting of creditors, the secured creditors having claims of that
class shall be deemed to have voted for the refusal of the proposal.
28. A secured creditor to whom a proposal has not been
made in respect of a particular secured claim may not file a proof
of secured claim in respect of that claim.
29. On the bankruptcy of an insolvent person who made a
proposal to one or more secured creditors in respect of secured
claims, any proof of secured claim filed pursuant to section 27
ceases to be valid or effective, and sections 103 and 118 to 135
apply in respect of a proof of claim filed by any secured creditor
in the bankruptcy.
30. (1) Before lodging a copy of a proposal with a licensed
trustee, an insolvent person may file a notice of intention, in the
prescribed form, with the Supervisor stating—
(a) the insolvent person’s intention to make a proposal;
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(b) the name and address of the licensed trustee who
has consented, in writing, to act as the trustee
under the proposal; and
(c) the names of the creditors with claims
amounting to two hundred and fifty dollars or
more and the amounts of their claims as known
or shown by the debtor’s books,
and attaching to the proposal a copy of the consent referred to in
paragraph (b).
(2) Within ten days after filing a notice of intention
under subsection (1), the insolvent person shall file with
the Supervisor—
(a) a statement indicating the projected cash flow of
the insolvent person (in this section referred to
as the “cash flow statement”), prepared by the
insolvent person, reviewed for its
reasonableness by the trustee under the notice of
intention, and signed by the trustee and the
insolvent person;
(b) a report on the reasonableness of the cash flow
statement, in the prescribed form, prepared and
signed by the trustee; and
(c) a report containing prescribed representations
by the insolvent person regarding the
preparation of the cash flow statement, in the
prescribed form, prepared and signed by the
insolvent person.
(3) Subject to subsection (4), any creditor may obtain a
copy of the cash flow statement on request made to the trustee.
(4) The Court may order that a cash flow statement or
any part thereof not be released to some or all of the creditors
pursuant to subsection (3), where it is satisfied that—
(a) such release would unduly prejudice the
insolvent person; and
(b) non-release would not unduly prejudice the
creditor or creditors in question.
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(5) If the trustee acts in good faith and takes reasonable
care in reviewing the cash flow statement, the trustee is not liable
for loss or damage to any person resulting from that person’s
reliance on the cash flow statement.
(6) Within five days after the filing of a notice of
intention under subsection (1), the trustee named in the notice
shall send to every known creditor, in the prescribed manner, a
copy of the notice.
(7) Subject to any direction of the Court under
section 10(2)(a), the trustee, under a notice of intention, in
respect of an insolvent person shall—
(a) for the purpose of monitoring the insolvent
person’s business and financial affairs, have
access to and examine the insolvent person’s
property, including his premises, books, records
and other financial documents, to the extent
necessary to adequately assess the insolvent
person’s business and financial affairs, from the
filing of the notice of intention until a proposal
is filed or the insolvent person becomes
bankrupt; and
(b) file a report on the state of the insolvent person’s
business and financial affairs, containing any
prescribed information—
(i) with the Supervisor, forthwith after
ascertaining any material adverse change
in the insolvent person’s projected cash
flow or financial circumstances; and
(ii) with the Court, at or before the hearing by
the Court of any application under
subsection (9) and at such other times as
the Court may order.
(8) Where an insolvent person fails to comply with
subsection (2), or where the trustee fails to file a proposal with
the Supervisor under section 44(1) within a period of thirty
days after the day the notice of intention was filed under
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subsection (1), or within any extension of that period granted
under subsection (9)—
(a) the insolvent person is, on the expiration of that
period or that extension, as the case may be,
deemed to have made an assignment;
(b) the trustee shall forthwith file a report thereof in
the prescribed form with the receiver, who shall
issue a certificate of assignment in the
prescribed form, which has the same effect for
the purposes of this Act as an assignment filed
pursuant to section 25; and
(c) the trustee shall, within five days after the day
the certificate mentioned in paragraph (b) is
issued, send notice of the meeting of creditors
under section 93, at which meeting the creditors
may by ordinary resolution, notwithstanding
section 186, affirm the appointment of the
trustee or appoint another licensed trustee in lieu
of that trustee.
(9) The insolvent person may, before the expiration of
the thirty-day period mentioned in subsection (8) or any
extension thereof granted under this subsection, apply to the
Court for an extension, or further extension, as the case may be,
of that period, and the Court may grant such extensions, not
exceeding forty-five days for any individual extension and not
exceeding in the aggregate five months after the expiration of the
thirty-day period mentioned in subsection (8), if satisfied on each
application that—
(a) the insolvent person has acted, and is acting, in
good faith and with due diligence;
(b) the insolvent person would likely be able to
make a viable proposal if the extension being
applied for were granted; and
(c) no creditor would be materially prejudiced if the
extension being applied for were granted.
(10) The Court may, on application by the trustee, the
interim receiver, if any, appointed under section 10(1), or a
creditor, declare terminated, before its actual expiration, the thirty-
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Trustee to assist
in preparation of
proposal.
Meeting of
creditors.
day period mentioned in subsection (8) or any extension thereof
granted under subsection (9), if the Court is satisfied that—
(a) the insolvent person has not acted, or is not
acting, in good faith and with due diligence;
(b) the insolvent person will not likely be able to
make a viable proposal before the expiration of
the period in question;
(c) the insolvent person will not likely be able to
make a proposal, before the expiration of the
period in question, that will be accepted by the
creditors, or rejected,
and where the Court declares the period in question terminated,
subsection 8(a) to (c) thereupon apply as if that period had expired.
31. The trustee under a notice of intention shall, between the
filing of the notice of intention and the filing of a proposal, advise
on and participate in the preparation of the proposal, including
negotiations thereon.
32. (1) The trustee shall call a meeting of creditors, to be
held within twenty-one days after the filing of the proposal with
the Supervisor under section 44(1), by sending in the prescribed
manner to every known creditor and to the Supervisor, at least
ten days before the meeting—
(a) a notice of the date, time and place of the
meeting;
(b) a condensed statement of the assets and
liabilities;
(c) a list of the creditors with claims amounting to
two hundred and fifty dollars or more and the
amounts of their claims as known or shown by
the books of the debtor;
(d) a copy of the proposal;
(e) the prescribed forms, in blank, of—
(i) proof of claim;
(ii) in the case of a secured creditor to whom
the proposal was made, proof of secured
claim; and
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Adjournment of
meeting.
Proven creditors
may vote prior
to meeting.
Creditors may
accept or refuse
proposal.
(iii) proxy, if not already sent; and
(f) a voting letter as prescribed.
(2) The Supervisor, or the nominee thereof, shall be the
Chairman of the meeting referred to in subsection (1) and shall
decide any questions or disputes arising at the meeting, and any
creditor may appeal any decision of the meeting to the Court.
33. Where the creditors by ordinary resolution at the
meeting at which a proposal is being considered so require, the
meeting shall be adjourned to such time and place as may be
fixed by the Chairman.
34. Any creditor who has proved a claim, whether secured or
unsecured, may indicate assent to or dissent from the proposal by
mail, personal delivery, or printed electronic transmission delivered
to the trustee prior to the meeting, and any assent or dissent, if
received by the trustee at or prior to the meeting, has effect as if the
creditor had been present and had voted at the meeting.
35. (1) The creditors may, in accordance with this section,
resolve to accept or may refuse the proposal as made or as altered
at the meeting or any adjournment of the meeting.
(2) For the purposes of subsection (1)—
(a) the following creditors with proven claims are
entitled to vote:
(i) all unsecured creditors; and
(ii) those secured creditors in respect of whose
secured claims the proposal was made;
(b) the creditors shall vote by class, according to the
class of their respective claims, and for that
purpose—
(i) all unsecured claims constitute one class,
unless the proposal provides for more
than one class of unsecured claims; and
(ii) the classes of secured claims shall be
determined as provided by section 26(4);
(c) the votes of the secured creditors do not count
for the purpose of this section, but are relevant
only for the purpose of section 44(4); and
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Proposal may
include terms of
supervision.
Creditors may
appoint
inspectors.
Effect of refusal
of proposal by
creditors.
(d) the proposal shall be deemed to be accepted by
the creditors if, and only if, all classes of
unsecured creditors vote for the acceptance of
the proposal by a majority in number and two-
thirds in value of the unsecured creditors of each
class present, personally or by proxy, at the
meeting and voting on the resolution.
(3) Where there is no quorum of secured creditors in
respect of a particular class of secured claims, the secured
creditors having claims of that class shall be deemed to have
voted for the refusal of the proposal.
(4) A creditor who is related to the debtor may vote
against but not for the acceptance of the proposal.
(5) The trustee, as a creditor, may not vote on the proposal.
36. At a meeting to consider a proposal, the creditors, with
the consent of the debtor, may include such provisions or terms
in the proposal with respect to the supervision of the affairs of the
debtor as they may deem advisable.
37. The creditors may appoint one or more, but not exceeding
five inspectors of the estate of the debtor, who shall have the
powers of an inspector under this Act, subject to any extension or
restriction of those powers by the terms of the proposal.
38. Where the creditors refuse a proposal in respect of an
insolvent person—
(a) the insolvent person is deemed to have made an
assignment at the time of the refusal;
(b) the trustee shall forthwith file a report in respect
of the refusal of the proposal in the prescribed
form with the Supervisor, who shall thereupon
issue a certificate of assignment in the
prescribed form, which has the same effect for
the purposes of this Act as an assignment filed
pursuant to section 25; and
(c) the trustee shall either—
(i) forthwith call a meeting of creditors
present at that time, which meeting shall
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be deemed to be a meeting called under
section 93; or
(ii) if no quorum exists for the purpose of
subparagraph (i), send a notice, within
five days after the day the certificate
mentioned in paragraph (b) is issued, of
the meeting of creditors under section 93,
and at either meeting the creditors may by
ordinary resolution, notwithstanding section 186,
affirm the appointment of the trustee or appoint
another licensed trustee in lieu of that trustee.
39. Where a declaration has been made under section 26(20)
or 30(10), the Court may, if it is satisfied that it would be in the
best interests of the creditors to do so, appoint a trustee in lieu of
the trustee appointed under the notice of intention or proposal
that was filed.
40. On acceptance of a proposal by the creditors, the trustee
shall—
(a) within five days after the acceptance, apply to
the Court for an appointment for a hearing of the
application for the approval by the Court of the
proposal;
(b) send a notice of the hearing of the application, in
the prescribed manner and at least fifteen days
before the date of the hearing, to the debtor, to
every creditor who has proved a claim, whether
secured or unsecured, to the person making the
proposal and to the Supervisor;
(c) forward a copy of the report referred to in
paragraph (d) to the Supervisor at least ten days
before the date of the hearing; and
(d) at least two days before the date of the hearing,
file with the Court, in the prescribed form, a
report on the proposal.
41. (1) The Court shall, before approving the proposal, hear
a report of the trustee in the prescribed form respecting the terms
of the proposal and the conduct of the debtor, and, in addition,
Substitution of
trustee by Court
order.
Trustee to apply
to Court for
approval of
proposal.
Trustee to
prepare report to
Court.
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Payment of
preferred claims
and trustee’s
costs.
shall hear the trustee, the debtor, the person making the proposal,
any opposing, objecting or dissenting creditor and such further
evidence as the Court may require.
(2) Where the Court is of the opinion that the terms of the
proposal are not reasonable or are not calculated to benefit the general
body of creditors, the Court shall refuse to approve the proposal.
(3) Where any of the facts mentioned in section 165 or
169 are proved against the debtor, the Court shall refuse to
approve the proposal unless it provides reasonable security for
the payment of not less than twenty-five cents on the dollar on all
the unsecured claims provable against the estate of the debtor or
such percentage thereof as the Court may direct.
42. (1) No proposal shall be approved by the Court that does
not provide for the payment in priority to other claims of all
claims directed to be so paid in the distribution of the property of
a debtor and for the payment of all proper fees and expenses of
the trustee on and incidental to the proceedings arising out of the
proposal or in the bankruptcy.
(2) No proposal in respect of an employer shall be
approved by the Court unless—
(a) it provides for payment to the employees and
former employees, immediately after the Court
approval of the proposal of amounts equal to the
amounts that they would be qualified to receive
under section 127(1)(c), if the employer became
bankrupt on the date of the filing of the notice of
intention, or proposal if no notice of intention
was filed, as well as wages, salaries,
communications or compensation for services
rendered after that date and before the Court
approval of the proposal, together with, in the
case of travelling salesmen, disbursements
properly incurred by those salesmen in and
about the bankrupt’s business during the same
period; and
(b) the Court is satisfied that the employer can and
will make the payments as required under
paragraph (a).
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Where proposal
approved by
Court made by
bankrupt.
(3) For the purpose of voting on any question relating to
a proposal in respect of an employer, no person has a claim for an
amount referred to in subsection (2)(a).
(4) All moneys payable under the proposal shall be
paid to the trustee and, after payment of all proper fees and
expenses mentioned in subsection (1), shall be distributed by
him to the creditors.
(5) Where the proposal provides for the distribution of
property in the nature of promissory notes or other evidence of
obligations by or on behalf of the debtor or, when the debtor is a
corporation, shares in the capital stock of the corporation, the
property shall be dealt with in the manner set out in subsection (4).
(6) Section 137 applies to all distributions made to the
creditors by the trustee pursuant to subsection (4) or (5).
(7) Subject to subsections (1), (2) and (3), the Court may
either approve or refuse to approve the proposal.
43. (1) The approval by the Court of a proposal made after
bankruptcy operates to annul the bankruptcy and to revest in the
debtor, or in such other person as the Court may approve, all the
right, title and interest of the trustee in the property of the debtor,
unless the terms of the proposal otherwise provide.
(2) Where the Court refuses to approve a proposal in
respect of an insolvent person, a copy of which has been filed
under section 44—
(a) the insolvent person is deemed to have made an
assignment at the time of the refusal;
(b) the trustee shall forthwith file a report in respect
of the refusal of the proposal in the prescribed
form with the Supervisor, who shall then issue a
certificate of assignment in the prescribed form,
which has the same effect for the purposes of
this Act as an assignment filed pursuant to
section 25; and
(c) the trustee shall, within five days after the day
the certificate mentioned in paragraph (b) is
issued, send notice of the meeting of creditors
under section 93, at which meeting the creditors
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Trustee to file
proposal with
Supervisor.
may by ordinary resolution, notwithstanding
section 187, affirm the appointment of the
trustee or appoint another licensed trustee in lieu
of that trustee.
(3) No costs incurred by a debtor on or incidental to an
application to approve a proposal, other than the costs incurred
by the trustee, shall be allowed out of the estate of the debtor if
the Court refuses to approve the proposal.
44. (1) Where a proposal is made in respect of an insolvent
person, the trustee shall file a copy of the proposal with the Supervisor.
(2) Except in respect of claims referred to in section 193(11),
where a proposal is made in respect of an insolvent person, the
time with respect to which the claims of creditors shall be
determined is the time of the filing of—
(a) the notice of intention; or
(b) the proposal, if no notice of intention was filed.
(3) Except in respect of claims referred to in section 193(11),
where a proposal is made in respect of a bankrupt, the time with
respect to which the claims of creditors shall be determined is the
date on which the debtor became bankrupt.
(4) A proposal accepted by the creditors and approved
by the Court is binding on the creditors in respect of—
(a) all unsecured claims; and
(b) the secured claims in respect of which the
proposal was made and that were in classes in
which the secured creditors voted for the
acceptance of the proposal by a majority in
number and two-thirds in value of the secured
creditors present, personally or by proxy, at the
meeting and voting on the resolution to accept
the proposal, but does not release the insolvent
person from the debts and liabilities referred to
in section 170, unless the creditor assents to so
releasing the insolvent person.
(5) The acceptance of a proposal by a creditor does not
release any person who would not be released under this Act by
the discharge of the debtor.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
45. Where—
(a) default is made in the performance of any
provision in a proposal;
(b) the default is not waived—
(i) by the inspectors; or
(ii) if there are no inspectors, by the
creditors; and
(c) the default is not remedied by the insolvent
person within the prescribed time,
the trustee shall, within such time and in such form and manner
as are prescribed, so inform all the creditors and the Supervisor.
46. (1) Where default is made in the performance of any
provision in a proposal, or where it appears to the Court that the
proposal cannot continue without injustice or undue delay or that
the approval of the Court was obtained by fraud, the Court may,
on application with such notice as the Court may direct to the
debtor, and if applicable to the trustee and to the creditors, annul
the proposal.
(2) An order made under subsection (1) shall be made
without prejudice to the validity of any sale, disposition of
property or payment duly made, or anything done under or in
pursuance of the proposal, and notwithstanding the annulment of
the proposal, a guarantee given pursuant to the proposal remains
in full force and effect in accordance with its terms.
(3) A proposal, although accepted or approved, may be
annulled by order of the Court at the request of the trustee or of
any creditor whenever the debtor is afterwards convicted of any
offence under this Act.
(4) On the annulment of a proposal, the debtor shall be
deemed to have made an assignment and the order annulling the
proposal shall so state.
(5) Where an order annulling a proposal has been made,
the trustee shall, within five days after the order is made, send
notice of the meeting of creditors under section 93, at which
meeting the creditors may by ordinary resolution,
notwithstanding section 186, affirm the appointment of the
trustee or appoint another licensed trustee in lieu of that trustee.
Default in
performance of
proposal.
Court may
annul the
proposal.
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(6) Where an order annulling the proposal described in
subsection (5) has been made, the trustee shall file a report
thereof in the prescribed form with the Supervisor, who shall then
issue a certificate of assignment in the prescribed form, which
has the same effect for the purposes of this Act as an assignment
filed pursuant to section 25.
47. For greater certainty, where an insolvent person in
respect of whom a proposal has been filed under section 44
makes an assignment at any time before the Court has approved
the proposal, the date of the bankruptcy is the date of the filing of
the assignment.
48. A proposal made conditional on the purchase of shares or
securities or on any other payment or contribution by the
creditors shall provide that the claim of any creditor who elects
not to participate in the proposal shall be valued by the Court and
shall be paid in cash on approval of the proposal.
49. (1) Where a notice of intention or a proposal has been
filed in respect of an insolvent person, no person may terminate
or amend any agreement with the insolvent person, or claim an
accelerated payment under any agreement with the insolvent
person by reason only that—
(a) the insolvent person is insolvent; or
(b) a notice of intention or a proposal has been filed
in respect of the insolvent person.
(2) Where the agreement referred to in subsection (1) is
a lease or a licensing agreement, subsection (1) shall be read as
including the following paragraph:
“(c) the insolvent person has not paid rent or
royalties, as the case may be, or other payments
of a similar nature, in respect of a period
preceding the filing of—
(i) the notice of intention, if one was filed; or
(ii) the proposal, if no notice of intention
was filed.”.
Date of
assignment
where Court
approval not
obtained.
Court to value
claims where
creditor
participation
required.
Agreement not
to be terminated
or altered.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
(3) Where a notice of intention or a proposal has been
filed in respect of an insolvent person, no service provider may
discontinue service to that insolvent person by reason only that—
(a) the insolvent person is insolvent;
(b) a notice of intention or a proposal has been filed
in respect of the insolvent person; or
(c) the insolvent person has not paid for services
rendered, or material provided, before the filing
of the proposal.
(4) Nothing in subsections (1) to (3) shall be
construed—
(a) as prohibiting a person from requiring
immediate payment for goods, services, use of
leased or licensed property or other valuable
consideration provided after—
(i) the notice of intention, if one was filed; or
(ii) the proposal, if no notice of intention was
filed; or
(b) as requiring the further advance of money or credit.
(5) Any provision in an agreement that has the effect of
providing for or permitting anything that in substance, is contrary
to subsections (1) to (3) is of no force or effect.
(6) The Court may, on application by a party to an
agreement or by a service provider, declare that subsections (1) to
(3) do not apply or apply only to the extent declared by the Court,
where the applicant satisfies the Court that the operation of those
subsections would be likely to cause significant financial hardship.
(7) Subsection (1) does not apply—
(a) in respect of an eligible financial contract; or
(b) to prevent a Trinidad and Tobago clearing agent
or group clearer from ceasing to act as such for
an insolvent person.
(8) In subsections (7) and (9), “eligible financial
contract” means—
(a) a currency or interest rate swap agreement;
(b) a basis swap agreement;
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(c) a spot, future, forward, or other foreign
exchange agreement;
(d) a cap, collar or floor transaction;
(e) a commodity swap;
(f) a forward rate agreement;
(g) a repurchase or reverse repurchase agreement;
(h) a spot, future, forward or other commodity
contract;
(i) an agreement to buy, sell, borrow or lend
securities, to clear or settle securities transactions
or to act as a depository for securities;
(j) any derivative, combination or option in respect
of, or agreement similar to, an agreement or
contract referred to in paragraphs (a) to (i);
(k) any master agreement in respect of any
agreement or contract referred to in
paragraphs (a) to (j);
(l) any master agreement in respect of a master
agreement referred to in paragraph (k);
(m) a guarantee of the liabilities under an agreement
or contract referred to in paragraphs (a) to (l); or
(n) any agreement of a kind prescribed.
(9) For greater certainty, where an eligible financial
contract entered into before the filing in respect of an insolvent
person of—
(a) a notice of intention; or
(b) a proposal, where no notice of intention was filed,
is terminated on or after that filing, the setting off of the
obligations between the insolvent person and the other parties to
the eligible financial contract, in accordance with its provisions,
shall be permitted; and if net termination values determined in
accordance with the eligible financial contract are owed by the
insolvent person to another party to the eligible financial
contract, that other party shall be deemed, for the purposes of
section 55, to be a creditor of the insolvent person with a claim
provable in bankruptcy in respect of those net termination values.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
(10) In this section—
“basis swap agreement” means an interest rate swap in which
contracting parties exchange obligations to make interest
rate payments;
“cap transaction” means an agreement providing the right to
benefit from changes in interest or currency rate involving
the setting of a maximum or upper limit;
“collar transaction” means an agreement providing the right to
benefit from changes in interest or currency rate involving
the setting of both a minimum or lower limit and a
maximum or upper limit;
“commodity swap” means a lending arrangement in which
repayment is in a commodity or is based on a commodity
price;
“currency swap agreement” means a transaction in which two
counterparties exchange specific amounts of two different
currencies at the outset and repay over time in accordance
with a predetermined rule that reflects interest payments and
possible amortization of principal;
“floor transaction” means an agreement providing the right to
benefit from changes in interest or currency rate involving
the setting of a maximum or upper limit;
“forward agreement” means a cash contract in which two parties
agree to the exchange of an asset to be delivered by the
seller to the buyer at a specific future date;
“future contract” means a contract under which one party agrees
to deliver to the other party on a specified future date, a
specified asset at a price agreed at the time of the contract
and payable on the future date;
“interest rate swap agreement” means an agreement between two
parties to exchange series payments based on an agreed
principal amount;
“master agreement” means a standard agreement that covers all
transactions between the parties;
“net termination value” means the net amount obtained after
setting off the mutual obligations between the parties to an
eligible financial contract in accordance with its provisions;
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Certificate of
performance.
Mutatis
mutandis
provisions.
Property of a
bankrupt.
“repurchase agreement” means a financial agreement in which a
dealer or other holder of government securities sells the
securities to a lender and agrees to repurchase them at an
agreed future date at an agreed price;
“reverse purchase agreement” means an overnight or similar term
cash equivalent investment that is collaterised by transfer of
ownership in a security;
“spot agreement” means an arrangement for expected annual
immediate delivery of a currency commodity at a stated rate
of exchange or price.
50. Where a proposal is fully performed, the trustee shall
give a certificate to that effect, in the prescribed form, to the
debtor and to the Supervisor.
51. All the provisions of this Act, in so far as they are
applicable, apply, with such modifications as the
circumstances require, to proposals made under this Part.
PART VI
PROPERTY OF THE BANKRUPT
52. The property of a bankrupt divisible among his creditors
shall not comprise—
(a) property held by the bankrupt in trust for any
other person; or
(b) any property that as against the bankrupt is
prescribed to be exempt from execution or
seizure,
but it shall comprise—
(c) all property wherever situated of the bankrupt at
the date of the bankruptcy or that may be
acquired by or devolve on the bankrupt before
the discharge of the bankrupt; and
(d) such powers in or over or in respect of the
property as might have been exercised by the
bankrupt for the benefit of the bankrupt.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Excess income
of individual
bankrupts to be
as prescribed.
53. (1) Standards for determining the portion of the total
income of an individual bankrupt that exceed that which is
necessary to enable the bankrupt to maintain a reasonable
standard of living shall be as prescribed.
(2) The trustee shall—
(a) having regard to the Bankruptcy Rules and to
the personal and family situation of the
bankrupt, fix the amount that the bankrupt is
required to pay to the estate of the bankrupt;
(b) inform the Supervisor in writing of the amount
fixed under paragraph (a); and
(c) take reasonable measures to ensure that the
bankrupt complies with the requirement to pay.
(3) The trustee may, at any time, amend an amount fixed
under subsection (2), to take into account—
(a) material changes that have occurred in the
personal or family situation of the bankrupt; or
(b) a recommendation made by the Supervisor
under subsection (4).
(4) Where the Supervisor determines that the amount
required to be paid by the bankrupt under subsection (2) or (3) is
substantially not in accordance with the applicable standards
established under subsection (1), the Supervisor shall
recommend to the trustee and to the bankrupt an amount required
to be paid that the Supervisor determined is in accordance with
the applicable standards.
(5) Where the trustee and the bankrupt are not in
agreement with the amount that the bankrupt is required to pay under
subsection (2) or (3), the trustee shall, forthwith, in the prescribed
form, send to the Supervisor a request that the matter be determined
by mediation and send a copy of the request to the bankrupt.
(6) On the request in writing of a creditor made within
thirty days after the date of bankruptcy or an amendment referred to
in subsection (3), the trustee shall, within the five days following the
thirty-day period, send to the Supervisor a request in the prescribed
form that the matter of the amount the bankrupt is required to pay
under subsection (2) or (3) be determined by mediation and send a
copy of the request to the bankrupt and the creditor.
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(7) A mediation shall be in accordance with
prescribed procedures.
(8) Documents contained in a file on the mediation of a
matter under this section form part of the records referred to in
section 179(2).
(9) Where—
(a) the trustee has not implemented a
recommendation made by the Supervisor under
subsection (4);
(b) the issue submitted to mediation requested
under subsection (5) or (6) is not resolved; or
(c) the bankrupt fails to comply with the requirement
to pay as determined under this section,
the trustee shall, on the request of the inspectors, any of the creditors
or the Supervisor, apply to the Court for the hearing of the matter,
and the Court may, on the hearing, in accordance with the standards
established under subsection (1) and having regard to the personal
and family situation of the bankrupt, by order, fix the amount that
the bankrupt is required to pay to the estate of the bankrupt.
(10) The Court may fix an amount that is fair and
reasonable—
(a) as salary, wages or other remuneration for the
services being performed by a bankrupt for a
person employing the bankrupt; or
(b) as payment for or commission in respect of any
services being performed by a bankrupt for a person,
where the person is related to the bankrupt, and the Court may,
by order, determine the part of the salary, wages or other
remuneration, or the part of payment or commission, that shall be
paid to the trustee on the basis of the amount so fixed by the
Court, unless it appears to the Court that the services have been
performed for the benefit of the bankrupt and are not of any
substantial benefit to the person for whom they were performed.
(11) On the application of any interested person, the
Court may, at any time, amend an order made under this section
to take into account material changes that have occurred in the
personal or family situation of the bankrupt.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Where
assignment of
certain
payments
ineffectual.
Stay of
proceedings
upon filing of
notice of
intention or
proposal.
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(12) An order of the Court made under this section may
be served on a person from whom the bankrupt is entitled to
receive money and in such case—
(a) the order binds the person to pay to the estate of
the bankrupt the amount fixed by the order; and
(b) if the person fails to comply with the terms of
the order, the Court may, on the application of
the trustee, order the person to pay the trustee
the amount of money that the estate of the
bankrupt would have received had the person
complied with the terms of the order.
(13) For the purposes of section 222, an application
referred to in subsection (9) is deemed to be a proceeding for the
benefit of the estate.
(14) For the purposes of this section—
(a) “total income” referred to in subsection (1)
includes, notwithstanding section 52(b), all
revenues of a bankrupt of whatever nature or
source; and
(b) a requirement that a bankrupt pay an amount to
the estate of the bankrupt that is enforceable
against all property of the bankrupt, other than
property referred to in section 52(b).
54. (1) An assignment of existing or future wages made by
a debtor before the debtor became bankrupt is of no effect in
respect of wages earned after the bankruptcy.
(2) An assignment made by a debtor of existing or future
amounts receivable as payment for or commission or professional
fees in respect of services rendered by a debtor who is a natural
person before the debtor became bankrupt is of no effect in respect
of such amounts earned or generated after the bankruptcy.
STAY OF PROCEEDINGS
55. (1) Subject to subsections (2) to (4) and section 57, on
the filing of a notice of intention under section 30(1) in respect of
an insolvent person—
(a) no creditor has any remedy against the insolvent
person or the insolvent person’s property, or
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shall commence or continue any action,
execution or other proceedings, for the recovery
of a claim provable in bankruptcy, until the
trustee has been discharged or the insolvent
person becomes bankrupt; and
(b) no provision of a security agreement between
the insolvent person and a secured creditor that
provides, in substance, that on—
(i) the insolvent person’s insolvency;
(ii) the default by the insolvent person of an
obligation under the security agreement; or
(iii) the filing by the insolvent person of a
notice of intention under section 30(1) in
respect of the insolvent person,
the insolvent person ceases to have such rights
to use or deal with assets secured under the
agreement as the insolvent person would
otherwise have, has any force or effect until the
trustee has been discharged or the insolvent
person becomes bankrupt.
(2) The stays provided by subsection (1) do not apply—
(a) to prevent a secured creditor who took
possession of secured assets of the insolvent
person for the purpose of realisation before the
notice of intention under section 30 was filed
from dealing with those assets;
(b) unless the secured creditor otherwise agrees, to
prevent a secured creditor who gave notice of
intention under section 13(1), to enforce that
creditor’s security against the insolvent person
more than ten days before—
(i) a notice of intention was filed in respect of
the insolvent person under section 30; or
(ii) the proposal was filed, if no notice of
intention under section 30 was filed from
enforcing that security; or
(c) to prevent a secured creditor who gave notice of
intention under section 13(1) to enforce that
UNOFFICIAL VERSION
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creditor’s security from enforcing the security if
the insolvent person has, under section 13(2),
consented to the enforcement action.
(3) Subject to sections 20, 69 and 118 to 125, the filing
of a proposal under section 44(1) does not prevent a secured
creditor to whom the proposal has not been made in respect of a
particular security from realising or otherwise dealing with that
security in the same manner as he would have been entitled to
realise or deal with it if this section had not been passed.
(4) Subject to sections 20, 69 and 118 to 125, where
secured creditors holding a particular class of secured claim voted
for the refusal of a proposal, a secured creditor holding a secured
claim of that class may henceforth realise or otherwise deal with
his security in the same manner as he would have been entitled to
realise or deal with it if this section had not been passed.
56. (1) Subject to subsection (2) and section 57, on the
bankruptcy of any debtor, no creditor has any remedy against the
debtor or the debtor’s property or shall commence or continue
any action, execution or other proceedings, for the recovery of a
claim provable in bankruptcy, until the trustee has been
discharged.
(2) Subject to sections 20, 69 and 118 to 125, the
bankruptcy of a debtor does not prevent a secured creditor from
realising or otherwise dealing with his security in the same
manner as he would have been entitled to realise or deal with it if
this section had not been passed, unless the Court otherwise
orders, but in so ordering the Court shall not postpone the right
of the secured creditor to realise or otherwise deal with his
security, except as follows:
(a) in the case of a security for a debt that is due at
the date the bankrupt became bankrupt or that
becomes due not later than six months
thereafter, that right shall not be postponed for
more than six months from that date; and
(b) in the case of a security for a debt that does not
become due until more than six months after the
date the bankrupt became bankrupt, that right shall
not be postponed for more than six months from
Stay of
proceedings
upon
bankruptcy.
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Aggrieved
creditor may
apply to Court
for removal of
stay.
Stay ineffectual
against certain
parties and
claims.
Precedence of
bankruptcy over
certain creditors
unless process
completed.
that date, unless all instalments of interest that are
more than six months in arrears are paid and all
other defaults of more than six months standing are
cured, and then only so long as no instalment of
interest remains in arrears or defaults remain
unsecured for more than six months, but, in any
event, not beyond the date at which the debt
secured by the security becomes payable under the
instrument or law creating the security.
57. A creditor who is affected by the operation of section 55
or 56 may apply to the Court for a declaration that those sections
no longer operate in respect of that creditor, and the Court may
make such a declaration, subject to any qualifications that the
Court considers proper, if it is satisfied—
(a) that the creditor or person is likely to be
materially prejudiced by the continued
operation of those sections; or
(b) that it is equitable on other grounds to make
such a declaration.
58. (1) Sections 55 and 56 do not apply in respect of a claim
referred to in section 112(4).
(2) Notwithstanding subsection (1), no creditor with a claim
referred to in section 112(4) has any remedy, or shall commence or
continue any action, execution or other proceeding, against—
(a) property of a bankrupt that has vested in the
trustee; or
(b) amounts that are payable to the estate of the
bankrupt under section 53.
GENERAL PROVISIONS
59. (1) Every receiving order and every assignment made in
pursuance of this Act takes precedence over all judicial and other
attachments, garnishments, certificates of judgment, judgments
operating as executions or other process against the property of a
bankrupt, except those that have been completely executed by
payment to the creditors or his agent, and except the rights of a
secured creditor.
UNOFFICIAL VERSION
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Property of
bankrupt to vest
in trustee.
Trustee to avail
himself of other
rights.
Delivery of
seized property
to trustee.
(2) An execution levied by seizure and sale of the
property of a bankrupt is not invalid by reason only of its being
an act of bankruptcy, and a person who purchases the property in
good faith under a sale by the Marshal acquires a good title
against the trustee.
60. (1) On a receiving order being made or an assignment
being filed with the Supervisor, a bankrupt ceases to have any
capacity to dispose or otherwise deal with his property, which
shall, subject to this Act and to the rights of secured creditors,
pass to and vest in the trustee named in the receiving order or
assignment, and in any case of change of trustee the property
shall pass from trustee to trustee without any conveyance,
assignment or transfer.
(2) Subject to section 214(1), the trustee may exercise
the right to transfer the property of the bankrupt to the same
extent as the bankrupt might have exercised that right if he had
not become bankrupt.
61. The provisions of this Act shall not be deemed to
abrogate or supersede the substantive provisions of any other law
or statute that are not in conflict with this Act, and the trustee is
entitled to avail himself of all rights and remedies provided by
that law or statute as supplementary to and in addition to the
rights and remedies provided by this Act.
62. (1) Where an assignment or a receiving order has been
made, the Marshal or other officer of any Court or other person
having seized property of the bankrupt under execution or
attachment or any other process shall, on receiving a copy of the
assignment or the receiving order certified by the trustee as a true
copy, forthwith deliver to the trustee all that property.
(2) Where the Marshal has sold the property of a
bankrupt or any part of that property, he shall deliver to the
trustee the money so realised.
(3) Any property of a bankrupt under seizure for rent or
taxes shall, on production of a copy of the receiving order or the
assignment certified by the trustee as a true copy, be delivered
forthwith to the trustee, but the costs of distress are a first charge
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on the property, and, if the property or any part thereof has been
sold, the money realised from the sale less the costs of distress
and sale be paid to the trustee.
63. (1) Where the bankrupt is a lessee of premises, the
trustee, notwithstanding a condition, covenant or agreement in the
lease, has the right to hold and retain the leased premises until the
expiration of the tenancy on the same terms and conditions as the
lessee might have held the premises, had no bankruptcy occurred.
(2) The tenancy of the leased premises shall terminate
upon the trustee disclaiming the lease, but nothing shall prevent
the trustee from transferring or disposing of a lease, leasehold
property, or any interest of the lessee for the unexpired term to as
full an extent as could have been done by the lessee had the
bankruptcy not occurred.
(3) If the lease contains a covenant, condition or
agreement that the lessee may not assign or sublet the premises
without the leave or consent of the landlord or other person, the
covenant, condition or agreement shall be of no effect in the case
of such a transfer or disposition of the lease or leasehold property
if the Court, on the application of the trustee and after notice of the
application to the landlord, approves the transfer or disposition
proposed to be made of the lease or leasehold property.
(4) The entry of the trustee into possession of the leased
premises and the occupation of the premises by the trustee, while
required for the purposes of the administration by the trustee,
shall not be evidence of an intention on the part of the trustee to
elect to retain the premises, nor affect the trustee’s right to
disclaim the lease.
(5) If the trustee elects to retain the benefits of the lease
and after assigns the lease to a person approved by the Court, the
liability of the trustee and of the estate of the debtor is, subject to
the provisions of subsection (6), limited to the payment of rent
for the period of time during which the trustee remains in
possession of the leased premises.
(6) The landlord has a preferred claim for any costs of
distress and arrears of rent not exceeding three months’ rent
Trustee may
surrender lease
or deal with
leasehold
interests.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Receiving order
and assignment
may be
registered.
accrued and due prior to the date of bankruptcy and not
exceeding the realisation by the trustee from the property on the
premises under lease.
(7) The landlord may prove as a general creditor for all
rent accrued and due at the date of bankruptcy plus any
accelerated rent, not exceeding three months, that may be
claimed under the lease, less the amount in subsection (6).
(8) Except as referred to in subsection (7), the landlord
is not entitled to prove as a creditor for rent for any portion of the
unexpired term of the lease, but the trustee shall pay to the
landlord for the period during which the trustee actually occupies
and uses the premises from and after the date of bankruptcy a
rental calculated on the basis of the lease and payable in
accordance with its terms, but any payment already made to the
landlord as rent in advance in respect of that period, and any
payment to be made to the landlord in respect of accelerated rent,
shall be credited against the amount payable by the trustee for
that period.
(9) Nothing in this section shall render the trustee
personally liable beyond the assets of the debtor in possession of
the trustee.
64. (1) Every true copy of a receiving order certified by the
Registrar or other officer of the Court that made it, and every true
copy of an assignment certified by the Supervisor, may be
registered by or on behalf of the trustee in respect of the whole or
any part of real property that the bankrupt owns or in which he
has any interest or estate in the appropriate registry in
accordance with laws regarding same.
(2) Where the bankrupt is the registered owner of any
land or charge, the trustee, on registration of the documents
referred to in subsection (1), is entitled to be registered as owner
of the land or charge free of all encumbrances or charges
mentioned in section 59(1).
(3) Where a bankrupt owns any land or charge
registered under any Act, or has or is believed to have any interest
or estate in that land or charge, and for any reason a copy of the
receiving order or assignment has not been registered under
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Joint tenancy to
revert to tenants
in common.
subsection (1), a caveat or caution may be lodged with the
official in charge of the appropriate registry by the trustee, and
any registration thereafter made in respect of the land or charge
is subject to the caveat or caution unless it has been removed or
cancelled under the provisions of the relevant statute.
(4) The person to whom a trustee tenders or causes to be
tendered for registration any receiving order, assignment or other
document shall register it according to the ordinary procedure for
registering documents relating to real property.
(5) In the conveyance of real estate purchased from the
trustee it shall not be necessary to join as parties with the trustee
persons in whom the legal estate in any mortgage in fee or the
legal interest in any mortgage term of years or any other legal or
equitable lien or security is vested, but such conveyance when
executed by the trustee shall be effectual to vest in the purchaser
the real estate purported to be conveyed as if the person having
lien or security, whether the same come within the purchase
money or not, had been made parties to and had executed the said
conveyance and had thereby granted, transferred, surrendered or
released the same.
(6) Every deed, conveyance, assignment, surrender or
other assurance relating solely to freehold or leasehold property
or to any mortgage, charge, or other encumbrance on, or any
estate, right, or interest in, any real or personal property which is
part of the estate of the bankrupt and which after the execution of
the deed, conveyance, assignment, surrender or other assurance,
either at law or in equity, is or remains the estate of the bankrupt
or the trustee, and every power of attorney, proxy paper, writ,
order, certificate, affidavit, bond or other instrument or writing
relating solely to the property of the bankrupt or to any
proceeding under the bankruptcy shall be exempt from stamp
duty and property transfer tax.
65. (1) Where any interest of the bankrupt in any property at
the date of bankruptcy was held in joint tenancy, the bankruptcy
shall operate as a severance of the joint tenancy and a reversion
to tenancy in common.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Transactions
valid unless
prior
registration.
Where
contributory
indebted to
bankrupt.
(2) Where a debtor—
(a) who is married is at the date of bankruptcy, the
sole registered owner of the matrimonial home
and any immediately related real property not
exceeding one acre;
(b) is in a cohabitational relationship and is at the
date of the bankruptcy, the sole registered owner
of a dwelling house in which the other
cohabiting partner resides and any immediately
related real property not exceeding one acre,
the spouse or cohabitant of the debtor shall be entitled, within ten
days following the bankruptcy, to claim in the prescribed form a
one-half interest in any net proceeds from a sale or disposition by
the trustee of the property after satisfaction of any valid and
enforceable charges registered in the appropriate registry.
66. Notwithstanding anything in this Act, a deed,
conveyance, transfer, agreement for sale, mortgage, or charge
made to or in favour of a bona fide purchaser or mortgagee for
adequate valuable consideration and covering any real property
affected by a receiving order or an assignment under this Act is
valid and effectual according to the tenor thereof as fully and
effectually and to all intents and purposes as if no receiving order
or assignment had been made under this Act, unless the receiving
order or assignment, or notice, or caution, has been registered
against the property in the appropriate registry prior to the
registration of the deed, conveyance, transfer, agreement for sale,
mortgage, or charge in accordance with the relevant laws.
67. (1) Every shareholder or member of a bankrupt
corporation is liable to contribute the amount unpaid on his shares
of the capital or on his liability to the corporation, its members or
creditors, as the case may be, made under the Act, charter, or
instrument of incorporation of the company or otherwise.
(2) The amount that the contributor is liable to
contribute under subsection (1) shall be deemed an asset of the
corporation and a debt payable to the trustee forthwith on the
bankruptcy of the corporation.
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68. (1) Where a banker has ascertained that a person having
an account with the banker is an undischarged bankrupt, it is his
duty to inform the trustee of the existence of the account, and the
banker shall not make any payment out of the account, except
under an order of the Court or in accordance with instructions
from the trustee, unless on the expiration of one month from the
date of giving the information no instructions have been received
from the trustee.
(2) Notwithstanding anything contained in any other Act,
a deposit-taking institution shall on application of the trustee
disclose what deposits of money, if any, of the bankrupt are
remaining to the bankrupt’s credit and the deposit-taking institution
shall, upon request of the trustee, pay the same to the trustee.
69. Where property of a bankrupt is held as a pledge, pawn or
other security, the trustee may give notice in writing of the trustee’s
intention to inspect the property, and the person so notified is not
thereafter entitled to realise the security until the person has given
the trustee a reasonable opportunity of inspecting the property and
of exercising the trustee’s right of redemption.
70. Where the trustee has seized or disposed of property in
the possession or on the premises of a bankrupt without notice of
any claim in respect of the property and it is made to appear that
the property was not at the date of the bankruptcy the property of
the bankrupt or was subject to an unregistered lien, a right of
retention, a pledge or a charge, the trustee is not personally liable
for any loss or damage arising from the seizure or disposal
sustained by any person claiming the property or an interest in the
property or for the costs of proceedings taken to establish a claim
to the property, unless the Court is of the opinion that the trustee
has been guilty of negligence with respect to the duties of the
trustee in relation to the property.
71. (1) Where a person claims any property, or interest in
property, in the possession of a bankrupt at the time of the
bankruptcy, that person shall file with the trustee a proof of claim
verified by affidavit giving the grounds on which the claim is based
and sufficient particulars to enable the property to be identified.
Banker to
advise trustee of
existence of
account.
Trustee may
inspect property.
Where trustee
disposes
property subject
to an
encumbrance.
Persons
claiming
ownership
interest in
property of the
bankrupt.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
(2) The trustee with whom a proof of claim is filed
under subsection (1), shall within fifteen days after the filing of
the claim or within fifteen days after the first meeting of
creditors, whichever is the later, either admit the claim and
deliver possession of the property to the claimant or give notice
in writing to the claimant that the claim is disputed with his
reasons and, unless the claimant appeals to the Court within
fifteen days after the mailing of the notice of dispute, the
claimant shall be deemed to have abandoned or relinquished all
his right to or interest in the property to the trustee who may sell
or dispose of the property free of any lien, right, title or interest
of the claimant.
(3) The onus of establishing a claim to or interest in
property under this section is on the claimant.
(4) The trustee may give notice in writing to any person
to prove his claim to or interest in property under this section, and,
unless that person files with the trustee a proof of a claim in the
prescribed form within fifteen days after the mailing of the notice,
the trustee may with the leave of the Court sell or dispose of the
property free of any lien, right, title or interest of that person.
(5) No proceedings shall be instituted to establish a
claim to, or to recover any right or interest in any property in the
possession of a bankrupt at the time of the bankruptcy, except as
provided in this section.
(6) Nothing in this section shall be construed as
extending the rights of any person other than the trustee.
72. (1) Subject to this section, where a person, in this
section referred to as the “supplier”, has sold and delivered goods
to another person, in this section referred to as the “purchaser”,
for use in relation to the business of the purchaser, and the
purchaser has not fully paid for the goods, the supplier may have
access to and repossess the goods at the expense of the supplier,
and the purchaser, trustee or receiver shall release the goods, if—
(a) the supplier presents a written demand for
repossession to the purchaser, trustee or
receiver, in the prescribed form and
Unpaid
suppliers may
prove for certain
goods.
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containing the details of the transaction, within
a period of thirty days after the delivery of the
goods to the purchaser;
(b) at the time when the demand referred to in
paragraph (a) is presented—
(i) the purchaser is bankrupt; or
(ii) there is a receiver in relation to the
purchaser;
(c) at the time when the demand referred to in
paragraph (a) is presented, the goods—
(i) are in the possession of the purchaser,
trustee or receiver;
(ii) are identifiable as the goods delivered by
the supplier and are not fully paid for;
(iii) are in the same state as they were on
delivery;
(iv) have not been resold at arm’s length; and
(v) are not subject to any agreement for sale
at arm’s length; and
(d) the purchaser, trustee or receiver does not, after the
demand referred to in paragraph (a) is presented,
pay to the supplier the entire balance owing.
(2) Where, at the time when the demand referred to in
paragraph (a) is presented, the goods have been partly paid for,
the right of the supplier to repossess under subsection (1) shall be
read as a right—
(a) to repossess a portion of the goods proportional
to the unpaid amount; or
(b) to repossess all of the goods on paying to the
purchaser, trustee or receiver an amount equal to
the partial payment previously made to the supplier.
(3) For the purpose of subsection (1)(b)(i), section 47
shall be disregarded and sections 38(a) and 43(2)(a) shall both be
read as follows:
“(a) the insolvent person shall at the time of the
refusal be deemed to have made an
assignment;”.
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UPDATED TO DECEMBER 31ST 2014
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(4) Where a notice of intention under section 30 or a
proposal was filed in respect of the purchaser after the delivery of
the goods to the purchaser and before there was a receiver in
relation to the purchaser or the purchaser became bankrupt, the
period between—
(a) the earlier of the filing of the notice of intention
or proposal; and
(b) the earlier of the first day there was a receiver in
relation to the purchaser or the day the purchaser
became bankrupt,
shall not be counted in determining the end of the thirty-day
period referred to in subsection (1)(a).
(5) A supplier’s right to repossess goods pursuant to this
section expires if not exercised within ten days after the
purchaser, trustee or receiver presents the supplier with a written
notice admitting that right, unless the ten-day period is extended
by mutual agreement.
(6) Notwithstanding any other Act or law, the right of
the supplier to repossess goods pursuant to this section ranks
above every other claim or right against the purchaser in respect
of those goods, other than the right of a bona fide subsequent
purchaser of the goods for value without notice that the supplier
had demanded repossession of the goods.
(7) The purchaser, trustee or receiver may apply to the
Court for directions in relation to any matter relating to this
section, and the Court shall give, in writing, such directions, if
any, as it considers proper in the circumstances.
(8) Where a supplier is aggrieved by an act, omission or
decision of the purchaser, trustee or receiver, the supplier may
apply to the Court and the Court may make such order as it
considers proper in the circumstances.
(9) Nothing in subsection (7) or (8) precludes a person
from exercising any right that the person may have under
section 217(1) or 220.
(10) A supplier who repossesses goods pursuant to this
section is not entitled to be paid for those goods.
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Claim of farmer
or fisherman. 73. (1) Where— (a) a farmer has sold and delivered products of
agriculture, or a fisherman has sold and
delivered products of the sea, to another person,
in this section referred to as the “purchaser”, for
use in relation to the business of the purchaser;
(b) the products were delivered to the purchaser
within the fifteen-day period preceding—
(i) the day on which the purchaser became
bankrupt; or
(ii) the first day on which there was a receiver
in relation to the purchaser;
(c) as of the day referred to in subparagraph (b)(i)
or (ii), the farmer or fisherman has not been
fully paid for the products; and
(d) the farmer or fisherman files a proof of claim in
the prescribed form in respect of the unpaid
amount with the trustee or receiver, as the case
may be, within thirty days after the day referred
to in subparagraph (b)(i) or (ii),
the claim of the farmer or fisherman for the unpaid amount in
respect of the products is secured by a charge on all the inventory
of or held by the purchaser as of the day referred to in
subparagraph (b)(i) or (ii).
(2) The charge ranks above every other claim, right or
charge against that inventory, regardless of when that other claim,
right or charge arose, except a supplier’s right to repossess goods
pursuant to section 72, notwithstanding any other law.
(3) Where the trustee or receiver, as the case may be,
takes possession of or in any way disposes of an inventory
covered by the charge referred to in subsection (1), the trustee or
receiver is liable for the claim of the farmer or fisherman to the
extent of the net amount realised on the disposition of that
inventory, after deducting the cost of realisation; and is
subrogated in and to all rights of the farmer or fisherman to the
extent of the amounts paid to them by the trustee or receiver.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
(4) In this section—
“aquatic plants and animals” means plants and animals that, at
most stages of their development or life cycle, live in an
aquatic environment;
“farm” means land in Trinidad and Tobago used for the purpose
of farming, livestock raising, dairying, bee-keeping, fruit
growing, the growing of trees and all tillage of the soil;
“farmer” includes the owner, occupier, landlord and tenant of
a farm;
“fish” includes shellfish, crustaceans and marine animals;
“fisherman” means a person whose business consists in whole or
in part of fishing;
“fishing” means fishing for or catching fish by any method;
“products of agriculture” includes—
(a) vegetables, fruits and all other direct products of
the soil; and
(b) honey, livestock, dairy products, eggs and all
other indirect products of the soil; and
“products of the sea” includes fish of all kinds, marine organic
and inorganic life and any substances extracted or derived
from the sea.
(5) For the purposes of this section, each thing included
in the following terms as defined in subsection (4), namely—
(a) “products of agriculture”; and
(b) “products of the sea”,
comprises that thing in any form or state and any part thereof and
any product or by-product thereof or derived therefrom.
(6) For the avoidance of doubt, “goods” in section 72
includes products of agriculture and products of the sea.
(7) Nothing in this section precludes a farmer or
fisherman from exercising the right that that person may have
under section 72 to repossess products of agriculture or products
of the sea.
74. (1) Where any property of a bankrupt vesting in a
trustee consists of patented articles that were sold to the bankrupt
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Sale of patented
articles by
trustee.
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Copyright
works dealt with
by bankrupt.
subject to any restrictions or limitations, the trustee is not bound
by the restrictions or limitations but may sell and dispose of the
patented articles free of the restrictions or limitations.
(2) Where the manufacturer or vendor of the patented
articles referred to in subsection (1) objects to the disposition of
them by the trustee as provided by this section and gives the
trustee notice in writing of the objection before the sale or
disposition of the patented articles, that manufacturer or vendor
has the right to purchase the patented articles at the invoice prices
of those articles, subject to any reasonable deduction for
depreciation or deterioration.
75. (1) Notwithstanding anything in this Act or in any other
statute, the author’s manuscripts and any copyright or any
interest in a copyright in whole or in part assigned to a publisher,
printer, firm or person becoming bankrupt shall, where—
(a) the work covered by the copyright has not been
published and put on the market at the time of
the bankruptcy and no expense has been
incurred in connection with the work, revert and
be delivered to the author or his heirs, and any
contract or agreement between the author or his
heirs and the bankrupt shall then terminate and
be void;
(b) the work covered by the copyright has in whole
or in part been put into type and expenses have
been incurred by the bankrupt, revert and be
delivered to the author on payment of the
expenses so incurred and the product of those
expenses shall also be delivered to the author or
his heirs and any contract or agreement between
the author or his heirs and the bankrupt shall
then terminate and be void, but if the author
does not exercise his rights under this paragraph
within six months of the date of bankruptcy, the
trustee may carry out the original contract; or
(c) the trustee at the expiration of six months from
the date of the bankruptcy decides not to carry
out the contract, revert without expenses to the
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Bankrupt’s
interest vests in
purchaser upon
sale by trustee.
Limited
partnerships.
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author and any contract or agreement between
the author or his heirs and the bankrupt shall
then terminate and be void.
(2) Where, at the time of the bankruptcy referred to in
subsection (1), the work was published and put on the market, the
trustee is entitled to sell, or authorise the sale or reproduction of,
any copies of the published work, or to perform or authorise the
performance of the work, but—
(a) there shall be paid to the author or his heirs such
sums by way of royalties or share of the profits
as would have been payable by the bankrupt;
(b) the trustee is not, without the written consent of
the author or his heirs, entitled to assign the
copyright or transfer the interest or to grant any
interest in the copyright by licence or otherwise,
except on terms that will guarantee to the author
or his heirs payment by way of royalties or share
of the profits at a rate not less than the rate the
bankrupt was liable to pay; and
(c) any contract or agreement between the author
or his heirs and the bankrupt shall then
terminate and be void, except with respect to
the disposal, under this subsection, of copies of
the work published and put on the market
before the bankruptcy.
(3) The trustee shall offer in writing to the author or his
heirs the right to purchase the manufactured or marketable copies
of the copyright work comprised in the estate of the bankrupt at
such price and on such terms and conditions as the trustee may
deem fair and proper before disposing of the manufactured and
marketable copies in the manner set out in this section.
76. All sales of property made by a trustee vest in the
purchaser all the legal and equitable estate of the bankrupt in
the property.
PARTNERSHIP PROPERTY
77. (1) This Act applies to limited partnerships in like
manner as if limited partnerships were ordinary partnerships,
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and, on all the general partners of a limited partnership
becoming bankrupt, the property of the limited partnership vests
in the trustee.
(2) Where a member of a partnership becomes bankrupt,
the Court may authorise the trustee to commence and prosecute
any action in the names of the trustee and of the bankrupt’s
partner, and any release by the partner of the debt or demand to
which the action relates is void.
(3) Notice of the application for authority to
commence an action under subsection (2) shall be given to the
bankrupt’s partner, who may show cause against it, and on his
application the Court may, if it thinks fit, direct that he shall
receive his proper share of the proceeds of the action, and if he
does not claim any benefit from his share, he shall be indemnified
against costs in respect of the action the Court directs.
STATE INTERESTS
78. (1) Notwithstanding any other law in relation to a
bankruptcy or proposal, all provable claims, including secured
claims of the State, rank as unsecured claims.
(2) Subsection (1) does not apply to claims that are
secured by a security or privilege of a kind that can be obtained
by persons other than the State pursuant to any law.
79. (1) A security provided for in legislation for the sole or
principal purpose of securing a claim of the State is valid in
relation to a bankruptcy or proposal only if the security is
registered, before the earliest date of—
(a) the date a petition is filed against the debtor;
(b) the date the debtor makes an assignment; and
(c) the date the debtor commences proceedings for
a proposal pursuant to a prescribed system of
registration.
(2) In relation to a bankruptcy or proposal, a security
referred to in subsection (1) that is registered in accordance with
that subsection is valid only in respect of amounts owing to the
State at the time of that registration, plus any interest
subsequently accruing on those amounts.
State’s claims
are unsecured.
State’s security
to be registered
to be
enforceable.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Settlements
within one year
void.
Contracts in
consideration of
marriage.
SETTLEMENTS AND PREFERENCES
80. (1) Any settlement of property made within the period
beginning on the day that is one year before the date of the initial
bankruptcy event in respect of the settlor and ending on the date
that the settlor became bankrupt, both dates included, is void
against the trustee.
(2) Any settlement of property made within the period
beginning on the day that is five years before the date of the
initial bankruptcy event in respect of the settlor and ending on the
date that the settlor became bankrupt, both dates included, is void
against the trustee if the trustee can prove that the settlor was, at
the time of making the settlement, unable to pay all the settlor’s
debts without the aid of the property comprised in the settlement
or that the interest of the settlor in the property did not pass on
the executions thereof.
(3) This section does not extend to any settlement
made—
(a) before and in consideration of marriage or in
respect of a cohabitational relationship;
(b) in favour of a purchaser or encumbrancer in
good faith an*d for valuable consideration; or
(c) on or for the spouse, cohabitant, or children of
the settlor of property that has accrued to the
settlor after the marriage or commencement of
the cohabitational relationship in right of the
settlor’s spouse, cohabitant, or children.
81. (1) Any covenant or contract made by any person,
hereinafter called “the settlor”, in consideration of the settlor’s
marriage or either for the future payment of money for the benefit
of the settlor’s spouse, or children, or for the future settlement on
or for the settlor’s spouse, or children, of property wherein the
settlor had not at the date of the marriage any estate or interest,
whether vested or contingent, in possession or remainder, and not
being money or property in right of the settlor’s spouse is, if the
settlor becomes bankrupt and the covenant or contract has not
been executed at the date of the initial bankruptcy event in
respect of the settlor, void against the trustee.
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(2) Notwithstanding subsection (1), as far as it enables
the persons entitled under the covenant or contract to claim a
dividend in the settlor’s bankruptcy proceedings under or in
respect of the covenant or contract, but any such claim to a
dividend shall be postponed until all claims of the other creditors
have been satisfied.
82. (1) Any payment of money, not being payment of
premiums on a policy of life insurance in favour of the spouse,
child or children of the settlor, or any transfer of property made
by the settlor in pursuance of a covenant or contract mentioned in
section 81, is void against the trustee unless the person to whom
the payment or transfer was made proves that—
(a) the payment or transfer was made more than six
months before the date of the initial bankruptcy
event in respect of the settlor;
(b) at the date of payment or transfer, the settlor was
able to pay all his debts without the aid of the
money so paid or the property so transferred; or
(c) the payment or transfer was made in pursuance
of a covenant or contract to pay or transfer
money or property expected to come to the
settlor from or on the death of a particular
person named in the covenant or contract and
was made within three months after the money
or property came into the possession or under
the control of the settlor.
(2) Where any payment or transfer mentioned in
subsection (1) is declared void, the persons to whom it was made
are entitled to claim for dividend under or in respect of the
covenant or contract in like manner as it had not been executed at
the date of the initial bankruptcy event.
83. (1) Where a person engaged in any trade or business
makes an assignment of his existing or future book debts or
any class or part thereof and subsequently becomes bankrupt,
the assignment of book debts is void against the trustee with
respect to any book debts that have not been paid at the date
of bankruptcy.
Payments void
except on proof
of certain facts.
Assignment of
book debts void.
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Preferences
voidable if
made within
three months.
(2) This section does not apply to an assignment of book
debts that is registered pursuant to any statute providing for the
registration thereof if the assignment is valid in accordance with
the statute.
(3) Nothing in this section renders void any assignment
of book debts due at the date of the assignment from specified
debtors, or of debts growing due under specified contracts, or any
assignment of book debts included in a transfer of a business
made in good faith and for valuable consideration.
(4) For the purposes of this section, “assignment”
includes assignment by way of security and other charges on
book debts.
84. (1) Every conveyance or transfer of property or charge
made on the property, every payment made, every obligation
incurred and every judicial proceeding taken or suffered by any
insolvent person in favour of any creditor or of any person in trust
for any creditor with a view to giving such creditor or any surety
or guarantor for the debt due to such creditor a preference over
the other creditors is, where it is made, incurred, taken or suffered
within the period beginning on the day that is three months before
the date of the initial bankruptcy event and ending on the date the
insolvent person became bankrupt, both dates included, deemed
fraudulent and void as against the trustee in the bankruptcy.
(2) Where any conveyance, transfer, charge, payment,
obligation, or judicial proceeding mentioned in subsection (1) has
the effect of giving any creditor a preference over other creditors,
or over any one or more of them, it shall be presumed, in the
absence of evidence to the contrary, to have been made, incurred,
taken, paid or suffered with a view to giving the creditor a
preference over other creditors, whether or not it was made
voluntarily or under pressure and evidence of pressure shall not
be admissible to support the transaction.
(3) Subsection (2) does not apply in respect of a margin
deposit made by a clearing member with a clearing house.
(4) In this section—
“clearing house” means a body that acts as an intermediary for its
clearing members in effecting securities transactions;
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Preference to
related party
voidable if
made within
twelve months.
Transactions
between initial
bankruptcy
event and
bankruptcy.
“clearing member” means a person engaged in the business of
effecting securities transactions who uses a clearing house
as intermediary;
“creditor” includes a surety or guarantor for the debt due to the creditor;
“margin deposit” means a payment, deposit or transfer to a
clearing house under the rules of the clearing house to
assure the performance of the obligations of a clearing
member in connection with security transactions, including,
without limiting the generality of the foregoing, transactions
respecting futures, options or other derivatives or to fulfil
any of those obligations.
85. Where the conveyance, transfer, charge, payment,
obligation or judicial proceeding mentioned in section 84(1) is in
favour of a person related to the insolvent person, the period referred
to in section 84(1) shall be one year instead of three months.
86. (1) No payment, delivery, conveyance, transfer,
contract, dealing or transaction to, by or with a bankrupt made
between the date of the initial bankruptcy event and the date of
the bankruptcy is valid, except the following, which are valid if
made in good faith, subject to the foregoing provisions of this Act
with respect to the effect of bankruptcy on an execution,
attachment or other process against property, and subject to the
provisions of this Act respecting settlements, preferences and
reviewable transactions—
(a) a payment by the bankrupt to any of the
creditors of the bankrupt;
(b) a payment or delivery to the bankrupt;
(c) a conveyance or transfer by the bankrupt for
adequate valuable consideration; and
(d) a contract, dealing or transaction, including any
giving of security, by or with the bankrupt for
adequate valuable consideration.
(2) The expression “adequate valuable consideration” in
paragraph (1)(c) means a consideration of fair and reasonable
money value with relation to that of the property conveyed,
assigned or transferred, and in paragraph (1)(d) means a
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Proceeds from
dealing with
property
obtained in
voidable
transaction.
Good faith
transactions
with bankrupts
protected.
consideration of fair and reasonable money value with relation to
the known or reasonably to be anticipated benefits of the
contract, dealing or transaction.
(3) Where there have been mutual credit, mutual debts
or other mutual dealings between a bankrupt and any other
person proving or claiming to prove a debt in the bankruptcy, an
account may be taken of what is due from one party to the other
in respect of such mutual dealings, and the sum due from the one
party shall be set off against any sum due from the other party,
and the balance of the account, and no more, shall be claimed or
paid on either side respectively.
87. (1) Where a person has acquired the property of a
bankrupt under a transaction that is void or under a voidable
transaction that is set aside and has sold, disposed of, realised or
collected the property or any part thereof, the money or other
proceeds, whether further disposed of or not, shall be deemed the
property of the trustee.
(2) The trustee may recover the property or the value of
the property or the money or proceeds from the property from the
person who acquired it from the bankrupt or from any other
person to whom he may have resold, transferred or paid over the
proceeds of the property as fully and effectually as the trustee
could have recovered the property if it had not been sold,
disposed of, realised or collected.
(3) Notwithstanding subsection (1), where any person to
whom the property has been sold or disposed of has paid or given
in good faith adequate valuable consideration for the property,
that person is not subject to the operation of this section but the
trustee’s recourse shall be solely against the person entering into
the transaction with the bankrupt for recovery of the
consideration so paid or given or the value of the property.
(4) Where the consideration payable for or on any sale
or resale of the property or any part of the property remains
unsatisfied, the trustee is subrogated to the rights of the vendor to
compel payment or satisfaction.
88. (1) All transactions by a bankrupt with any person
dealing with the bankrupt in good faith and for value in respect
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Reviewable
transactions in
year prior to
initial
bankruptcy
event.
of property acquired by the bankrupt after the bankruptcy, if
completed before any intervention by the trustee, are valid
against the trustee, and any estate or interest in the property that
by virtue of this Act is vested in the trustee shall determine and
pass in such manner and to such extent as may be required for
giving effect to the transaction.
(2) For the purposes of this section, the receipt of any
money, security or negotiable instrument for or by the order or
direction of a bankrupt by his banker and any payment and any
delivery of any security or negotiable instrument made to or by
the order or direction of a bankrupt by his banker shall be deemed
to be a transaction by the bankrupt with his banker dealing with
him for value.
89. (1) Where a bankrupt sold, purchased, leased, hired,
supplied or received property or services in a reviewable
transaction within the period beginning on the day that is one
year before the date of the initial bankruptcy event and ending on
the date of the bankruptcy, the Court may, on the application of
the trustee, inquire into whether the bankrupt gave or received, as
the case may be, fair market value in consideration for the
property or services concerned in the transaction.
(2) Where the Court in proceedings under this section
finds that the consideration given or received by the bankrupt in
the reviewable transaction was conspicuously greater or less than
the fair market value of the property or services concerned in the
transaction, the Court may give judgment to the trustee against
the other party to the transaction, against any other person being
privy to the transaction with the bankrupt or against all those
persons for the difference between the actual consideration given
or received by the bankrupt and the fair market value, as
determined by the Court, of the property or services concerned in
the transaction.
(3) In making an application under this section, the
trustee shall state what in his opinion was the fair market value of
the property or services concerned in the transaction and what in
his opinion was the value of the actual consideration given or
received by the bankrupt in the transaction, and the values on
which the Court makes any finding pursuant to this section shall be
the values so stated by the trustee unless other values are proven.
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Where dividend
paid by
company.
90. (1) Where a corporation that is bankrupt has paid a
dividend, other than a stock dividend, or redeemed or purchased
for cancellation any of the shares of the capital stock of the
corporation within the period beginning on the day that is one
year before the date of the initial bankruptcy event and ending on
the date of the bankruptcy, the Court may, on the application of
the trustee, inquire into the transaction to ascertain whether it
occurred at a time when the corporation was insolvent or whether
it rendered the corporation insolvent.
(2) Where a transaction referred to in subsection (1) has
occurred, the Court may give judgment to the trustee against the
directors of the corporation, jointly and severally, in the amount
of the dividend or redemption or purchase price, with interest on
the dividend, redemption or purchase price, that has not been
paid to the corporation where the Court finds that—
(a) the transaction occurred at a time when the
corporation was insolvent or the transaction
rendered the corporation insolvent; and
(b) the directors did not have reasonable grounds to
believe that the transaction was occurring at a
time when the corporation was not insolvent or
the transaction would not render the corporation
insolvent.
(3) In making a determination under subsection (2)(b),
the Court shall consider whether the directors acted as prudent
and diligent persons would have acted in the same circumstances
and whether the directors in good faith relied on—
(a) financial or other statements of the corporation
represented to them by officers of the
corporation or the auditor of the corporation, as
the case may be, or by written reports of the
auditor to fairly reflect the financial condition of
the corporation; or
(b) a report relating to the corporation’s affairs
prepared pursuant to a contract with the
corporation by an Attorney-at-law, notary
public, accountant, engineer, appraiser or other
person whose profession gave credibility to the
statements made in the report.
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(4) Where a transaction referred to in subsection (1)
has occurred and the Court makes a finding referred to in
subsection (2)(a), the Court may give judgment to the trustee
against a shareholder who is related to one or more directors or
to the corporation or who is a director not liable by reason of
subsection (2)(b) or (5), in the amount of the dividend or
redemption or purchase price referred to in subsection (1) and
the interest on the dividend, redemption or purchase price, that
was received by the shareholder and not repaid to the corporation.
(5) A judgment pursuant to subsection (2) shall not be
entered against or be binding on a director who had, in
accordance with any applicable law governing the operation of
the corporation, protested against the payment of the dividend or
the redemption or purchase for cancellation of the shares of the
capital stock of the corporation and had thereby exonerated
himself under that law from any liability.
(6) Nothing in this section shall be construed to affect
any right, under any applicable law governing the operation of
the corporation, of the directors to recover from a shareholder the
whole or any part of any dividend, or any redemption or purchase
price, made or paid to the shareholder when the corporation was
insolvent or that rendered the corporation insolvent.
(7) For the purposes of subsection (2), the onus of
proving—
(a) that the corporation was not insolvent at the time
the transaction occurred and that the transaction
did not render the corporation insolvent; or
(b) that the directors had reasonable grounds to
believe that the transaction was occurring at a
time when the corporation was not insolvent or
that the transaction would not render the
corporation insolvent,
lies on the directors.
(8) For the purposes of subsection (4), the onus of
proving that the corporation was not insolvent at the time the
transaction occurred and that the transaction did not render the
corporation insolvent lies on the shareholder.
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Sections 80 to
90 to apply.
Where proposal
followed by
bankruptcy.
Trustee to send
notice to
creditors of first
meeting.
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91. (1) Where a proposal is made under Part V, sections 80 to
90 apply to the proposal, with such modifications as the
circumstances require, except where the proposal otherwise provides.
(2) For the purposes of subsection (1), any reference in
sections 80 to 90 to “becomes bankrupt” shall be construed as a
reference to “files a proposal”, and any reference in those
sections to a bankrupt shall be construed as a reference to the
debtor in respect of whom the proposal is filed.
92. Sections 80 to 90 apply as though the debtor became
bankrupt on the date of the initial bankruptcy event where the
proposal is annulled either by the Court pursuant to section 46(1)
or as a result of a receiving order or assignment.
PART VII
ADMINISTRATION OF ESTATES
MEETINGS OF CREDITORS
93. (1) Subject to subsection (2), it is the duty of the trustee—
(a) to inquire as to the names and addresses of the
creditors of a bankrupt; and
(b) within five days after the date of the trustee’s
appointment, to send in the prescribed manner
to the bankrupt, to every known creditor and to
the Supervisor a notice in the prescribed form of
the bankruptcy and of the first meeting of
creditors, to be held within the twenty-one day
period following the day of the trustee’s
appointment, at the office of the Supervisor; but
the Supervisor may, when he deems it
expedient, authorise the meeting to be held at
such other place as he may fix.
(2) Where the Supervisor is satisfied that the extension
of the period during which the first meeting of creditors must be
held will not be detrimental to the creditors and is in the general
interest of the administration of the estate, the Supervisor may
extend the period—
(a) by ten days; or
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(b) where the Supervisor is satisfied that special
circumstances exist, by up to thirty days.
(3) The trustee shall include with the notice referred to
in subsection (1), a list of the creditors with claims amounting to
one hundred dollars or more and the amount of claims together
with a proof of claim and proxy in the prescribed form but no
name shall be inserted in the proxy before it is so sent.
(4) In the case of the bankruptcy of an individual, the
trustee shall—
(a) set out in the notice, in the prescribed form,
information concerning the financial situation of
the bankrupt and the obligation of the bankrupt
to make payments required under section 53 to
the estate of the bankrupt; and
(b) forthwith advise the Supervisor, and any creditors
who have requested such information, of—
(i) any material change relating to the
financial situation of the bankrupt; and
(ii) any amendment made under section 53(3)
to the amount that the bankrupt is required
to pay to the estate of the bankrupt.
(5) A notice in the prescribed form shall, as soon as
possible after the bankruptcy and not later than five days before
the first meeting of creditors, be published in a local daily
newspaper by the trustee.
(6) The purpose of the first meeting of creditors shall
be to—
(a) consider the affairs of the bankrupt;
(b) affirm the appointment of the trustee or
substitute another in place of the trustee;
(c) appoint inspectors; and
(d) give such directions to the trustee as the
creditors may see fit with reference to the
administration of the estate.
94. (1) The trustee may at any time call a meeting of
creditors and he shall do so when directed by the Court and
whenever requested in writing by a majority of the inspectors or
Trustee may call
meeting.
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Notice
regarding
subsequent
meetings.
Chairman of
first meeting.
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by any creditor with the concurrence of one-sixth in value of the
unsecured creditors holding one-sixth in number of the proved
unsecured claims.
(2) A meeting of the creditors may be convened by a
majority of the inspectors at any time when a trustee is not
available to call a meeting or has neglected or failed to do so
when so directed by the inspectors.
95. (1) Meetings of creditors other than the first shall be
called by sending a notice of the time and place of the meeting
not less than five days before the time of each meeting to each
creditor at the address given in the creditor’s proof of claim.
(2) After the first meeting of creditors, notice of any
meeting or of any proceeding need not be given to any creditors
other than those who have proved their claims.
PROCEDURE AT MEETINGS
96. (1) The Supervisor or the nominee of the Supervisor
shall be the Chairman of the first meeting of creditors and shall
decide any questions or disputes arising at the meeting; and any
creditor may appeal to the Court from any decision arising from
the meeting.
(2) At all meetings of creditors other than the first, the
trustee shall be the Chairman unless by resolution at the meeting
some other person is appointed.
(3) The Chairman of any meeting of creditors shall, in
the case of a tie, have a second or casting vote.
(4) The Chairman of any meeting of creditors shall
cause minutes of the proceedings at the meeting to be drawn up
and entered in a book kept for that purpose, and the minutes shall
be signed by that Chairman or by the Chairman of the next
ensuing meeting.
(5) Where a meeting of creditors is called, the
proceedings and resolutions passed at the meeting, unless the
Court otherwise orders, are valid, notwithstanding that some
creditors had not received notice.
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Quorum at
meeting.
Creditors may
vote by class.
Chairman may
admit or reject
proofs.
Completed
proof of claim
required to
enable voting.
97. (1) One creditor entitled to vote, or the representative of
that creditor, constitutes a quorum for a meeting of creditors.
(2) Where there is no quorum at the first meeting of
creditors—
(a) the appointment of the trustee shall be deemed
to be confirmed; and
(b) the Chairman shall adjourn the meeting—
(i) to such time and place as the Chairman
fixes; or
(ii) without fixing a time or place for a future
meeting.
(3) Where there is no quorum at any meeting of
creditors other than the first meeting, the Chairman shall adjourn
the meeting to such time and place as the Chairman fixes.
(4) The Chairman of any meeting of creditors may with
the consent of the meeting, adjourn the meeting, from time to time.
98. Every class of creditors may express its views and wishes
separately from every other class and the effect to be given to
those views and wishes shall, in case of any dispute and subject
to this Act, be in the discretion of the Court.
99. (1) The Chairman of any meeting of creditors has power
to admit or reject a proof of claim for the purpose of voting but
his decision is subject to appeal to the Court.
(2) Notwithstanding anything in this Act, the Chairman
may, for the purpose of voting, accept any letter or printed matter
transmitted by any form or mode of telecommunication as proof
of the claim of a creditor.
(3) Where the Chairman is in doubt as to whether a
proof of claim should be admitted or rejected, the Chairman shall
mark the proof as objected to and allow the creditor to vote
subject to the vote being declared invalid in the event of the
objection being sustained.
100. (1) A person is not entitled to vote as a creditor at any
meeting of creditors unless that person has duly proved a claim
provable in bankruptcy and the proof of claim has been duly
lodged with the trustee before the time appointed for the meeting.
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Voting where
claims acquired.
Where non-
bankrupt parties
jointly liable.
Secured creditor
may vote
unsecured
portion only.
(2) A creditor may vote either in person or by proxy.
(3) A proxy is not invalid merely because it is in the
form of a letter or printed matter transmitted by any form or mode
of telecommunication.
(4) A debtor may not be appointed a proxy to vote at any
meeting of his creditors.
(5) A corporation may vote by an authorised agent at
meetings of creditors.
(6) Except as otherwise provided by this Act, a creditor
is not entitled to vote at any meeting of creditors if the creditor
did not, at all times within the period beginning on the day that is
one year before the date of the initial bankruptcy event in respect
of the debtor and ending on the date of the bankruptcy, both dates
included, deal with the debtor at arm’s length.
(7) A creditor who is not entitled to vote at a meeting of
creditors by virtue of subsection (6) may with leave of the Court
vote at the meeting of creditors when all the creditors who have
dealt with the debtor at arm’s length do not together present at
least twenty per cent in value of the claims against the debtor.
101. (1) No person is entitled to vote on a claim acquired after
the bankruptcy of a debtor unless the entire claim is acquired.
(2) Subsection (1) does not apply to persons acquiring
notes, bills or other securities on which they are liable.
102. A creditor shall not vote in respect of any claim on or
secured by a current bill of exchange or promissory note held by
that creditor, unless the creditor is willing to treat the liability to
him by virtue of the bill of exchange or promissory note of every
person who is liable on that bill or note antecedently to the
debtor, and who is not a bankrupt, as a security in his hands and
to estimate the value thereof and for the purposes of voting, but
not for the purposes of dividend, to deduct it from his claim.
103. For the purpose of voting, a secured creditor shall, unless
that creditor surrenders his security, state in his proof the
particulars of his security, the date when it was given and the
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Where trustee
may vote.
Minutes to be
proof of
meeting.
Creditors vote
by dollar.
value at which he assesses it, and he is entitled to vote only in
respect of the balance, if any, due to him after deducting the value
of his security.
104. (1) Where the trustee is a creditor or a proxy for a creditor,
the trustee may vote as a creditor at any meeting of creditors.
(2) The vote of the trustee or of his partner, clerk,
Attorney-at-law or attorney’s clerk, either as creditor or as proxy
for a creditor, shall not be reckoned in the majority required for
passing any resolution affecting the remuneration or conduct of
the trustee.
(3) The following persons are not entitled to vote on the
appointment of a trustee or inspector:
(a) the father, mother, child, sister, brother, uncle or
aunt by blood or marriage, or spouse or
cohabitant of the bankrupt;
(b) where the bankrupt is a corporation, any officer,
director or employee of the corporation; and
(c) where the bankrupt is a corporation, any wholly
owned subsidiary corporation or any officer,
director or employee of the corporation.
105. (1) A minute of proceedings at a meeting of creditors
under this Act signed at the same or the next ensuing meeting by
a person describing himself as or appearing to be Chairman of the
meeting at which the minute is signed shall be admitted in
evidence without further proof.
(2) Until the contrary is proved, every meeting of
creditors in respect of the proceedings where a minute has been
signed by the Chairman shall be deemed to have been duly
convened and held and all resolutions passed or proceedings at
the meeting to have been duly convened and held and to have
been duly passed.
106. Subject to this Act, all questions at meetings of creditors
shall be decided by resolution carried by the majority of votes,
and for that purpose the votes of a creditor shall be calculated by
counting one vote for each dollar of every claim of the creditor
that is not disallowed.
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Appointment of
inspectors.
Trustee may call
meeting of
inspectors.
INSPECTORS
107. (1) At the first or a subsequent meeting of creditors, the
creditors shall appoint one or more, but not exceeding five
inspectors of the estate of the bankrupt for the purpose of
overseeing the administration of the estate of the trustee
bankrupt.
(2) No person is eligible to be appointed or to act as an
inspector unless he satisfies the criteria prescribed and is not a
party to any contested action or proceedings by or against the
estate of the bankrupt.
(3) The powers of the inspectors may be exercised by a
majority of them.
(4) The creditors or inspectors at any meeting may fill
any vacancy on the Board of inspectors.
(5) The creditors may at any meeting and the Court may
on the application of the trustee or any creditor revoke the
appointment of any inspector and appoint another in his stead.
(6) Where there are no inspectors, any act or thing or
any direction or permission by this Act authorised or required to
be done or given by inspectors may be done or given by the Court
on the application of the trustee.
108. (1) The trustee may call a meeting of inspectors when he
deems it advisable and he shall do so when requested in writing
by a majority of the inspectors.
(2) An inspector may, if all the other inspectors consent,
participate in a meeting of inspectors by means of such telephone
or other communication facilities as permit all persons
participating in the meeting to communicate with each other,
and an inspector participating in such a meeting by such means is
deemed for the purpose of this Act to be present at that meeting.
(3) In the event of an equal division of opinion at a
meeting of inspectors, the opinion of any absent inspector shall
be sought in order to resolve the difference, and in the case
of a difference that cannot be so resolved, it shall be resolved by
the trustee, unless it concerns his personal conduct or interest in
which case it shall be resolved by the creditors or the Court.
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Trustee to call
meeting to
appoint
inspectors.
Directions of
creditors to
override
directions by
inspectors.
Inspectors may
not acquire
assets.
109. Where there are no inspectors of the estate of the
bankrupt or where the inspectors fail to exercise the powers
conferred upon them, the trustee shall call a meeting of the
creditors for the purpose of appointing inspectors or substituting
other inspectors, taking such action or giving such directions as
may be necessary.
110. (1) Subject to this Act, the trustee shall in the
administration of the property of the bankrupt and in the
distribution of that property among his creditors have regard to
any directions that may be given by resolution of the creditors
at any general meeting or by the inspectors, and any
directions so given by the creditors shall in case of conflict be
deemed to override any directions given by the inspectors.
(2) The decisions and actions of the inspectors are
subject to review by the Court at the instance of the trustee or any
interested person and the Court may revoke or vary any act or
decision of the inspectors and it may give such directions,
permission or authority as it deems proper in substitution or may
refer any matter back to the inspectors for reconsideration.
111. (1) No inspector is directly or indirectly, capable of
purchasing or acquiring for himself or for another any of the
property of the estate for which he is inspector, except with the
prior approval of the Court.
(2) No defect or irregularity in the appointment of an
inspector vitiates any act done by him in good faith.
(3) The inspectors shall from time to time verify the
bank balance of the estate, examine the trustee’s accounts and
inquire into the adequacy of the security filed by the trustee, and
subject to subsection (4), shall approve the trustee’s final
statement of receipts and disbursements, dividend sheet and
disposition of unrealised property.
(4) Before approving the final statement of receipts and
disbursements of the trustee, the inspectors shall satisfy
themselves that all the property has been accounted for and that
the administration of the estate has been completed as far as can
reasonably be done and shall determine whether or not the
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Claims
provable.
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disbursements and expenses incurred are proper and have been
duly authorised, and the fees and remuneration just and
reasonable in the circumstances.
(5) Each inspector—
(a) may be repaid actual and necessary travel
expenses incurred in relation to the performance
of the inspector’s duties; and
(b) may be paid such fees per meeting as are
prescribed.
(6) An inspector duly authorised by the creditors or by
the other inspectors to perform special services for the estate may
be allowed a special fee for those services, subject to approval of
the Court, which may vary that fee as it deems proper having
regard to the nature of the services rendered in relation to the
fiduciary obligations of the inspector to the estate.
CLAIMS PROVABLE
112. (1) All debts and liabilities, present or future, to which
the bankrupt is subject on the day on which the bankrupt becomes
bankrupt or to which the bankrupt may become subject before the
bankrupt’s discharge by reason of any obligation incurred before
the day on which the bankrupt becomes bankrupt shall be
deemed to be claims provable in proceedings under this Act.
(2) The determination whether a contingent or
unliquidated claim is a provable claim and the valuation of such
a claim shall be made in accordance with section 126.
(3) A creditor may prove a debt not payable at the date
of bankruptcy and may receive dividends equally with the
other creditors, deducting only thereout a rebate of interest at
the rate of five per cent per annum computed from the declaration
of a dividend to the time when the debt would have become
payable according to the terms on which it was contracted.
(4) A claim in respect of a debt or liability referred to in
section 170(1)(c) or (d) payable under an order or agreement
made before the date of the initial bankruptcy event in respect of
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Where
bankruptcy
follows
proposal.
Proof in respect
of distinct
contracts.
Proof of claim
required to
share in
distribution.
the bankrupt and at a time when the spouse, cohabitant or child
was living apart from the bankrupt, whether the order or
agreement provides for periodic amounts or lump sum amounts,
is a claim provable under this Act.
113. (1) The claims of creditors under a proposal are, in the
event of a debtor subsequently becoming bankrupt, provable
in the bankruptcy for the full amount of the claims less any
dividends paid on those claims pursuant to the proposal, and the
provable claims of creditors arising after the proposal until the
date of bankruptcy shall be provable in the bankruptcy.
(2) Where interest on any debt or sum certain is
provable under this Act but the rate of interest has not been
agreed on, the creditor may prove interest at a rate not exceeding
five per cent per annum to the date of the bankruptcy from the
time the debt or sum was payable, if evidenced by a written
instrument, or, if not so evidenced, from the time notice has
been given to the debtor of the interest claimed.
114. Where a bankrupt was, at the date of the
bankruptcy, liable in respect of distinct contracts as a member of
two or more distinct firms, or as a sole contractor and also
as a member of a firm, the fact that the firms are in whole or in
part composed of the same individuals, or that the sole contractor
is also one of the joint contractors, shall not prevent proof, in
respect of the contracts, against the debtors respectively liable on
the contracts.
PROOF OF CLAIMS
115. (1) Every creditor shall prove his claim, and a creditor
who does not prove his claim is not entitled to share in any
distribution that may be made.
(2) A claim shall be proved by delivering to the trustee
a proof of claim in the prescribed form.
(3) The proof of claim may be made by the creditor
himself or by a person authorised by him on behalf of the
creditor, and, if made by a person so authorised, it shall state
his authority and means of knowledge.
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(4) The proof of claim shall contain or refer to a
statement of account showing the particulars of the claim and any
counterclaim that the bankrupt may have to the knowledge of the
creditor and shall specify the vouchers or other evidence, if any,
by which it can be substantiated.
(5) The proof of claim shall state whether the creditor is
or is not a secured or preferred creditor.
(6) Where any rent or other payment for certain periods
falls due at stated times the person entitled to the rent or payment
may prove for a proportionate part of the rent or other payment
to the date of bankruptcy as if the rent or payment grew due from
day-to-day.
116. Where a creditor or other person in any proceedings
under this Act files with the trustee a proof of claim containing
any wilfully false statement or wilful misrepresentation, the
Court may, in addition to any other penalty provided in this Act,
disallow the claim in whole or in part as the Court in its discretion
may see fit.
117. (1) Every creditor who has lodged a proof of claim is
entitled to see and examine the proofs of other creditors.
(2) Proofs of claims for wages of workers and others
employed by the bankrupt may be made in one proof by the
bankrupt or someone on behalf of the bankrupt or by a
representative of a Ministry responsible for labour matters or a
representative of a union representing workers and others
employed by the bankrupt, by attaching to the proof a schedule
setting out the names and addresses of the workers and others and
the amounts severally due to them, but that proof does not
disentitle any worker or other wage earner to file a separate proof
on their own behalf.
PROOF BY SECURED CREDITORS
118. (1) Where a secured creditor realises his security,
he may prove the balance due to him after deducting the net
amount realised.
Court may
disallow false
claims.
Proven creditors
may examine
proofs of claim.
Secured creditor
may prove for
balance due.
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Trustee may
require proof of
claim by
secured creditor.
Trustee may
require security
to be sold.
Secured creditor
may require
election of
trustee.
(2) Where a secured creditor surrenders his security to
the trustee for the general benefit of the creditors, he may prove
his whole claim.
119. (1) Where the trustee has knowledge of property that
may be subject to a security, the trustee may, by serving notice in
the prescribed form, require any person to file, in the prescribed
form and manner, a proof of the security that gives full particulars
of the security, including the date on which the security was
given and the value at which that person assesses it.
(2) Where the trustee serves a notice pursuant to
subsection (1), and the person on whom the notice is served does
not file a proof of security within thirty days after the day of
service of the notice, the trustee may, with leave of the Court, sell
or dispose of any property that was subject to the security, free of
that security.
(3) A creditor is entitled to receive a dividend in respect
only of the balance due to him after deducting the assessed value
of his security.
(4) The trustee may redeem a security on payment to the
secured creditor of the debt or the value of the security as
assessed, in the proof of security, by the secured creditor.
120. (1) Where the trustee is dissatisfied with the value at
which a security is assessed, the trustee may require that the
property the security comprises be offered for sale at such time
and on such terms and conditions as may be agreed on between
the creditor and the trustee or, in default of such an agreement, as
the Court may direct.
(2) Where a sale under subsection (1) is by public
auction the creditor or the trustee on behalf of the estate may bid
or purchase.
(3) The costs and expenses of a sale made under this
section are in the discretion of the Court.
121. Notwithstanding section 119(3) and section 120, the
creditor may, by notice in writing, require the trustee to elect
whether he will exercise the power of redeeming the security or
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Amended claim
where security
realised.
Amendment of
claim where
security not
realised.
requiring it to be realised, and if the trustee does not, within one
month after receiving the notice or such further time or times as
the Court may allow, signify in writing to the creditor his election
to exercise the power, the trustee is not entitled to exercise that
power, and the equity of redemption or any other interest in the
property comprised in the security that is vested in the trustee
shall vest in the creditor, and the amount of the claim of the
trustee shall be reduced by the amount at which the security has
been valued.
122. Where a creditor after having valued his security
subsequently realises it, or it is realised under section 120, the net
amount realised shall be substituted for the amount of any
valuation previously made by the creditor and shall be treated in
all respects as an amended valuation made by the creditor.
123. (1) Where a trustee has not elected to acquire the
security as provided in this Act, a creditor may at any time amend
the valuation and proof on showing to the satisfaction of the
trustee or the Court that the valuation and proof were made in
good faith on a mistaken estimate or that the security has
diminished or increased in value since its previous valuation.
(2) An amendment pursuant to subsection (1) shall be
made at the cost of the creditor and on such terms as the Court
orders, unless the trustee allows the amendment without
application to the Court.
(3) Where a valuation has been amended pursuant to
this section, the creditor—
(a) shall forthwith repay any surplus dividend that
he may have received in excess of that to which
he would have been entitled on the amended
valuation; or
(b) is entitled to be paid out of any money for the
time being available for dividend any dividend
or share of dividend that he may have failed to
receive by reason of the amount of the original
valuation before that money is made
applicable to the payment of any future
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Exclusion of
secured creditor
from dividend.
No creditor to
receive more
than 100 cents
on dollar.
Trustee to
examine proofs.
dividend, but he is not entitled to disturb the
distribution of any dividend declared before
the amendment is filed with the trustee.
124. Where a secured creditor does not comply with sections 118
to 123, he shall be excluded from any dividend.
125. Subject to section 121, a creditor shall in no case receive
more than one hundred cents on the dollar and interest as
provided by this Act.
ADMISSION AND DISALLOWANCE OF PROOFS OF CLAIM AND
PROOFS OF SECURITY
126. (1) The trustee shall examine every proof of claim or
proof of security and the grounds for the proof and may require
further evidence in support of the claim or security.
(2) The trustee shall determine whether any contingent
claim or unliquidated claim is a provable claim, and, if it is a
provable claim, the trustee shall value it, and the claim is, subject to
this section, deemed a proved claim to the amount of its valuation.
(3) The trustee may disallow in whole or in part—
(a) any claim;
(b) any right to a priority under the applicable order
of priority set out in this Act; or
(c) any security.
(4) Where the trustee makes a determination under
subsection (2), or pursuant to subsection (3), disallows, in whole
or in part, any claim, any right to a priority or any security, the
trustee shall provide, in the prescribed manner, to the person
whose claim was subject to a determination under subsection (2)
or whose claim, right to a priority or security was disallowed
under subsection (3), a notice in the prescribed form setting out
the reasons for the determination or disallowance.
(5) A determination under subsection (2), or a
disallowance referred to in subsection (3) is final and conclusive
unless, within a thirty-day period after the service of the notice
referred to in subsection (4) or such further time as the Court may
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on application made within that period allow, the person to whom
the notice was provided appeals from the trustee’s decision to the
Court in accordance with the Bankruptcy Rules.
(6) The Court may expunge or reduce a proof of claim
or a proof of security on the application of a creditor or of the
debtor if the trustee declines to interfere in the matter.
SCHEME OF DISTRIBUTION
127. (1) Subject to subsection (2) and the rights of secured
creditors, the proceeds realised from the property of a bankrupt
shall be applied in priority of payment as follows:
(a) in the case of a deceased bankrupt, the
reasonable funeral and testamentary expenses
incurred by the legal personal representative of
the deceased bankrupt;
(b) the costs of administration, in the following order:
(i) the expenses and fees of any person
acting under a direction made under
section 190(1)(a);
(ii) the expenses and fees of the trustee; and
(iii) legal costs;
(c) the levy payable under section 137;
(d) excluding severance, claims for wages, salaries,
commissions or compensation of any employee
for services rendered during the six months
immediately preceding the bankruptcy, together
with disbursements properly incurred by a
travelling salesman in and about the bankrupt’s
business, during the same period, so as not to
exceed such amount as may be prescribed by
Order in each case;
(e) contributions payable by the bankrupt, as an
employer, pursuant to the National Insurance
Act, the Widows’ and Orphans’ Pensions Act
and a Pension Fund Plan;
(f) all taxes including land tax or income tax
assessed on the bankrupt and not exceeding
in total one year’s assessment;
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Preferred
creditors.
Ch. 32:01.
Ch. 23:54.
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(g) claims of the landlord pursuant to section 63(6);
(h) claims of individuals being of less than thirty
years of age as of the date of bankruptcy
having contracted directly with the bankrupt, in
each case not to exceed such amount as may be
prescribed by Order, and where there are
insufficient funds in the estate to pay all such
claims, they shall be paid rateably; and
(i) all claims of all persons having contracted
directly with the bankrupt, in each case to a
maximum of one thousand dollars, and where
there are insufficient funds in the estate to pay
all such claims, they shall be paid rateably.
(2) Where a proposal made by an insolvent person has
been approved by the Court pursuant to section 42(7), the
insolvent person has not subsequently been adjudged bankrupt,
and the trustee has not been required to notify the Supervisor
pursuant to section 45, the claims under subsection (1)(d) and (e)
shall be read as including only those amounts due for the periods
commencing twelve and six months, respectively, before the
proposal was filed.
(3) Subject to the retention of such sums as may be
necessary for the costs of administration or otherwise, payment in
accordance with subsections (1) and (2) shall be made as soon as
funds are available for the purpose.
(4) A creditor whose rights are restricted by this section
is entitled to rank as an unsecured creditor for any balance of
claim due to him.
128. A creditor who entered into a reviewable transaction with
a debtor at any time prior to the bankruptcy of the debtor is not
entitled to claim a dividend in respect of a claim arising out of
that transaction until all claims of the other creditors have been
satisfied unless the transaction was in the opinion of the trustee
or of the Court a proper transaction.
129. A father, child, mother, brother, sister, uncle or aunt by
blood, marriage, or adoption of a bankrupt is not entitled to have
Claim of
dividend where
reviewable
transaction.
Claim of
relative of
bankrupt.
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UPDATED TO DECEMBER 31ST 2014
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a claim preferred as provided by section 127, in respect of wages,
salary, commission or compensation for work done or services
rendered to the bankrupt.
130. Where a lender advances money to a borrower engaged
or about to engage in trade or business under a contract with the
borrower that the lender shall receive a rate of interest varying
with the profits or shall receive a share of the profits arising from
carrying on the trade or business, and the borrower subsequently
becomes bankrupt, the lender of the money is not entitled to
recover anything in respect of the loan until the claims of all other
creditors of the borrower have been satisfied.
131. Where a corporation becomes bankrupt, no officer or
director of the corporation is entitled to have his claim preferred
as provided by section 127 in respect of wages, salary,
commission or compensation for work done or services rendered
to that corporation in any capacity.
132. Subject to this Act, all claims proved in a bankruptcy
shall be paid rateably.
133. (1) Where partners become bankrupt, their joint property
shall be applicable in the first instance in payment of their joint
debts, and the separate property of each partner shall be applicable
in the first instance in payment of his separate debts.
(2) Where there is a surplus of the separate properties of
the partners, it shall be dealt with as part of the joint property.
(3) Where there is a surplus of the joint property of the
partners, it shall be dealt with as part of the respective separate
properties in proportion to the right and interest of each partner
in the joint property.
(4) Where a bankrupt owes or owed debts both
individually and as a member of one or more partnerships, the
claims shall rank first on the property of the individual or
partnership by which they were contracted and shall only rank on
the other estate or estates after all the creditors of the other estate
or estates have been paid in full.
Claim of
participating
lender.
Claim of officer
and director.
Dividends
pro rata.
Property of
bankrupt
partnership.
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(5) Where the joint property of any bankrupt partnership
is insufficient to defray any costs properly incurred, the trustee
may pay such costs as cannot be paid out of the joint property, out
of the separate property of the bankrupts or one or more of them
in such proportion as he may determine with the consent of the
inspectors of the estates out of which the payment is intended to
be made, or, if the inspectors withhold or refuse their consent,
with the approval of the Court.
134. Where there is a surplus after payment of the claims as
provided in sections 127 to 133, it shall be applied in payment of
interest from the date of the bankruptcy at the rate of six per cent
per annum on all claims proved in the bankruptcy and according
to their priority.
135. The bankrupt or the legal personal representative of a
deceased bankrupt is entitled to any surplus remaining after
payment in full of his creditors with interest as provided by
this Act and of the costs, charges and expenses of the
bankruptcy proceedings.
136. Nothing in this Act affects the right of any person who has
a claim against the bankrupt for damages on account of injury to
or death of any person, or injury to property, occasioned by a
motor vehicle, or on account of injury to property being carried in
or on a motor vehicle, to have the proceeds of any liability
insurance policy applied in or toward the satisfaction of the claim.
137. (1) For the purpose of defraying the expenses of the
supervision by the Supervisor, there shall be payable to the
Supervisor for deposit with the State a levy on all payments,
made by the trustee by way of dividend or otherwise on account
of the claims of creditors, whether unsecured, preferred or
secured creditors, and including the State claiming in respect of
taxes or otherwise.
(2) The levy referred to in subsection (1) shall be five
per cent of all payments and shall be charged proportionately
against all payments and deducted from the payments by the
trustee before payment is made.
Where surplus
remains after
claims paid.
Final surplus to
bankrupt.
Motor vehicle
insurance.
Supervisor’s
levy.
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DIVIDENDS
138. (1) Subject to the retention of such sums as may be
necessary for the costs of administration or otherwise, the trustee
shall, from time to time as required by the inspectors, declare
and distribute dividends among the unsecured creditors entitled
to dividends.
(2) Where the validity of any claim filed with the trustee
has not yet been determined, the trustee shall retain sufficient
funds to provide for payment of the claim in the event that the
claim is admitted.
(3) No action for a dividend lies against the trustee, but,
if the trustee refuses or fails to pay any dividend after having
been directed to do so by the inspectors, the Court may, on the
application of any creditor, order him to pay it, and also to pay
personally, interest on the dividend for the time that it is withheld
as well as the costs of the application.
139. (1) The trustee may, after the first meeting of the
creditors, give notice by registered mail to every person with a
claim of which the trustee has notice or knowledge but whose
claim has not been proved that if that person does not prove his
claim within a period of thirty days after the mailing of the notice
the trustee will proceed to declare a dividend or final dividend
without regard to that person’s claim.
(2) Where a person notified under subsection (1) does
not prove the claim within the time limit or within such further
time as the Court may allow on proof of merits and satisfactory
explanation of the delay in making proof, the claim of that person
shall, notwithstanding anything in this Act, be excluded from all
share in any dividend, but a taxing authority may notify the trustee
within the period referred to in subsection (1) that it proposes to
file a claim as soon as the amount has been ascertained, and the
time for filing the claim shall thereupon be extended to three
months or such further time as the Court may allow.
(3) Notwithstanding subsection (2), a claim may be filed
for an amount payable under the Income Tax Act within the time
limit referred to in subsection (2) or within three months from the
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Inspectors to
declare
dividends to
ordinary
unsecured
creditors.
Thirty-day
notice to prove
claims.
Ch. 75:01.
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time the return of income or other evidence of the facts on which
the claim is based is filed or comes to the attention of the State.
(4) Unless the trustee retains sufficient funds to provide
for payment of any claims that may be filed under the Income
Tax Act, no dividend shall be declared until the expiration of
three months after the trustee has filed all returns that the trustee
is required to file.
140. A creditor who has not proved his claim before the
declaration of any dividend is entitled on proof of his claim to be
paid out of any money for the time being in the hands of the
trustee, any dividend or dividends he may have failed to receive
before that money is applied to the payment of any future
dividend, but he is not entitled to disturb the distribution of any
dividend declared before his claim was proved for the reason that
he has not participated in that dividend, except on such terms and
conditions as may be ordered by the Court.
141. When the trustee has realised all the property of the
bankrupt or all of that property that can, in the joint opinion of the
trustee and of the inspectors, be realised without needlessly
protracting the administration, and settled or determined or
caused to be settled or determined, the claims of all creditors to
rank against the estate of the bankrupt, the trustee shall prepare a
final statement of receipts and disbursements and dividend sheet
and, subject to this Act, divide the property of the bankrupt
among the creditors who have proved their claims.
142. (1) The trustee’s final statement of receipts and
disbursements shall contain a complete account of all moneys
received by the trustee out of the property of the bankrupt or
otherwise, the amount of interest received by the trustee, all
moneys disbursed and expenses incurred and the remuneration
claimed by the trustee, together with full particulars, description
and value of all property of the bankrupt that has not been sold or
realised, setting out the reason why the property has not been sold
or realised and the disposition made thereof.
(2) The statement referred to in subsection (1) shall be
prepared in the prescribed form or as near thereto as the
Ch. 75:01.
Where claim
proven after
dividend
declared.
ßFinal
statements of
receipts and
disbursements
to be prepared.
Final statement
to be complete
account.
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circumstances of the case will permit and together with the dividend
sheet shall be submitted to the inspectors for their approval.
(3) The trustee shall forward a copy of the statement and
dividend sheet to the Supervisor after they have been approved
by the inspectors.
(4) The Supervisor shall comment as he sees fit and his
comments shall be placed by the trustee before the taxing officer
for his consideration on the taxation of the accounts of the trustee.
(5) After the Supervisor has commented on the taxation
of the trustee’s accounts or advised the trustee that the Supervisor
has no comments to make and the accounts of the trustee have
been taxed, the trustee shall, in the prescribed manner, forward to
every creditor whose claim has been proved, to the Registrar, to
the Supervisor and to the bankrupt—
(a) a copy of the final statement of receipts and
disbursements;
(b) a copy of the dividend sheet; and
(c) a notice in the prescribed form of his intention to
pay a final dividend after the expiration of fifteen
days from the mailing of the notice, statement
and dividend sheet and to apply to the Court for
his discharge on a subsequent date not less than
thirty days after the payment of the dividend.
(6) No interested person is entitled to object to the final
statement and the dividend sheet unless, prior to the expiration of
the fifteen days referred to in subsection (5)(c), that person files
notice of his objection with the Registrar setting out his reasons
for the objection and serves a copy of the notice on the trustee.
143. Where joint and separate properties are being
administered, the dividends may be declared together, and the
expenses of administering the properties shall be apportioned by
the trustee.
144. (1) Before proceeding to discharge, the trustee shall
forward to the Supervisor for deposit, as prescribed, the
unclaimed dividends and undistributed funds that the trustee
possesses, other than those exempted by the Bankruptcy Rules,
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Dividends on
joint and
separate
properties.
Unclaimed
dividends and
undistributed
funds.
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and shall provide a list of names and the post office addresses, in
so far as known, of the creditors entitled to the unclaimed
dividends, showing the amount payable to each creditor.
(2) The Supervisor shall, after receiving the
dividends and funds and the list referred to in subsection (1), on
application, pay to any creditor his proper dividend as shown on
that list, and such payment has effect as if made by the trustee.
SUMMARY ADMINISTRATION
145. The following provisions apply to the summary
administration of estates under this Act:
(a) all proceedings under this section shall be titled
“Summary Administration”;
(b) the security to be deposited by a trustee under
section 200 shall not be required unless directed
by the Supervisor;
(c) a notice of the bankruptcy shall not be
published in a local newspaper unless such
publication is deemed expedient by the trustee
or ordered by the Court;
(d) all notices, statements and other documents
shall be sent by ordinary mail;
(e) a first meeting of creditors—
(i) is required to be called by the trustee only
if it is requested within thirty days after
the date of the bankruptcy by the
Supervisor or by creditors who have in
the aggregate at least twenty-five per cent
in value of the proven claims;
(ii) must be called in the prescribed form and
manner; and
(iii) must be held within twenty-one days after
being called;
(f) there shall be no inspectors unless the creditors
decide to appoint them, and if no inspectors are
appointed, the trustee, in the absence of
directions from the creditors, may do all
things that may ordinarily be done by the
trustee with the permission of the inspectors;
Provisions
applying to
summary
administration.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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(g) in such circumstances as may be specified by
the Supervisor, the estates of individuals who,
because of their relationship, could reasonably
be dealt with as one estate may be dealt with as
one estate;
(h) in such circumstances as are specified by the
Supervisor and with the approval of the
Supervisor, the trustee may deposit all moneys
relating to the summary administration of
estates in a single trust account;
(i) a notice of bankruptcy and—
(i) a notice of impending automatic
discharge of the bankrupt; or
(ii) an application for discharge of the
bankrupt may be given in a single notice
in the prescribed form;
(j) no twi ths t and ing sec t ion 142 , t he
procedure respecting the accounts of the trustee,
including the taxation of those accounts shall be
as prescribed; and
(k) notwithstanding section 225(1), (5) and (6), the
procedure for the discharge of the trustee shall
be as prescribed.
146. For the summary administration of estates, the trustee
shall receive such fees and disbursements as may be prescribed.
147. Except as provided in section 145, all provisions of this
Act, in so far as they are applicable, apply with such
modifications as the circumstances require to summary
administration.
PART VIII
BANKRUPTS
COUNSELLING SERVICES
148. (1) The trustee shall provide, or provide for,
counselling for an individual bankrupt and his immediate
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Remuneration
in summary
administration.
Provisions to
apply mutatis
mutandis.
Trustee to
counsel
individual
bankrupts.
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family as prescribed, and the estate of the bankrupt shall pay the
costs of the counselling, as costs of administration of the
estate according to the prescribed tariff.
(2) Where counselling is provided by a trustee to a
debtor who is not bankrupt, that counselling must be provided as
prescribed.
(3) Section 160(1)(g) does not apply to an individual
bankrupt who has refused or neglected to receive counselling
provided pursuant to subsection (1).
DUTIES OF BANKRUPT
149. A bankrupt shall—
(a) make discovery of and deliver all his property
that is under his possession or control to the trustee
or to any person authorised by the trustee to
take possession of it or any part thereof;
(b) deliver to the trustee, for cancellation, all credit
cards issued to and in the possession or control
of the bankrupt;
(c) deliver to the trustee all books, records,
documents, writings and papers including
without restricting the generality of the
foregoing, title papers, insurance policies and
tax records and returns and copies thereof in any
way relating to his property or affairs;
(d) at such time and place as may be fixed by the
Supervisor, attend upon the Supervisor for
examination under oath with respect to his
conduct, the causes of his bankruptcy and the
disposition of his property;
(e) within five days following the bankruptcy,
unless the time is extended by the Supervisor,
prepare and submit to the trustee a statement of
the bankrupt’s affairs in the prescribed form
verified by affidavit and showing—
(i) the particulars of the bankrupt’s assets
and liabilities;
Duties of
bankrupt.
UNOFFICIAL VERSION
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(ii) the names and addresses of the bankrupt’s
creditors;
(iii) the securities held by them respectively;
(iv) the dates when the securities were
respectively given; and
(v) such further or other information as may
be required,
but where the affairs of the bankrupt are so
involved or complicated that the bankrupt alone
cannot reasonably prepare a proper statement of
affairs, the Supervisor may, as an expense of the
administration of the estate, authorise the
employment of a qualified person to assist in the
preparation of the statement;
(f) make or give all the assistance within his power
to the trustee in making an inventory of his assets;
(g) make disclosure to the trustee—
(i) of all property disposed of within the period
beginning on the day that is one year before
the date of the initial bankruptcy event or
beginning on such other antecedent date as
the Court direct, and ending on the date of
the bankruptcy; and
(ii) how and to whom and for what
consideration any part of the
property was disposed of except such part
as had been disposed of in the ordinary
manner of trade or used for reasonable
personal expenses;
(h) make disclosure to the trustee of all
property disposed of by gift or settlement
without adequate valuable consideration within
the period beginning on the day that is five
years before the date of the initial bankruptcy
event and ending on the date of the bankruptcy;
(i) attend the first meeting of his creditors unless
prevented by sickness or other sufficient cause
and at the meeting submit thereat to examination;
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(j) when required, attend other meetings of his
creditors or of the inspectors, or attend on
the trustee;
(k) submit to such other examinations under oath
with respect to his property or affairs as may
be required;
(l) aid to the utmost of his power in the realisation
of his property and the distribution of the
proceeds among his creditors;
(m) execute such powers of attorney, conveyances,
deeds and instruments as may be required;
(n) examine the correctness of all proofs of claim
filed, if required by the trustee;
(o) in case any person has to his knowledge filed a
false claim, disclose the fact immediately to
the trustee;
(p) inform the trustee of any material change in the
bankrupt’s financial situation;
(q) until his application for discharge has been
disposed of and the administration of the estate
completed, keep the trustee advised at all times
of his place of residence or address; and
(r) generally do all such acts and things in relation
to his property and the distribution of the
proceeds among his creditors as may be
reasonably required by the trustee, or may be
prescribed by the Bankruptcy Rules, or may be
directed by the Court by any special order made
with reference to any particular case or made on
the occasion of any special application by the
trustee, or any creditor or person interested.
150. Where a bankrupt is a corporation, the officer executing
the assignment, or such officer of the corporation, or person who
has, or has had, directly or indirectly, control of the corporation
as the Supervisor may specify, shall attend before the Supervisor
for examination and shall perform all of the duties imposed on a
Bankrupt
corporation.
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bankrupt by section 149, and, in case of failure to do so, the
officer or person is punishable as though that officer or person
were the bankrupt.
151. Where a bankrupt is undergoing imprisonment, the
Court may, in order to enable the bankrupt—
(a) to attend Court in bankruptcy proceedings at
which his personal presence is required;
(b) to attend the first meeting of creditors; or
(c) to perform the duties required of him under
this Act,
direct that the bankrupt be brought before the Court in the
protective custody of a Marshal, or other duly authorised officer
at such time and place as may be designated, or the Court may
make such other order as it deems proper and requisite in the
circumstances.
EXAMINATION OF BANKRUPTS AND OTHERS
152. (1) Before the discharge of a bankrupt, the Supervisor
may, on the attendance of the bankrupt, examine the bankrupt under
oath with respect to the conduct of the bankrupt, the causes of the
bankruptcy and the disposition of the bankrupt’s property and shall
put to the bankrupt questions as the Supervisor may see fit.
(2) The Supervisor shall make notes of an examination
made under subsection (1) and shall forward a copy of the notes
to the trustee and the Court for deposit therein.
(3) Where the examination under subsection (1) is held—
(a) before the first meeting of creditors, the notes
shall be communicated to the creditors at the
meeting; or
(b) after the first meeting of creditors, the notes
shall be made available to any creditor who
requests them.
(4) Where a bankrupt fails to present himself for
examination by the Supervisor, the Supervisor shall report the
failure to the trustee.
Imprisoned
bankrupt.
Examination of
bankrupt by
Supervisor.
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153. (1) The Supervisor may make or cause to be made any
inquiry or investigation that may be deemed necessary in respect
of the conduct of the bankrupt, the causes of his bankruptcy and
the disposition of his property, and the Supervisor shall report the
findings on any such inquiry or investigation to the trustee and to
the Court.
(2) Where, pursuant to subsection (1), an inquiry or
investigation is made by the Supervisor, the Supervisor shall, out
of the moneys appropriated by Parliament to defray the expenses
of the office of the Supervisor, pay such reasonable costs and
expenses incurred in connection with the inquiry or
investigation, not being ordinary costs or expenses of his office.
(3) Section 155 applies mutatis mutandis in respect of
an inquiry or investigation under subsection (1).
154. (1) The trustee, on ordinary resolution passed by the
creditors or on the written request or resolution of a majority of
the inspectors, may, without an order, examine under oath before
the Court or other authorised person, the bankrupt, any person
reasonably thought to have knowledge of the affairs of the
bankrupt or any person who is or has been an agent, clerk,
servant, officer, director or employee of the bankrupt, respecting
the bankrupt, his dealings or property and may order any
person liable to be so examined to produce any books,
documents, correspondence or papers in his possession or power
relating in all or in part to the bankrupt, his dealings or property.
(2) On the application to the Court by the Supervisor,
any creditor or other interested person and on sufficient cause
being shown, the Court may make an order for the examination
under oath, before the Registrar or other authorised person—
(a) of the trustee;
(b) the bankrupt;
(c) an inspector or a creditor; or
(d) any other person named in the order,
for the purpose of investigating the administration of the estate of
any bankrupt, and may further order any person liable to be so
examined to produce any books, documents, correspondence or
Investigation by
Supervisor
regarding
bankrupt.
Trustee may
examine
bankrupt and
others.
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papers in the person’s possession or power relating in all or in part
to the bankrupt, the trustee or any creditor, the costs of the
examination and investigation to be in the discretion of the Court.
(3) The evidence of any person examined under this
section shall, if transcribed, be filed in the Court and may be read
in any proceedings before the Court under this Act and to which
the person examined is a party.
155. (1) Where a person has, or is believed or suspected to
have, in his possession or power any of the property of the
bankrupt, or any book, document or paper of any kind relating in
whole or in part to the bankrupt, his dealings or property, or
showing that he is indebted to the bankrupt, he may be required
by the trustee to produce the book, document or paper for the
information of the trustee, or to deliver to him any property of the
bankrupt in his possession.
(2) Where a person fails to produce a book, document
or paper or to deliver property as required by this section within
five days after being required to do so, the trustee may, without
an order, examine the person before the Registrar of the Court or
other authorised person concerning the property, book, document
or paper that the person is supposed to possess.
(3) Any person referred to in subsection (1) may be
compelled to attend and testify, and to produce on his
examination any book, document or paper that under this section
he is liable to produce, in the same manner and subject to the
same rules of examination, and the same consequences of
neglecting to attend or refusing to disclose the matters in respect
of which he may be examined, as would apply to a bankrupt.
156. (1) Where a person on examination admits that he is
indebted to the bankrupt, the Court may, on the application of the
trustee, order him to pay to the trustee, at such time and in such
manner as to the Court seems expedient, the amount admitted or
any part of the amount either in full discharge of the whole
amount in question or not, as the Court thinks fit, with or
without costs of the examination.
Trustee may
require delivery
of property of
bankrupt and
production of
books and
records.
Where person
may be ordered
by Court to pay
trustee.
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(2) Where any person on examination admits that he has
in his possession any property belonging to the bankrupt, the
Court may, on the application of the trustee, order him to deliver
to the trustee the property or any part of the property at such time,
in such manner and on such terms as to the Court may seem just.
157. Where the bankrupt fails to present himself for
examination before the Supervisor as required by section 149(d)
or where he or any other person is served with an appointment or
summons to attend for any examination but refuses or neglects to
attend as required by the appointment or summons, the Court
may, on the application of the trustee, by warrant cause the
bankrupt or other person so in default to be apprehended and
brought up for examination.
158. (1) Any person being examined is bound to answer all
questions relating to the business or property of the
bankrupt, to the causes of his bankruptcy and the disposition
of his property.
(2) The Court may order that any person who, if in
Trinidad and Tobago, would be liable to be brought before the
Court for any examination under this Act, shall be examined in
any place out of Trinidad and Tobago.
ARREST OF BANKRUPTS
159. (1) The Court may by warrant cause a bankrupt to be
arrested and detained, and any books, papers and property in his
possession to be seized, and the books, papers, electronic
documents and property to be safely kept as directed until such
time as the Court may order, under the following circumstances:
(a) where, after the filing of a bankruptcy petition
against the bankrupt, it appears to the Court that
there are grounds for believing that he has
absconded or is about to abscond from Trinidad
and Tobago with a view to—
(i) avoiding payment of the debt in respect of
which the bankruptcy petition was filed;
(ii) avoiding appearance to any such petition;
Issue of warrant
for
apprehension
and
examination of
persons.
Examination by
Court.
Court order for
arrest of
bankrupt.
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(iii) avoiding examination in respect of his
affairs; or
(iv) otherwise avoiding, delaying or
embarrassing proceedings in
bankruptcy against him;
(b) where, after making an assignment, it appears to
the Court that there are grounds for believing
that the bankrupt has absconded or is about to
abscond from Trinidad and Tobago with a view
to avoiding payment of his debts or to avoiding
examination in respect of his affairs;
(c) where, after the filing of a bankruptcy
petition or an assignment, it appears to the
Court there are reasonable grounds for
believing that the debtor—
(i) is about to remove his property with a
view to preventing or delaying
possession being taken of the property by
the trustee; or
(ii) has concealed or is about to conceal or
destroy any of his property or any books,
documents or writings that might be of
use to the trustee or to his creditors in the
course of the bankruptcy proceedings;
(d) where the bankrupt removes any property in his
possession above the value of two hundred dollars
without leave of the Court or the trustee; or
(e) where a f t e r t he commencemen t o f
proceedings under this Act, the bankrupt has
failed to obey an order of the Court.
(2) No payment or proposal made or security given after
arrest made under this section is exempt from the provisions of
this Act relating to fraudulent preferences.
DISCHARGE OF BANKRUPTS
160. (1) Except as provided in subsection (2), the
following provisions apply in respect of an individual who has
Automatic
discharge of
first-time
individual
bankrupt.
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never before been bankrupt under the laws of Trinidad and
Tobago or any prescribed jurisdiction:
(a) the trustee shall, before the expiration of the
eight-month period immediately following
the date on which a receiving order is made
against, or an assignment is made by the
individual bankrupt, file a report prepared under
section 162(1) with the Supervisor and send a
copy of the report to the bankrupt and to each
creditor who requested a copy;
(b) the trustee shall, not less than fifteen days
before the date of automatic discharge
provided for in paragraph (g), give notice of the
impending discharge, in the prescribed form, to
the Supervisor, the bankrupt and every creditor
who has proved a claim, at the creditor’s last
known address;
(c) where the Supervisor intends to oppose the
discharge of the bankrupt, the Supervisor shall
give notice of the intended opposition, stating
the grounds for the opposition to the trustee and
to the bankrupt at any time prior to the
expiration of the nine-month period
immediately following the bankruptcy;
(d) where a creditor intends to oppose the
discharge of the bankrupt, the creditor shall give
notice of the intended opposition, stating the
grounds for the opposition to the Supervisor, to
the trustee and to the bankrupt at any time
prior to the expiration of the nine-month
period immediately following the bankruptcy;
(e) where the trustee intends to oppose the
discharge of the bankrupt, the trustee shall give
notice of the intended opposition in prescribed
form and manner, stating the grounds for the
opposition to the bankrupt and the Supervisor
at any time prior to the expiration of the
nine-month period immediately following
the bankruptcy;
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(f) where the Supervisor, the trustee or a creditor
opposes the discharge of the bankrupt, the
trustee shall, unless the matter is to be dealt
with by mediation under section 163, forthwith
apply to the Court for an appointment for the
hearing of the opposition in the manner
referred to in sections 161 to 168, which
hearing shall be held—
(i) within thirty days after the day the
appointment is made; or
(ii) at such later time as may be fixed by the
Court at the request of the bankrupt or the
trustee; and
(g) where the Supervisor, the trustee or a creditor
has not opposed the discharge of the bankrupt in
the nine-month period immediately following
the bankruptcy, then, subject to section 148(3)—
(i) on the expiration of that nine-month
period, the bankrupt is automatically
discharged; and
(ii) forthwith after the expiration of that
nine-month period, the trustee shall
issue a certificate to the discharged
bankrupt, in the prescribed form,
declaring that the bankrupt is discharged
and is released from all debts except
those matters referred to in section 224
and shall send a copy of the certificate to
the Supervisor.
(2) Nothing in subsection (1) precludes an individual
bankrupt from applying to the Court for discharge before the
expiration of the nine-month period immediately following the
bankruptcy, and subsection (1) ceases to apply to an individual
bankrupt who makes an application before the expiration of
that period.
(3) The provisions of this Act concerning the discharge
of bankrupts apply in respect of an individual bankrupt who has
never before been bankrupt under the laws of Trinidad and
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Tobago or of any prescribed jurisdiction, to the extent that those
provisions are not inconsistent with this section, whether or not
the bankrupt applies to the Court for a discharge referred to in
subsection (2).
(4) An automatic discharge by virtue of subsection (1)(g)
is deemed, for all purposes, to be an absolute and immediate order
of discharge.
161. (1) Subject to section 160, the making of a receiving
order against, or an assignment by, any person except a
corporation operates as an application for discharge, unless the
bankrupt, by notice in writing, files in the Court and serves on
the trustee a waiver of application before being served by the
trustee with a notice of the trustee’s intention to apply to the
Court for an appointment for the hearing of the application as
provided in this section.
(2) The trustee, before proceeding to the discharge and
in any case not earlier than three months and not later than one
year following the bankruptcy of any person who has not served
a notice of waiver on the trustee, shall on five days notice to the
bankrupt apply to the Court for an appointment for a hearing of
the application on a date not more than thirty days after the date
of the appointment or at such other time as may be fixed by the
Court at the request of the bankrupt or trustee.
(3) A bankrupt who has given a notice of waiver as
provided in subsection (1) may, at any time at the bankrupt’s own
expense, apply for a discharge by obtaining from the Court an
appointment for hearing, which shall be served on the trustee not
less than twenty-one days before the date fixed for the hearing of
the application, and the trustee on being served therewith shall
proceed as provided in this section.
(4) A bankrupt corporation may not apply for a
discharge unless it has satisfied the claims of its creditors in full.
(5) The Court may, before issuing an appointment for
hearing an application for discharge, if requested by the trustee,
require such funds to be deposited with, or such guarantee to be
given to, the trustee, as it deems proper, for the payment of the
fees and disbursements incurred in respect of the application.
Bankruptcy of
an individual
operates as an
application for
discharge.
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(6) The trustee, on obtaining or being served with an
appointment for hearing an application for discharge, shall,
not less than fourteen days before the day appointed for the
hearing of the application, send a notice of the application in the
prescribed form to the Supervisor, the bankrupt and every creditor
who has proved a claim, at the creditor’s last known address.
(7) Where the trustee is not available to perform the
duties required of a trustee on the application of a bankrupt for a
discharge, the Court may authorise any other person to perform
such duties and may give such directions as it deems
necessary to enable the application of the bankrupt to be
brought before the Court.
162. (1) The trustee shall prepare a report in the
prescribed form with respect to—
(a) the affairs of the bankrupt;
(b) the causes of his bankruptcy;
(c) the manner in which the bankrupt has
performed the duties imposed on him under this
Act or obeyed the orders of the Court;
(d) the conduct of the bankrupt both before and
after the date of the initial bankruptcy event;
(e) whether the bankrupt has been convicted of any
offence under this Act; and
(f) any other fact, matter or circumstance that
would justify the Court in refusing an
unconditional order of discharge,
and the report shall be accompanied by a resolution of the
inspectors declaring whether or not they approve or disapprove
of the report, and in the latter case, the reasons of the
disapproval shall be given.
(2) Where an application of a bankrupt for a discharge
is pending, the trustee shall file the report prepared under
subsection (1) in the Court not less than two days, and forward a
copy to the Supervisor, to the bankrupt and to each creditor who
requested a copy not less than ten days before the day appointed
Trustee to
prepare report
of application
of bankrupt for
discharge.
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for hearing the application, and in all other cases the trustee,
before proceeding to the discharge, shall file the report in the
Court and forward a copy to the Supervisor.
(3) The Supervisor may make such further or other
report to the Court as he deems expedient or as in his opinion
ought to be before the Court on the application referred to in
subsection (2).
(4) The trustee or any creditor may attend the Court and
be heard in person or by counsel.
(5) For the purposes of the application referred to in
subsection (2), the report of the trustee is evidence of the
statements contained in the report.
(6) Where a bankrupt intends to dispute any statement
contained in the trustee’s report prepared under subsection (1),
the bankrupt shall at or before the time appointed for hearing the
application for discharge give notice in writing to the trustee
specifying the statements in the report that he proposes at the
hearing to dispute.
(7) A creditor who intends to oppose the discharge of
a bankrupt on grounds other than those mentioned in the
trustee’s report shall give notice of the intended opposition,
stating the grounds of the opposition to the trustee and to the
bankrupt at or before the time appointed for the hearing of the
application for discharge.
163. (1) The report prepared under section 162(1) shall
include a recommendation as to whether or not the bankrupt
should be discharged subject to conditions, having regard to the
bankrupt’s conduct and ability to make payments.
(2) The trustee shall consider the following matters in
making a recommendation under subsection (1):
(a) whether the bankrupt has complied with a
requirement imposed on the bankrupt under
section 53;
(b) the total amount paid to the estate by the
bankrupt, having regard to the bankrupt’s
indebtedness and financial resources; and
Trustee’s report
to provide
recommendation.
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(c) whether the bankrupt, where the bankrupt
could have made a viable proposal, chose to
proceed to bankruptcy rather than to make a
proposal as the means to resolve the
indebtedness.
(3) A recommendation that the bankrupt be discharged
subject to conditions is deemed to be an opposition to the
discharge of the bankrupt.
(4) Where the bankrupt does not agree with the
recommendation of the trustee, the bankrupt may, before the
expiration of the ninth month after the date of the bankruptcy,
send the trustee a request in writing to have the matter
determined by mediation.
(5) Where a request for mediation has been made
under subsection (4) or the discharge of the bankrupt is
opposed by a creditor or the trustee in whole or in part on a
ground referred to in section 165(m) or (n), the trustee shall
send an application for mediation in the prescribed form to the
Supervisor within five days after the expiration of the nine-
month period referred to in subsection (4) or within such
further time as the Supervisor may allow.
(6) A mediation shall be in accordance with prescribed
procedures.
(7) Where the issues submitted to mediation are not
resolved by mediation or the bankrupt has failed to comply with
conditions that were established by the trustee or as a result of
mediation, the trustee shall forthwith apply to the Court for an
appointment for the hearing of the matter, which hearing shall
be held—
(a) within thirty days after the day the appointment
is made; or
(b) at such later time as may be fixed by the Court,
and the provisions of this Part in respect of applications to the
Court under this subsection in relation to the discharge of
a bankrupt apply, with such modifications as the
circumstances require.
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(8) Where the bankrupt complies with the
conditions imposed on the bankrupt by the trustee in relation to
the discharge of the bankrupt or as a result of mediation referred
to in this section, the trustee shall—
(a) issue to the bankrupt a certificate of
discharge in the prescribed form releasing the
bankrupt from all debts other than a debt
referred to in section 170(1); and
(b) send a copy of the certificate of discharge to the
Supervisor.
(9) Documents contained in a file on the mediation
of a matter under this section form part of the records referred to
in section 10(2).
164. (1) On the hearing of an application of a bankrupt for a
discharge, the Court may put such questions to the debtor and
receive such evidence as it thinks fit.
(2) On the hearing of an application of a bankrupt
for a discharge, the Court may either grant or refuse an absolute
order of discharge or suspend the operation of the order for a
specified time, or grant an order of discharge subject to any terms
or conditions with respect to any earnings or income that
may afterwards become due to the bankrupt or with respect to
his after-acquired property.
(3) The Court shall on proof of any of the facts
mentioned in section 165—
(a) refuse the discharge of a bankrupt;
(b) suspend the discharge for such period as the
Court thinks proper; or
(c) require the bankrupt, as a condition of his
discharge, to perform such acts, pay such
moneys, consent to such judgments or
comply with such other terms as the Court
may direct.
(4) Where at any time after the expiration of one year
after the date of any order made under this section the bankrupt
satisfies the Court that there is no reasonable probability
Questions to
debtor.
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for his being in a position to comply with the terms of the
order, the Court may modify the terms of the order or of any
substituted order, in such manner and on such conditions as it
may think fit.
(5) The powers of suspending and of attaching conditions
to the discharge of a bankrupt may be exercised concurrently.
165. The facts referred to in section 164 are—
(a) the assets of the bankrupt are not of a value
equal to thirty-three and one-third cents on the
dollar on the amount of the bankrupt’s
unsecured liabilities, unless the bankrupt
satisfies the Court that the fact that the assets
are not that value has arisen from
circumstances for which the bankrupt cannot
justly be held responsible;
(b) the bankrupt has omitted to keep such books of
account as are usual and proper in the business
carried on by the bankrupt and does not
sufficiently disclose the business transactions
and financial position of the bankrupt within the
three years before the date of the initial
bankruptcy event;
(c) the bankrupt has continued to trade after
becoming aware of being insolvent;
(d) the bankrupt has failed to account satisfactorily
for any loss of assets or for any deficiency of
assets to meet the bankrupt’s liabilities;
(e) the bankrupt has brought on, or contributed to,
the bankruptcy by rash and hazardous
speculations, by unjustifiable extravagance in
living, by gambling or by culpable neglect of
the bankrupt’s business affairs;
(f) the bankrupt has put any of the bankrupt’s
creditors to unnecessary expense by a frivolous
or vexatious defence to any action properly
brought against the bankrupt;
Facts pursuant
to which
bankrupt’s
conduct is
subject to
censure.
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(g) the bankrupt has, within the period beginning
on the day that is three months before the date
of the initial bankruptcy event and ending on
the date of the bankruptcy, incurred
unjustifiable expense by bringing a frivolous or
vexatious action;
(h) the bankrupt has, within the period beginning
on the day that is three months before the date
of the initial bankruptcy event and ending on
the date of the bankruptcy, when unable to pay
debts as they became due, given an undue
preference to any of the bankrupt’s creditors;
(i) the bankrupt has, within the period beginning
on the day that is three months before the date
of the initial bankruptcy event and ending on
the date of the bankruptcy, incurred liabilities
in order to make the bankrupt’s assets equal
to thirty-three and one-third cents on the
dollar on the amount of the bankrupt’s
unsecured liabilities;
(j) the bankrupt has on any previous occasion been
bankrupt or made a proposal to creditors;
(k) the bankrupt has been guilty of any fraud or
fraudulent breach of trust;
(l) the bankrupt has committed any offence under
this Act or any other statute in connection with
the bankrupt’s property, the bankruptcy or the
proceedings under the bankruptcy;
(m) the bankrupt has failed to comply with the
requirement to pay imposed under section 53;
(n) the bankrupt, if the bankrupt could have made a
viable proposal, chose bankruptcy rather than a
proposal to creditors as the means to resolve the
indebtedness; and
(o) the bankrupt has failed to perform the duties
imposed on the bankrupt under this Act or to
comply with any order of the Court.
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166. For purposes of section 165, the assets of a bankrupt
shall be deemed of a value equal to thirty-three and one-third
cents on the dollar on the amount of his unsecured liabilities
when the Court is satisfied that the property of the bankrupt has
realised, is likely to realise or, with due care in realisation, might
have realised an amount equal to thirty-three and one-third cents
on the dollar on his unsecured liabilities.
167. (1) A statutory disqualification on account of
bankruptcy ceases when the bankrupt is discharged and obtains
from the Court a certificate to the effect that the bankruptcy was
caused by misfortune without any misconduct on his part.
(2) The Court may, if it thinks fit, grant a certificate
mentioned in subsection (1), and a refusal to grant such a
certificate is subject to appeal.
168. (1) Where an order is granted on terms or conditions or
on the bankrupt consenting to judgment, the bankrupt shall, until
the terms, conditions or judgment are satisfied—
(a) give the trustee such information as he may
require with respect to his earnings and
after-acquired property and income; and
(b) not less than once each year, file in the Court
and with the trustee a statement verified under
oath showing the particulars of any property or
income he may have acquired subsequent to the
order for his discharge,
and the trustee or any creditor may require the bankrupt to
attend for examination under oath with respect to the facts
contained in the statement or with respect to his earnings,
income, after-acquired property or dealings.
(2) Where the bankrupt fails to give information or to file
a statement as required by subsection (1), to attend for examination
when required to do so or to answer all questions fully and
accurately with respect to his earnings, income, after-acquired
property or dealings, the Court may on the application of the
trustee or of any creditor revoke the order of discharge.
Value of
bankrupt’s
assets.
Cessation of
any statutory
disqualification.
Bankrupt to
report to trustee
and Court.
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(3) Where a conditional order of discharge of a
bankrupt is made providing for payment of a further dividend or
sum of money by the bankrupt, all payments on account in
respect of the dividend or sum of money shall be made to the
trustee for distribution to the creditors.
169. Where—
(a) a settlement is made before and in
consideration of marriage, and the settlor is not
at the time of making the settlement able to pay
all his debts without the aid of the property
comprised in the settlement; or
(b) any covenant or contract is made in
consideration of marriage for the future
settlement on or for the settlor’s spouse or
children, of any property the settlor had not at
the date of marriage, any estate or interest, not
being property of or in right of his or her spouse,
if the settlor becomes bankrupt, and it appears to the Court that
the settlement, covenant or contract was made in order to defeat
or delay his creditors, or was unjustifiable having regard to the
state of the settlor’s affairs at the time when it was made, the
Court may refuse or suspend an order of discharge or grant an
order subject to conditions in like manner as in cases where the
bankrupt has been guilty of fraud.
170. (1) An order of discharge does not release the
bankrupt from—
(a) any fine, penalty, restitution order or other order
similar in nature to a fine, penalty or restitution
order, imposed by a Court in respect of an
offence, or any debt arising out of a
recognisance or bail;
(b) any award of damages by a Court in civil
proceedings in respect of—
(i) bodily harm intentionally inflicted, or
sexual assault; or
Court may
consider effects
of settlement
before
marriage.
Debts not
released by
order of
discharge.
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(ii) wrongful death resulting from the bodily
harm or sexual assault referred to in
paragraph (i);
(c) any debt or liability for maintenance of the
spouse or cohabitant of the bankrupt;
(d) any debt or liability under a support,
maintenance or affiliation order or under an
agreement for maintenance and support of a
spouse, cohabitant or child living apart from the
bankrupt;
(e) any debt or liability arising out of fraud,
embezzlement, misappropriation or defalcation
while acting in a fiduciary capacity;
(f) any debt or liability for obtaining property by
false pretences or fraudulent misrepresentation;
(g) liability for the dividend that a creditor would
have been entitled to receive on any provable
claim not disclosed to the trustee, unless the
creditor had notice or knowledge of the
bankruptcy and failed to take reasonable action
to prove his claim; or
(h) any debt or interest owed in relation to an
amount referred to in paragraphs (a) to (g);
(i) any debt or obligation in respect of a loan made
under the Students Revolving Fund Loan Act or
any other law which provides for loans or
guarantees of loans to students where the date
of bankruptcy of the bankrupt occurred—
(i) before the date of which the bankrupt
ceased to be a full-time or part-time
student, as the case may be, under the
relevant law; or
(ii) within ten years after the date on which
the bankrupt ceased to be a full-time or
part-time student.
(2) Subject to subsection (1), an order of discharge
releases the bankrupt from all claims provable in bankruptcy.
(3) At any time after ten years after a bankrupt who has
a debt referred to in subsection (1)(i) ceases to be a full-time or
Ch. 39:05.
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part-time student as the case may be under the relevant law, the
Court may, on application, order that subsection (1) does not
apply to the debt if the Court is satisfied that—
(a) the bankrupt has acted in good faith in
connection with the liabilities under the loan; and
(b) the bankrupt has and will continue to
experience financial difficulty to such an extent
that the bankrupt will be unable to pay the
liabilities under the loan.
171. An order of discharge does not release a person who at
the date of the bankruptcy was a partner or co-trustee with the
bankrupt or was jointly bound or had made a joint contract with
the bankrupt, or a person who was surety or in the nature of a
surety for the bankrupt.
172. (1) Where a bankrupt after his discharge fails to
perform the duties imposed on him by this Act, the Court may,
on application, annul his discharge.
(2) Where it appears to the Court that the discharge of a
bankrupt was obtained by fraud, the Court may, on application,
annul his discharge.
(3) An order revoking or annulling the discharge of a
bankrupt does not prejudice the validity of a sale, disposition of
property, payment made or thing duly done before the revocation
or annulment of the discharge.
173. (1) Where, in the opinion of the Court, a receiving
order ought not to have been made or an assignment ought not to
have been filed, the Court may by order annul the bankruptcy.
(2) Where an order is made under subsection (1), all
sales, dispositions of property, payments duly made and acts
done theretofore by the trustee or other person acting under his
authority, or by the Court, are valid, but the property of the
bankrupt shall vest in such person as the Court may appoint, or,
in default of that appointment, without any conveyance or
assignment whatever revert to and revest in the debtor for all his
estate and interest in the property upon such terms and subject to
such conditions, if any, as the Court may order.
Third parties
not released.
Court may
annul
discharge.
Court may
annul
bankruptcy.
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174. An order of discharge or annulment shall be dated on the
day on which it is made, but it shall not be issued or served until
the expiration of the time allowed for an appeal, and, if an appeal
is entered, not until the appeal has been finally disposed of.
PART IX
ADMINISTRATIVE OFFICIALS
SUPERVISOR
175. (1) For the purposes of this Act, there shall be a
Supervisor of Insolvency who shall be responsible to the
Minister for the general administration of this Act and whose
office shall be a public office.
(2) The Supervisor shall supervise the administration of
all estates and matters to which this Act applies.
(3) The Supervisor shall, without limiting the authority
conferred by subsection (2)—
(a) receive applications of licences to act as trustees
under this Act and issue licences to persons
whose applications have been approved;
(b) where not otherwise provided for, require the
deposit of one or more continuing guaranty
bonds as security for the due accounting of all
property received by trustees and for the due
and faithful performance by them of their duties
in the administration of estates to which they
are appointed, in such amount as the Supervisor
may determine, and—
(i) which amount may be increased or
decreased as he may deem expedient;
(ii) the security shall be in a form satisfactory
to the Supervisor; and
(iii) may be enforced by the Supervisor for the
benefit of the creditors;
(c) from time to time make or cause to be made
such inspection or investigation of estates or
other matters to which this Act applies,
including the conduct of a trustee or a trustee
Issuance of
orders to be
delayed.
Appointment of
Supervisor.
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acting as a receiver or interim receiver, as the
supervisor may deem expedient and for the
purpose of the inspection or investigation the
Supervisor or any person appointed by the
Supervisor for the purpose shall have access to
and the right to examine and make copies of all
books and records pertaining or relating to any
estate or other matter to which this Act applies;
(d) receive and keep a record of all complaints from
any creditor or other person interested in any
estate and make such specific investigations
with regard to such complaints as the
Supervisor may determine; and
(e) examine trustee’s accounts of receipts and
disbursements and final statements.
(4) The Supervisor may by way of notice, intervene in
any matter or proceeding in Court, where the Supervisor
considers it expedient to do so, as if the Supervisor were a party
to the matter of proceedings.
176. (1) Any trade union, body or association representing
the interests of employees may request that the Supervisor
investigate any acts by a trustee or debtor which adversely
affects the rights of employees.
(2) Where upon conducting an investigation under
subsection (1), the Supervisor is satisfied that the rights or interests
of employees are affected he may intervene under this Part.
177. (1) The Supervisor, or anyone duly authorised by him in
writing on his behalf, is entitled to have access to and to examine
and make copies of the banking accounts of a trustee in which
estate funds may have been deposited, and, when required, all
deposit slips, cancelled cheques or other documents relating to
the banking accounts in the custody of the bank or the trustee
shall be produced for examination.
(2) The Supervisor, or anyone duly authorised in
writing by or on behalf of the Supervisor, may with the leave of
the Court granted on an ex parte application examine the books,
records and deposit accounts of a trustee or any other person
Employee
association to
represent
interest of
employees.
Access to
trustee’s
accounts.
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designated in the order granting that leave for the purpose of
tracing or discovering the property or funds of an estate when
there are reasonable grounds to believe or suspect that the
property or funds of an estate have not been properly disclosed
or dealt with and for that purpose may under a warrant from the
Court enter on and search any premises.
(3) Where the Supervisor, on ex parte application,
satisfies the Court that it is necessary and in the public interest to
do so, the Court may issue an order directing a deposit-taking
institution that holds a deposit account of a trustee or such other
person as is designated in the order not to make payments out of
the account until such time as the Court otherwise directs.
178. (1) Where, on information supplied by a trustee or other
person, the Supervisor suspects on reasonable grounds, that a
person has, in connection with any estate or matter to which this
Act applies, committed an offence under this Act or any other
law, the Supervisor may, if it appears to the Supervisor that the
alleged offence might not otherwise be investigated, make or
cause to be made such enquiries or investigations as the
Supervisor deems expedient with respect to—
(a) the conduct, dealings and transactions of the
debtor concerned;
(b) the causes of the bankruptcy or insolvency of
the debtor; and
(c) the disposition of the property of the debtor.
(2) Where, on the application of the Supervisor or the
Supervisor’s authorised representative, a subpoena has been issued
by the Court, the Supervisor may, for the purpose of an
investigation under subsection (1), examine or cause to be
examined under oath before the Court or other authorised person—
(a) the debtor;
(b) any person whom the Supervisor suspects, on
reasonable grounds, has knowledge of the
affairs of the debtor; or
Suspected
offences.
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(c) any person who is or has been an agent, clerk,
servant, officer, director or employee of the
debtor,
with respect to—
(i) the conduct, dealings and transactions of
the debtor;
(ii) the causes of the bankruptcy or
insolvency of the debtor; and
(iii) the disposition of the property of the debtor,
and may order any person liable to be so examined to produce any
books and records in the person’s possession or under the control
of the person relating to the debtor and the conduct, dealings and
transactions of the debtor or the disposition of the debtor’s property.
(3) A person being examined pursuant to this section is
bound to answer all questions relating to the conduct, dealings and
transactions of the debtor, the causes of the debtor’s bankruptcy or
insolvency and the disposition of the debtor’s property.
(4) A statement or admission made by any person in any
examination or deposition before the Court on the hearing of any
matter in bankruptcy shall not be admissible as evidence against
that person in any proceeding in respect of any offence under any
other law.
(5) No person shall hinder, molest or interfere with any
person doing anything that he is authorised by or pursuant to this
section to do, or prevent or attempt to prevent any person doing
any such thing, and, notwithstanding any other law, every person
shall, unless he is unable to do so, do everything he is required
by or pursuant to this section to do.
(6) Where any book or record is examined or
produced in accordance with this section, the person by whom it
is examined or to whom it is produced or the Supervisor may
make or cause to be made one or more copies thereof, and a
document purporting to be certified by the Supervisor or a
person authorised by the Supervisor to be a copy made pursuant
to this section is admissible in evidence and has the same
probative force as the original document would have if it were
proven in accordance with the Evidence Act. Ch. 7:02.
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(7) Notwithstanding section 127, a recovery made as
the result of any inquiries or investigation made or caused to be
made pursuant to this section shall be applied to the
reimbursement of any costs and expenses incurred by the
Supervisor on the recovery, not being ordinary costs or expenses
of the office of the Supervisor, and the balance remaining in
respect of the recovery shall be made available for the benefit of
the creditors of the debtor.
PUBLIC RECORDS
179. (1) The Supervisor shall keep, or shall cause to be kept,
in such form as the Supervisor deems appropriate and for the
prescribed period, a public record of—
(a) proposals;
(b) bankruptcies;
(c) licences issued to trustees by the Supervisor; and
(d) notices sent to the Supervisor by receivers
pursuant to section 14,
and, on request for the records and on payment of such fee as
may be prescribed, shall provide, or cause to be provided, any
information contained in that public record.
(2) The Supervisor shall keep, or cause to be kept, in
such form as the Supervisor deems appropriate and for the
prescribed period, such other records relating to the
administration of the Act as the Supervisor deems necessary.
TRUSTEES
LICENSING OF TRUSTEES
180. (1) A person who wishes to obtain a licence to act as a
trustee shall file with the Supervisor an application for a licence
in the prescribed form.
(2) The Supervisor, after such investigation
concerning an applicant for a licence to act as a trustee as the
Supervisor considers necessary, may issue the licence if the
Supervisor having regard to the qualifications prescribed is
satisfied that the applicant is qualified to obtain the licence.
Maintenance of
public records.
Application for
licence as
trustee.
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(3) A person is not qualified to act as trustee unless
authorised to do so by virtue of membership of a professional
body prescribed by the Minister and is permitted to act as trustee
by the rules of that body.
181. A licence shall be in the prescribed form and shall be
subject to such conditions and limitations as are specified by the
Supervisor in the licence.
182. (1) Prior to the issue of a licence, the applicant shall pay
such fees as may be prescribed and thereafter on the thirty-first
day of December following the day on which a licence is issued,
and on the thirty-first day of December in each year, the trustee
shall pay such fees as may be prescribed.
(2) A licence ceases to be valid—
(a) on the failure of the trustee to pay a fee in
accordance with subsection (1); or
(b) if the trustee becomes bankrupt.
(3) Where a licence has ceased to be valid by reason of—
(a) failure to pay fees, the Supervisor may reinstate
the trustee where the trustee pays the
outstanding fees together with any penalty
amount prescribed and provides a reasonable
written explanation of the failure to pay the fees
in accordance with subsection (1); or
(b) the trustee becoming bankrupt, the
Supervisor may, on written representations
made by the trustee, reinstate the licence
subject to such conditions and limitations as
the Supervisor considers appropriate and may
specify in that licence.
(4) A licence may be suspended or cancelled by the
Supervisor where—
(a) the trustee is convicted of an indictable offence;
(b) the trustee has failed to comply with any of the
conditions or limitations to which the licence
is subject;
Form of
licence.
Payment of
fees.
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(c) the trustee has ceased to act as a trustee; or
(d) the trustee so requests.
(5) Notice of an intended decision under subsection (4)
shall be in writing setting out the reasons of the Supervisor for
the decision and shall be sent to the trustee at least ten days
before the decision takes effect.
(6) Where a licence ceases to be valid by virtue of
subsection (2) or is suspended or cancelled under subsection (4),
the Supervisor may impose on the trustee such requirements as
the Supervisor considers appropriate, including a requirement
that the trustee deposit security for the protection of an estate.
(7) For the avoidance of doubt, section 188 does not
apply in respect of a suspension or cancellation of a licence
under subsection (4).
CONDUCT OF TRUSTEES
183. (1) Except with the permission of the Court and on such
conditions as the Court may impose, no trustee shall act as
trustee in relation to the estate of a debtor—
(a) where the trustee is, or at any time during the
two preceding years was—
(i) a director or officer of the debtor;
(ii) an employer or employee of the debtor or
of a director or officer of the debtor;
(iii) related to the debtor or to any director or
officer of the debtor; or
(iv) the auditor, accountant or Attorney-at-law,
or a partner or employee of the auditor,
accountant or Attorney-at-law of the
debtor; or
(b) where the trustee is—
(i) the trustee under a trust indenture issued
by the debtor or any person related to the
debtor; or
(ii) related to the trustee under a trust indenture
referred to in subsection (1)(b)(i).
Trustee
prohibited from
acting in
specified
circumstances.
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(2) No trustee shall act as a trustee in relation to the
estate of a debtor where the trustee is already—
(a) the trustee in the bankruptcy of, or in a proposal
concerning any person related to the debtor; or
(b) the receiver or the liquidator of the property of
any person related to the debtor,
without making, at the time of being appointed as trustee in
relation to the estate of the debtor and at the first meeting of
creditors, full disclosure of that fact and of the potential conflict
of interest.
184. (1) No trustee shall, while acting as the trustee of an
estate, act for or assist a secured creditor of the estate to assert
any claim against the estate or to realise or otherwise deal with
the security that the secured creditor holds, unless the trustee has
obtained a written opinion of an Attorney-at-law who does not
act for the secured creditor, that the security is valid and
enforceable as against the estate.
(2) On commencing to act for or assist a secured
creditor of the estate in the manner set out in subsection (1), a
trustee shall notify forthwith the Supervisor and the creditors or
the inspectors—
(a) that the trustee is acting for the secured creditor;
(b) of the basis of any remuneration paid by the
secured creditor; and
(c) of the opinion referred to in subsection (1).
(3) Within two days after receiving a request for a copy
of the opinion referred to in subsection (1), a trustee shall provide
the Supervisor with that copy and shall also provide a copy to
each creditor who has made a request for a copy.
185. A trustee shall comply with such code of ethics
respecting the conduct of trustees as may be prescribed.
186. A trustee shall not engage the services of another trustee
whose licence has been cancelled under section 182(4)(a) or 188(1).
Independent
legal opinion.
Code of ethics.
Cancelled
licences.
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APPOINTMENT AND SUBSTITUTION OF TRUSTEES
187. The creditors may, at any meeting by special
resolution, appoint or substitute another licensed trustee for the
trustee named in an assignment, receiving order or proposal, or
otherwise appointed or substituted.
188. (1) Where, after making an investigation into the
conduct of a trustee, it appears to the Supervisor that—
(a) a trustee has not properly performed the duties
of a trustee or has been guilty of any improper
management of an estate;
(b) a trustee has not fully complied with this Act,
the Bankruptcy Rules, or any law with regard to
the proper administration of any estate; or
(c) it is in the public interest to do so,
the Supervisor may do one or more of the following:
(i) cancel or suspend the licence of the trustee;
(ii) place such conditions or limitations on
the licence as the Supervisor considers
appropriate including a requirement that
the trustee successfully take an exam or
enrol in such course as may be
prescribed; and
(iii) require the trustee to make restitution to
the estate of such amount of money as the
estate has been deprived of as a result of
the trustee’s conduct.
(2) This section and section 189 apply, in so far as they
are applicable, in respect of former trustees, with such
modifications as the circumstances require.
189. (1) Where the Supervisor intends to exercise any of the
powers referred to in subsection 188(1), the Supervisor shall
send the trustee written notice of the powers that the Supervisor
intends to exercise and the reasons therefore and afford the
trustee a reasonable opportunity for a hearing.
Appointment or
substitution of
trustee by
creditors.
Rights of
Supervisor
where trustee’s
conduct is
questionable.
Notice to
trustee.
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(2) At a hearing referred to in subsection (1), the
Supervisor—
(a) has power to administer oaths;
(b) is not bound by any legal or technical rules of
evidence in conducting the hearing;
(c) shall deal with the matters set out in the notice
of the hearing as informally and as
expeditiously as the circumstances and a
consideration of fairness permit; and
(d) shall cause a summary of any oral evidence to
be made in writing.
(3) The notice referred to in subsection (1) and, where
applicable, the summary of oral evidence referred to in
subsection (2)(d), together with such documentary evidence as
the Supervisor receives in evidence shall form the record of
the hearing.
(4) The record of the hearing referred to in
subsection (3) is public, unless the Supervisor is satisfied that
personal or other matters that may be disclosed are of such a
nature that the desirability of avoiding public disclosure of those
matters, in the interest of a third party or in the public interest,
outweighs the desirability of the access by the public to
information about those matters.
(5) The decision of the Supervisor after a hearing
referred to in subsection (1), together with the reasons given for
the hearing, shall be given in writing to the trustee not later than
three months after the conclusion of the hearing, and the decision
shall be made public.
(6) Any decision of the Supervisor may on
application to the Court be reviewed, set aside, or confirmed.
190. (1) The Supervisor may, for the protection of an estate
in the circumstances referred to in subsection (2)—
(a) direct a person to deal with property of the estate
described in the direction in such manner as may
be indicated in the direction, including the
continuation of the administration of the estate;
Protection of
estate by
Supervisor.
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(b) direct any person to take such steps as the
Supervisor considers necessary to preserve the
books and records of the estate;
(c) direct a bank or other depository not to pay out
funds held to the credit of the estate except in
accordance with the direction; and
(d) where action in respect of a trustee is being
taken under section 182(4) or 188(1), refuse to
appoint the trustee in respect of any new estates
until a decision in respect of the trustee is made.
(2) The circumstances in which the Supervisor is
authorised to exercise the powers set out in subsection (1)
are where—
(a) an estate is left without a trustee by the death,
removal or incapacity of the trustee;
(b) the Supervisor makes or causes to be made any
investigation pursuant to section 175(3)(c);
(c) the Supervisor exercises any of the powers set
out in section 188;
(d) the fees referred to in section 182(1) have not
been paid in respect of the licence of a trustee;
(e) a trustee becomes insolvent;
(f) a trustee is convicted of an indictable offence or
has failed to comply with any of the conditions
or limitations to which the trustee’s licence is
subject; or
(g) a circumstance referred to in section 182(4)(c)
or (d) exists and the Supervisor is considering
cancelling the licence.
(3) A direction given pursuant to subsection (1)—
(a) shall state the statutory authority pursuant to
which the direction is given;
(b) is binding on the person to whom it is given; and
(c) is, in favour of the person to whom it is
given, and conclusive proof of the facts set
out in the direction.
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(4) A person who complies with a direction given
pursuant to subsection (1) is not liable for any act done by the
person only in compliance with that direction.
191. The Court on the application of any interested person,
may for cause remove a trustee and appoint another licensed
trustee in the trustee’s place.
192. Where no licensed trustee can be found who is willing
to act as trustee, the Court or the Supervisor may appoint a
responsible person to administer the estate of the debtor, and
that person, for that purpose, has all the powers of a licensed
trustee under this Act, and the provisions of this Act apply to
that person as if a licence had been issued to that person under
section 175(3)(a).
193. (1) No trustee is bound to assume the duties of trustee in
matters relating to assignments, receiving orders or proposals,
but having accepted an appointment in relation to those matters
the trustee shall, until discharged or another trustee is appointed
in the place of the trustee, perform the duties required of a trustee
under this Act.
(2) In subsections (3) to (9), reference to a trustee
means a trustee in a bankruptcy or proposal and includes an
interim receiver or a receiver.
(3) Notwithstanding anything in any law, where a
trustee carries on in that position the business of the debtor or
continues the employment of the debtor’s employees, the trustee
is not by reason of that fact personally liable in respect of any
claim against the debtor or related to a requirement imposed on
the debtor to pay an amount where the claim arose before or
upon the trustee’s appointment.
(4) A claim referred to in subsection (3) shall not rank
as costs of administration.
(5) Notwithstanding anything in any law, a trustee is not
personally liable in that position for any environmental condition
that arose or environmental damage that occurred—
(a) before the trustee’s appointment; or
Court removal
of trustee.
Appointment by
Supervisor of
non-licensed
trustee.
Duty to act.
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(b) after the trustee’s appointment, unless it is
established that the condition arose or the
damage occurred as a result of the trustee’s
negligence or misconduct.
(6) Nothing in subsection (5) exempts a trustee from
any duty to report or make disclosure imposed by a law referred
to in that subsection.
(7) Notwithstanding anything in any law but subject to
subsection (5) where an order is made which has the effect of
requiring a trustee to remedy any environmental condition or
environmental damage affecting property involved in a
bankruptcy, proposal or receivership, the trustee is not personally
liable for failure to comply with the order, and is not personally
liable for any costs that are or would be incurred by any person
in carrying out the terms of the order—
(a) where, within such time as is specified in the
order and where no time is specified, within ten
days after the order is made, within ten days
after the appointment of the trustee, if the order
is in effect when the trustee is appointed, or
during the period of the stay referred to in
paragraph (b) the trustee—
(i) complies with the order; or
(ii) on notice to the person who issued the
order, abandons, disposes of or otherwise
releases any interest in any real property
affected by the condition or damage;
(b) where during the period of a stay of the order
granted on application made within the time
specified in the order referred to in paragraph (a),
within ten days after the order is made or within
ten days after the appointment of the trustee,
where the order is in effect when the trustee is
appointed, to—
(i) the Court or body having jurisdiction
under the law pursuant to which the order
was made to enable the trustee to contest
the order; or
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(ii) the Court having jurisdiction in
bankruptcy for the purposes of assessing
the economic viability of complying with
the order; or
(c) if the trustee had, before the order was made,
abandoned or renounced or been divested of
any interest in any real property affected by the
condition or damage.
(8) The Court may grant a stay of the order referred to
in subsection (7) on such notice and for such period as the Court
deems necessary for the purpose of enabling the trustee to assess
the economic viability of complying with the order.
(9) Where the trustee has abandoned or renounced any
interest in real property affected by the environmental condition
or environmental damage, claims for costs of remedying the
condition or damage shall not rank as costs of administration.
(10) Any claim by the State against the debtor in a
bankruptcy, proposal or receivership for costs of remedying
any environmental condition or environmental damage
affecting real property of the debtor is secured by a charge on
the real property and on any other real property of the debtor
that is contiguous thereto and that is related to the activity that
caused the environmental condition or environmental damage,
and the charge—
(a) is enforceable in the same way as a
mortgage, or other security on real
property; and
(b) ranks above any other claim, right or charge
against the property, notwithstanding any other
provision of this Act or anything in any other law.
(11) Notwithstanding section 112(1), a claim against a
debtor in a bankruptcy or proposal for the costs of remedying any
environmental condition or environmental damage affecting real
property of the debtor shall be a provable claim, whether the
condition arose or the damage occurred before or after the date
of the filing of the proposal or the date of the bankruptcy.
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194. No defect or irregularity in the appointment of a trustee
vitiates any act done by the trustee in good faith.
CORPORATIONS AS TRUSTEES
195. A body corporate may hold a licence as trustee only if a
majority of its directors and a majority of its officers hold
licences as trustees.
196. Notwithstanding the Companies Act, no person may be
incorporated under the Act for the purpose of acting as a trustee
in insolvency from within Trinidad and Tobago unless its
incorporation has been consented to by the Supervisor.
197. A body corporate that holds a licence as a trustee may
perform the duties and exercise the powers of a trustee only
through a director or officer of the body corporate who holds a
licence as a trustee.
198. Every body corporate that is incorporated by or under an
Act of Parliament and that holds a licence as a trustee may carry
on the business of a trustee and shall not, in respect of its
operations as a trustee, be construed to be carrying on the
business of a trust company.
OFFICIAL NAME
199. The official name of a trustee acting in bankruptcy
proceedings is “The Trustee of the Estate of (insert the name of the
bankrupt), a Bankrupt”, and the official name of a trustee acting
with respect to a proposal by an insolvent person is “The Trustee
acting in re the proposal of (insert the name of the debtor)”.
DUTIES AND POWERS OF TRUSTEES
200. (1) Every trustee duly appointed shall forthwith give
security in cash or by bond of a guarantee company satisfactory
to the Supervisor for the due accounting for the payment and the
transfer of all property received by him as trustee and for the due
and faithful performance of his duties.
Acts done in
good faith.
Corporate
trustee.
Incorporation.
Ch. 81:01.
Acts by
corporate
trustee.
Corporate
trustee not a
trust company.
Official name.
Trustee to give
security.
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(2) The security required to be given under subsection (1)
shall be deposited with the Supervisor, shall be given in favour of
the creditors generally and may be enforced by any succeeding
trustee or by one of the creditors on behalf of all by direction of the
Court, and may be increased or reduced by the Supervisor.
(3) The trustee shall, as soon as possible, take possession
of the deeds, books and records, and all property of the bankrupt
and make an inventory and for the purpose of making an
inventory the trustee is entitled to enter, subject to subsection (4),
on any premises on which the deeds, books and records, or
property of the bankrupt may be, notwithstanding that they may
be in the possession of a Marshal, a secured creditor or other
claimant to the deeds, books, records or property of the bankrupt.
(4) Where the premises referred to in subsection (3) are
occupied by a person other than the bankrupt, the trustee may not
enter the premises without the consent of that other person
except under the authority of a warrant issued under section 232.
(5) The trustee shall, in relation to and for the purpose
of acquiring or retaining possession of the property of the
bankrupt, be in the same position as if he were a receiver of the
property appointed by the Court, and the Court may on his
application, enforce the acquisition or retention accordingly.
(6) No person is, as against the trustee, entitled to
withhold possession of the books and records belonging to the
bankrupt or to set up any lien or right of retention on those books
and records.
201. Where a person has in his possession or power any
property of the bankrupt that he is not by law entitled to retain as
against the bankrupt or the trustee, that person shall deliver the
property to the trustee.
202. The trustee may when necessary in the interest of the
estate of the bankrupt—
(a) take conservatory measures and summarily
dispose of property that is perishable or likely to
depreciate rapidly in value; and
Delivery of
property to
trustee.
Protective
measures.
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(b) carry on the business of the bankrupt until the
date fixed for the first meeting of creditors.
203. (1) The trustee may prior to the first meeting of
creditors, obtain such legal advice and take such Court
proceedings as he may consider necessary for the recovery or
protection of the property of the bankrupt.
(2) In the case of an emergency where the
necessary authority cannot be obtained from the inspectors in
time to take appropriate action, the trustee may obtain such
legal advice and institute such legal proceedings and take such
action as he may deem necessary in the interests of the estate of
the bankrupt.
(3) The trustee shall verify the bankrupt’s statement
of affairs.
204. (1) The trustee may, with the permission of the
inspectors, divest all or any part of the trustee’s right, title or
interest in any real property of the bankrupt by notice or
disclaimer by the trustee, and the official in charge of the land
registry office, as the case may be, where title to the real property
is registered shall accept and register in the land register the
notice when tendered for registration.
(2) Registration of a notice under subsection (1)
operates as a discharge or release of any document previously
registered in the land register by or on behalf of the trustee with
respect to the property referred to in the notice.
205. The trustee may initiate such criminal
proceedings as may be authorised by the creditors, the
inspectors or the Court against any person believed to have
committed an offence under this Act.
206. The trustee is not liable to make any return that the
bankrupt was required to make more than one year prior to the
commencement of the calendar year, or the fiscal year of the
bankrupt where that is different from the calendar year in which
he became bankrupt.
Legal
proceedings to
protect estate.
Divesting of
real property.
Initiation of
criminal
proceedings.
Returns.
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207. The trustee shall at all reasonable times permit any
authorised person to inspect the books and records of the
bankrupt in order to prepare or verify returns that the bankrupt is
by statute required to file.
208. (1) The trustee shall forthwith temporarily insure and
keep insured in his official name all the insurable property of
the bankrupt, for such amount and against such hazards as he
may deem advisable until the inspectors are appointed; and the
inspectors shall determine the amount for which and the
hazards against which the bankrupt’s property shall be insured
by the trustee.
(2) All insurance covering property of the bankrupt in
force at the date of bankruptcy shall in the event of loss suffered,
without any notice to the insurer or other action on the part of
the trustee and notwithstanding any statute or rule of law or
contract or provision to a contrary effect become payable
immediately to the trustee as if the name of the trustee were
written in the policy or contract of insurance as that of the
insured or as if no change of title or ownership had come about
and the trustee were the insured.
209. (1) Subject to subsections (2) and (3), a trustee shall
forthwith deposit all moneys received for an estate in a separate
trust account for each estate.
(2) The trustee shall deposit moneys pursuant to
subsection (1) in a financial institution licensed under the
Financial Institutions Act.
(3) Where moneys referred to in subsection (1) are
situated in a country other than Trinidad and Tobago, the trustee
may, where authorised by the Supervisor, deposit the moneys in
a financial institution in that country that is similar to a bank.
(4) The trustee shall not withdraw any money from the
trust account of an estate without the permission in
writing of the inspectors or, on application, the Court,
except for the payment of dividends and charges incidental to
the administration of the estate.
Regulators
empowered to
review records.
Insure property.
Deposits.
Ch. 79:09.
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(5) All payments made by a trustee under subsection (1)
shall be made by cheque drawn on the estate account or in such
manner as may be specified by the Supervisor.
(6) The trustee shall not deposit any sums received by
the trustee in the trustee’s official capacity as a trustee in any
banking account kept by the trustee for the trustee’s personal use.
(7) Any interest recoverable in respect of the account
shall be part of the assets of the estate.
210. (1) The trustee shall keep proper books and records of
the administration of each estate to which he is appointed, in
which shall be entered—
(a) a record of all moneys received or disbursed
by him;
(b) a list of all creditors filing claims;
(c) the amount and disposition of those claims;
(d) a copy of all notices sent out;
(e) the original signed copy of all minutes,
proceedings had, and resolutions passed at any
meeting of creditors or inspectors;
(f) Court orders; and
(g) all such other matters or proceedings as may be
necessary to give a complete account of his
administration of the estate.
(2) The estate books and records relating to the
administration of an estate are deemed to be the property
of the estate, and, in the event of any change of trustee, shall
forthwith be delivered to the substituted trustee.
(3) The trustee shall permit the books and records
referred to in subsection (2) to be inspected and copies of those
books and records made by the Supervisor, the bankrupt, or any
creditor or their agents, at any reasonable time.
211. (1) The trustee shall report in writing—
(a) when required by the inspectors, to every creditor;
(b) when required by any specific creditor, to the
creditor; and
Maintenance
books and
records.
Reporting by
trustee.
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(c) when required by the Supervisor, to the
Supervisor or the creditors,
showing the condition of the bankrupt’s estate, the moneys on
hand, if any, and particulars of any property remaining unsold.
(2) The trustee is entitled to charge against the estate of
the bankrupt, for the preparation and delivery of any report
referred to in subsection (1), only his actual disbursements.
212. (1) The trustee shall, forthwith after the receipt or
preparation of the documents referred to in section 145—
(a) send them to the Supervisor along with a true
copy of—
(i) the notice referred to in section 93;
(ii) the statement referred to in section
149(e);
(iii) the trustee’s final statement of receipts
and disbursements and the dividend
sheet; and
(iv) every order made by the Court on the
application for discharge of a bankrupt or
for annulling any bankruptcy; and
(b) file a copy of the documents referred to in
paragraphs (ii) and (iii) in the Court.
(2) The trustee shall forward promptly to the Supervisor
copies of all notices, reports and statements sent by the trustee to
the creditors and, when required, copies of such other documents
as the Supervisor may specify.
213. (1) Where—
(a) the licence of a trustee has been cancelled or
suspended, or has ceased to be valid by reason
of failure to pay fees;
(b) a t rustee has been removed from
continuing the administration of an estate; or
Documents to
be provided to
Supervisor.
Report to
Supervisor
where trustee
no longer
appointed.
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(c) a trustee dies or becomes incapacitated,
the trustee or the legal representative of the trustee shall, within
such time as is fixed by the Supervisor—
(i) prepare and forward to the Supervisor a
detailed financial statement of the
receipts and disbursements together with
a list of and report on the unadministered
property of every estate under the
administration of the trustee for which the
trustee has not been discharged; and
(ii) forward to such other trustee as may be
appointed in the place of the trustee or,
pending the appointment of the other
trustee, to the Supervisor, all the
remaining property of every estate under
the administration together with all the
books and records relating thereto.
(2) Every trustee before proceeding to his discharge
shall, unless he has already done so, prepare and file the report
referred to in section 162 and forward a copy to the Supervisor.
214. (1) The trustee may, with the permission of the
inspectors, do all or any of the following things:
(a) sell or otherwise dispose of for such price or
other consideration as the inspectors may
approve of, all or any part of the property of the
bankrupt, including the goodwill of the
business, if any, and the book debts due or
falling due to the bankrupt, by tender, public
auction or private contract, with power to
transfer the whole of the property to any person
or to sell the same in parcels;
(b) lease any real property;
(c) carry on the business of the bankrupt, in so far
as may be necessary for the beneficial
administration of the estate of the bankrupt;
(d) bring, institute or defend any action or other
legal proceedings relating to the property of
the bankrupt;
Permission to
take specified
action.
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(e) employ an Attorney-at-law or other agent to
take any proceedings or do any business that
may be sanctioned by the inspectors;
(f) accept as the consideration for the sale of any
property of the bankrupt a sum of money
payable at a future time, subject to such
stipulations as to security and otherwise as the
inspectors think fit;
(g) incur obligations, borrow money and give
security on any property of the bankrupt by
mortgage, charge, assignment, pledge or
otherwise, and the obligations and money
borrowed shall be discharged or repaid with
interest out of the property of the bankrupt in
priority to the claims of the creditors;
(h) compromise and settle any debt owing to
the bankrupt;
(i) compromise any claim made by or against
the estate;
(j) divide in its existing form among the creditors,
according to its estimated value, any property
that from its particular nature or other special
circumstances cannot be readily or
advantageously sold;
(k) disclaim any property which binds the
possessor of the property to the performance of
any onerous act or to the payment of any sum
of money;
(l) elect to retain for the whole part of its unexpired
term, or to assign, surrender, disclaim any lease
of, or other temporary interest in, any property
of the bankrupt; and
(m) appoint the bankrupt to aid in administering the
estate of the bankrupt in such manner and on
such terms as the inspectors may direct.
(2) The permission given for the purposes of
subsection (1) is not a general permission to do all or any of the
things mentioned in that subsection, but is only a permission to
do the particular thing or things or class of thing or things that the
permission specifies.
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215. (1) With the permission of the Court, an interim
receiver or trustee, may prior to the appointment of inspectors,
make necessary or advisable advances, incur obligations, borrow
money and give security on the property of the debtor in such
amounts, on such terms and on such property as may be
authorised by the Court; and those advances, obligations and
moneys borrowed shall be repaid out of the property of the
debtor in priority to the claims of the creditors.
(2) The creditors or inspectors may by resolution limit—
(a) the amount of the obligations that may be
incurred; and
(b) the advances that may be made or moneys that
may be borrowed by the trustee and may limit
the period of time during which the business of
the bankrupt may be carried on by the trustee.
(3) All debts incurred and credit received in
carrying the business of a bankrupt are deemed to be debts
incurred and credit received by the estate of the bankrupt.
216. The trustee is not under any obligation to carry on the
business of the bankrupt—
(a) where in his opinion the realisable value of the
property of the bankrupt is insufficient to
protect him fully against possible loss
occasioned by so doing; and
(b) the creditors or inspectors, on demand made by
the trustee, neglect or refuse to secure him
against such possible loss.
217. (1) The Court may make an order providing for the sale
of any or all of the assets of the estate of the bankrupt, either
by tender, private sale or public auction, setting out the terms
and conditions of the sale and directing that the proceeds from
the sale shall be used for the purpose of reimbursing the trustee
in respect of any costs that may be owing to him or of any
moneys that he may have advanced for the benefit of the estate.
(2) If no bid is received for the assets of the estate of the
bankrupt sufficient to reimburse the trustee, the Court may make
an order vesting in the trustee personally all assets of the estate
Borrowing with
permission of
Court.
Trustee not
required to
operate
business.
Order for sale
of assets.
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and on the making of the order the rights to the assets and
interests of the creditors and of the bankrupt to the assets, shall
be determined and ended.
218. (1) A trustee may apply to the Court for directions
in relation to any matter affecting the administration of the
estate of a bankrupt and the Court shall give in writing such
directions, if any, as appears to be proper in the circumstances.
(2) Where an estate has not been fully administered
within three years after the bankruptcy, the trustee shall, if
requested to do so by the Supervisor, report that fact to the Court
as soon as practicable thereafter, and the Court shall make such
order as it considers fit to expedite the administration of the estate.
219. (1) Subject to subsection (2), the trustee may, by
sending to the Managing Director of the Trinidad and Tobago
Postal Corporation—
(a) a notice in the prescribed form; and
(b) a copy of the trustee’s certificate of
appointment,
request that any mail addressed to a bankrupt that is directed to
any place referred to in the notice be redirected or sent by the
Managing Director of the Trinidad and Tobago Postal
Corporation to the trustee or to such other person as the trustee
may designate; and when the Managing Director receives those
documents, he shall so redirect or send that mail.
(2) A notice referred to in subsection (1) may refer to a
bankrupt’s residence only where the trustee has, on application,
obtained permission from the Court.
(3) Where a bankrupt is an individual, a notice referred
to in subsection (1) is operative only during the three-month
period immediately following the date of bankruptcy unless the
Court, on application, extends that period on such terms as the
Court considers fit.
220. (1) On the appointment of a substituted trustee, the
former trustee shall forthwith pass his accounts before the Court
Application for
directions.
Redirection of
mail.
Former trustee
to pass
accounts.
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and deliver to the substituted trustee all the property of the estate,
together with all books and records of the bankrupt and of those
relating to the administration of the estate.
(2) A substituted trustee shall—
(a) if appointed by the creditors, file with the Court
a copy of the minutes of the meeting at which
the substituted trustee was appointed signed by
the Chairman;
(b) notify the Supervisor of the appointment of the
substituted trustee;
(c) if required by the inspectors, register a notice of
the appointment in the land register of any land
titles or registry office where the assignment or
receiving order has been registered; and
(d) as soon as funds are available, pay to the former
trustee his remuneration and disbursements as
approved by the Court.
221. Where the bankrupt or any of the creditors or any other
person is aggrieved by any act or decision of the trustee, he may
apply to the Court and the Court may confirm, reverse or modify
the act or decision complained of and make such other order in
the premises as it thinks just.
222. (1) Where a creditor requests the trustee to take any
proceedings that in his opinion would be for the benefit of the
estate of a bankrupt and the trustee refuses or neglects to take the
proceedings, the creditor may obtain from the Court an order
authorising him to take the proceedings in his own name and at
his own expense and risk, on notice being given to the other
creditors of the contemplated proceeding, and on such other
terms and conditions as the Court may direct.
(2) On an order under subsection (1) being made, the
trustee shall assign and transfer to the creditor all his right,
title and interest in the chose-in-action or subject matter of
the proceeding, including any document in support of the
chose-in-action or proceedings.
(3) Any benefit derived from a proceeding taken
pursuant to subsection (1), to the extent of his claim and the
Application to
Court by
aggrieved party.
Trustee refusing
to act.
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costs, belongs exclusively to the creditor instituting the
proceedings, and the surplus, if any, belongs to the estate.
(4) Where, before an order is made under subsection (1),
the trustee, with the permission of the inspectors, signifies to the
Court his readiness to institute the proceedings for the benefit of
the creditors, the order shall fix the time within which he shall do
so, and in that case the benefit derived from the proceedings, if
instituted within the time so fixed, belongs to the estate.
REMUNERATION OF TRUSTEE
223. (1) The remuneration of the trustee shall be such as is
voted to the trustee by ordinary resolution at any meeting of
creditors, or if the creditors resolve by ordinary resolution, by the
inspectors.
(2) Where the remuneration of the trustee has not been
fixed under subsection (1), the trustee shall apply to the Court for
an order fixing the amount of the trustee’s remuneration.
(3) Where the business of the debtor has been carried on
by the trustee or under his supervision, he may be allowed such
special remuneration for such services as the creditors or
the inspectors may by resolution authorise, and, in the case of
a proposal, such special remuneration as may be agreed to by the
debtor, or in the absence of agreement with the creditors or
debtor such amount as may be approved by the Court.
(4) In the case of two or more trustees acting in
succession, the remuneration shall be apportioned between the
trustees in accordance with the services rendered by each, and in
the absence of agreement between the trustees the Court shall
determine the amount payable to each.
(5) On application by the trustee, a creditor or the debtor
and on notice to such parties as the Court may direct, the Court
may make an order increasing or reducing the remuneration.
DISCHARGE OF TRUSTEE
224. (1) With the permission of the inspectors, any property
of a bankrupt found incapable of realisation shall be returned to
the bankrupt prior to the trustee’s application for discharge.
Determination
of fees.
Property
incapable of
realisation.
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(2) Where a trustee is unable to dispose of any property
as provided in this section, the Court may make such order as it
may consider necessary.
225. (1) When a trustee has completed the duties required of
him with respect to the administration of the property of a
bankrupt, he shall apply to the Court for a discharge.
(2) The Court may discharge a trustee with respect to
any estate on full administration thereof or, for sufficient cause,
before full administration.
(3) A trustee when replaced by another trustee is
entitled to be discharged if he has accounted to the satisfaction of
the inspectors and the Court for all property that came to his
hands, and a period of three months has elapsed after the date of
the replacement without any undisposed of claim or objection
having been made by the bankrupt or any creditor.
(4) When the accounts of a trustee have been approved
by the inspectors and taxed by the Court and all objections,
applications and appeals have been settled or disposed of and all
dividends have been paid, the estate is deemed to have been
fully administered.
(5) Any interested person desiring to object to the
discharge of a trustee shall, at least five days prior to the date of
the hearing, file notice of objection with the Registrar of the
Court setting out the reasons for the objection and serve a copy
of the notice on the trustee.
(6) The Court shall consider the objection filed under
subsection (5) and may grant or withhold a discharge or give
such directions as it may deem proper in the circumstances.
(7) Nothing in or done under the authority of this
section relieves or discharges or shall be deemed to relieve or
discharge a trustee from the results of any fraud.
(8) The discharge of a trustee discharges him from
all liability—
(a) in respect of any act done or default made by
him in the administration of the property of the
bankrupt; and
Trustee to apply
for discharge.
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(b) in relation to his conduct as trustee,
but any discharge may be revoked by the Court on proof that it
was obtained by fraud or by suppression or concealment of
any material fact.
(9) Nothing in subsection (8) shall be construed to
prevent an investigation or a proceeding in respect of a trustee
under section 188(1).
(10) The discharge of a trustee under this section
operates as a release of the security provided pursuant to
section 200(1).
(11) Notwithstanding his discharge, the trustee remains
the trustee of the estate for the performance of such duties as may
be incidental to the full administration of the estate.
(12) The Court, on being satisfied that there are assets that
have not been realised or distributed, may, on the application of any
interested person, appoint a trustee to complete the administration
of the estate of the bankrupt; and the trustee shall be governed by
the provisions of this Act, in so far as they are applicable.
PART X
COURTS AND PROCEDURE
JURISDICTION OF COURTS
226. The Court shall have and exercise jurisdiction in respect
of bankrupts and matters of insolvency, and such jurisdiction shall
be exercised under and subject to this Act, the Bankruptcy Rules
and any other enactment relating to bankruptcy and insolvency.
227. Subject to the Bankruptcy Rules—
(a) all proceedings used in Court must be dated and
entitled in the name of the Court in which they
are used, together with the words “In
Bankruptcy and Insolvency”;
(b) every document used in the filing of a petition
or used after the filing of an assignment must be
entitled “In the Matter of the Bankruptcy
of ................................................................”;
Jurisdiction of
High Court.
Title of
insolvency
matters.
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(c) every document used in the filing of a proposal
before bankruptcy must be entitled “In the
Matter of the Proposal of .........................”; and
(d) every document used in the course of a
receivership must be entitled “In the Matter of
the Receivership of .......................................”.
228. Subject to this Act, the Court shall have full power to
decide all questions of priorities and all other questions
whatsoever whether law or fact, that may arise in any case of
insolvency coming within the cognisance of the Court or which
the Court may deem it expedient or necessary to decide for the
purpose of doing complete justice or making a complete
distribution of property in any such case.
229. No proceeding in bankruptcy shall be invalidated by any
formal defect or by any irregularity, unless the Court before
which an objection is made to the proceeding is of the opinion
that substantial injustice has been caused by the defect or
irregularity and that the injustice cannot be remedied by any
order of that Court.
230. (1) The Court may review, rescind, or vary any order
made by it under its jurisdiction in insolvency.
(2) The Court may at any time adjourn any proceedings
before it upon such terms, if any, as it may think fit to impose.
(3) The Court may at any time amend any written
process or proceeding under this Act, upon such terms, if any, as
it may think fit to impose.
231. (1) Where in the opinion of the Court the cost of
preparing statements, lists of creditors or other material
required by this Act to be sent with notices to creditors, or the
cost of sending the material or notices, is unjustified in the
circumstances, the Court may give leave to omit the material or
any part thereof or to send the material or notices in such manner
as the Court may direct.
General power
of Court.
Proceeding not
invalidated by
defect or
irregularity.
Court may
review, rescind,
or vary order.
Court may give
leave to omit
material or to
send notices in
alternative
manner.
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(2) Where by this Act or by the Bankruptcy Rules the
time for doing any act or thing is limited, the Court may extend
the time either before or after the expiration thereof, upon such
terms, if any, as the Court may think fit to impose.
232. (1) Where on ex parte application by the trustee or
interim receiver the Court is satisfied by information on oath that
there are reasonable grounds to believe there is in any place or
premises any property of the bankrupt, the Court may issue a
warrant authorising the trustee or interim receiver to enter and
search that place or premises and to seize the property of
the bankrupt, subject to such conditions as may be specified in
the warrant.
(2) In executing a warrant under subsection (1), the
trustee or interim receiver shall not use force unless the trustee
or interim receiver is accompanied by a constable or officer
of the Court and the use of force has been specifically authorised
in the warrant.
233. (1) Subject to the Bankruptcy Rules, the Court may in
any matter take the whole or any part of the evidence either
viva voce or by interrogatories or upon affidavit or, out of
Trinidad and Tobago, by commission.
(2) Subject to the Bankruptcy Rules, any affidavit
to be used in Court may be sworn before any person authorised
to administer oaths in the Court or, in the case of a person who is
out of Trinidad and Tobago, before a Magistrate or Justice of
the Peace or other person qualified to administer oaths in
the country where he resides (being appointed a Magistrate or
Justice of the Peace) or so qualified by reason of being a
diplomatic or consular representative for Trinidad and Tobago or
by a Notary Public.
(3) Any document made or used in the course of any
bankruptcy proceedings or other proceedings had under this Act
shall, if it appears to be sealed with the seal of the Court
having jurisdiction in insolvency, purports to be signed by
any Judge thereof or is certified as a true copy by any Registrar
thereof, be admissible in evidence in all legal proceedings.
Seizure of
property of
bankrupt.
Evidence in
Court.
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(4) The production of an original document
relating to any insolvency proceeding or a copy certified by the
person making it as a true copy thereof or by a successor in that
office of that person as a true copy of a document found among
the records in his control or possession is evidence of the
contents of those documents.
(5) In case of the death of the bankrupt or the spouse or
cohabitant of a bankrupt or a witness, whose evidence has been
received by any Court in any proceedings under this Act, the
deposition of the deceased person, purporting to be so sealed,
shall be admitted as evidence of the matters therein deposed to.
234. (1) Orders in insolvency matters shall at the instance of
any person aggrieved, be subject to appeal in the same manner as
other orders of the Court.
(2) Where by this Act an appeal to the Court is given
against any decision of the Supervisor or trustee, the appeal shall
be brought within twenty-one days from the time when the
decision appealed against is pronounced or made.
235. Subject to this Act and the Bankruptcy Rules, the costs
of and incidental to any proceedings in Court under this Act shall
be in the discretion of the Court.
236. Where default is made by a trustee, debtor, or other
person in obeying any order or direction given by the Court, the
Supervisor or the trustee under any power conferred by this Act,
in addition to any other remedy provided for under this Act, the
Supervisor, trustee, or other interested person may apply to the
Court for an order requiring such person to comply with the
order or direction so given, and the Court may also, if it thinks
fit, upon any such application, make an immediate order for the
committal of such person.
237. Where an action or any proceedings is brought by or
against a trustee, or where a trustee is made a party to any action
or proceedings on his application or on the application of any
other party thereto, he is not personally liable for costs unless
the Court otherwise directs.
Orders subject
to appeal.
Costs are in the
discretion of
the Court.
Application to
Court where
default.
Trustee not
personally
liable.
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PART XI
INTERNATIONAL INSOLVENCIES
238. In this Part—
“debtor” means an insolvent person who has property in Trinidad
and Tobago, a bankrupt who has property in Trinidad and
Tobago or a person who has the status of a bankrupt under
foreign law in a foreign proceeding and has property in
Trinidad and Tobago;
“foreign proceeding” means a judicial or administrative
proceeding commenced outside Trinidad and Tobago in
respect of a debtor, under a law relating to bankruptcy or
insolvency and dealing with the collective interests of
creditors generally;
“foreign representative” means a person, other than a debtor,
holding office under the law of a jurisdiction outside
Trinidad and Tobago who, irrespective of the person’s
designation, is assigned, under the laws of the jurisdiction
outside Trinidad and Tobago, functions in connection with a
foreign proceeding that are similar to those performed by a
trustee, liquidator, administrator or receiver appointed by
the Court.
239. (1) For the purposes of this Part, where a bankruptcy,
insolvency, reorganisation or like order has been made in respect
of a debtor in a foreign proceeding, a certified copy of the order
is, in the absence of evidence to the contrary, proof that the
debtor is insolvent and proof of the appointment of the foreign
representative made by the order.
(2) Where a foreign proceeding has been commenced
and a receiving order or assignment is made under this Act in
respect of a debtor, the Court may, on application and on such
terms as it considers appropriate, limit the property to which the
authority of the trustee extends to the property of the debtor
situated in Trinidad and Tobago and to such property of the
debtor outside Trinidad and Tobago as the Court considers can be
effectively administered by the trustee.
Interpretation.
Copy of order
to be proof of
event.
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(3) The Court may, in respect of a debtor, make such orders
and grant such relief as it considers appropriate to facilitate, approve
or implement arrangements that will result in a co-ordination of
proceedings under this Act with any foreign proceeding.
(4) An order of the Court under this Part may be made
on such terms and conditions as the Court considers appropriate
in the circumstances.
(5) Nothing in this Part prevents the Court, on the
application of a foreign representative or any other interested
person, from applying such legal or equitable rules governing the
recognition of foreign insolvency orders and assistance to
foreign representatives as are not inconsistent with the provision
of this Act.
(6) Nothing in this Part requires the Court to make any
order that is not in compliance with the laws of Trinidad and
Tobago or to enforce any order made by a foreign Court.
240. A stay of proceedings that operates against creditors of
a debtor in a foreign proceeding does not apply in respect of
creditors who reside or carry on business in Trinidad and
Tobago with respect to property in Trinidad and Tobago unless
the stay of proceedings is the result of proceedings taken in
Trinidad and Tobago.
241. A foreign representative may commence and continue
proceedings pursuant to sections 5, 8 to 11 and section 26(1) in
respect of a debtor as if the foreign representative were a
creditor, trustee, liquidator or receiver of property of the debtor,
or the debtor.
242. (1) The Court may seek the aid and assistance of a
Court, tribunal or other authority in a foreign proceeding by order
or written request or otherwise as the Court considers appropriate.
(2) On application by a foreign representative in respect
of a foreign proceeding commenced for the purpose of effecting
a composition, an extension of time or a scheme of arrangement
in respect of a debtor or in respect of the bankruptcy of a debtor,
the Court may grant a stay of proceedings against the debtor or
Stay of
proceedings not
to apply unless
proceedings
taken in
Trinidad and
Tobago.
Proceedings by
foreign
representatives.
Court may seek
aid of foreign
authority.
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the debtor’s property in Trinidad and Tobago on such terms and
for such period as is consistent with the relief provided for under
sections 55 to 58 in respect of a debtor in Trinidad and Tobago
who files a notice of intention or a proposal or who becomes
bankrupt in Trinidad and Tobago.
(3) On application by a foreign representative in respect
of a debtor, the Court may, where it is satisfied that it is necessary
for the protection of the debtor’s estate or the interest of a
creditor or creditors—
(a) appoint a trustee as interim receiver of all or any
part of the debtor’s property in Trinidad and
Tobago, for such term as the Court considers
appropriate; and
(b) direct the interim receiver to do all or any of
the following:
(i) take conservatory measures and
summarily dispose of property that is
perishable or likely to depreciate rapidly
in value;
(ii) take possession of all or part of the
debtor’s property mentioned in the
appointment and exercise such control
over the property and over the debtor’s
business as the Court considers
appropriate; and
(iii) take such other action as the Court
considers appropriate.
(4) Section 11 applies, with such modifications as the
circumstances require, in respect of an interim receiver
appointed under subsection (3).
(5) On application of a foreign representative in respect
of a debtor, the Court may authorise the examination under oath
by the foreign representative of the debtor or of any person in
relation to the debtor who, if the debtor were a bankrupt referred
to in section 154, would be a person who could be examined
under that section.
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243. An application to the Court by a foreign representative
under this Part does not submit the foreign representative to the
jurisdiction of the Court for any other purpose except with regard
to the costs of the proceedings, but the Court may make any
order under this Part conditional on the compliance by the
foreign representative with any other order of the Court.
244. A foreign representative is not prevented from making
an application to the Court under this Part by reason only that
proceedings by way of appeal or review have been taken in a
foreign proceeding, and the Court may, on an application where
such proceedings have been taken, grant relief as if the
proceedings had not been taken.
245. (1) Where any receiving order, proposal or assignment
is made in respect of a debtor under this Act—
(a) the amount that a creditor receives or is entitled
to receive outside Trinidad and Tobago by way
of a dividend in a foreign proceeding in respect
of the debtor; and
(b) the value of any property of the debtor that the
creditor acquires outside Trinidad and Tobago—
(i) on account of a provable claim of the
creditor; and
(ii) by way of a transfer that, if it were subject
to this Act, would be set aside or
reviewed under sections 80 to 92,
shall be taken into account in the distribution of dividends
to creditors of the debtor in Trinidad and Tobago as if they were
a part of that distribution.
(2) The creditor is not entitled to receive a dividend from
the distribution in Trinidad and Tobago referred to in subsection (1)
until every other creditor who has a claim of equal rank in the
order of priority established under this Act has received a
dividend, the amount of which is the same percentage of that
other creditor’s claim as the aggregate of the amount referred to
in paragraph (a) and the value referred to in paragraph (b) is of
that creditor’s claim.
Court order
may be
conditional on
compliance of
foreign
representative
with other
Court order.
Foreign
representative
not prevented
from
proceeding due
to appeal.
Dividends
subject to
property the
creditor may
acquire outside
Trinidad and
Tobago.
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246. A claim for a debt that is payable in a currency other than
Trinidad and Tobago currency shall be converted to Trinidad and
Tobago currency—
(a) in the case of a proposal in respect of an
insolvent person and unless otherwise provided
in the proposal, where a notice of intention was
filed under section 30, as of the day the notice
was filed or, if no notice was filed, as of the day
the proposal was filed with the Supervisor
under section 44;
(b) in the case of a proposal in respect of a bankrupt
and unless otherwise provided in the proposal,
as of the date of the bankruptcy; or
(c) in the case of a bankruptcy, as of the date of
the bankruptcy.
PART XII
OFFENCES
247. (1) Any bankrupt who—
(a) makes any fraudulent disposition of the
bankrupt’s property before or after the date of
the initial bankruptcy event;
(b) refuses or neglects to answer fully and
truthfully all proper questions put to the
bankrupt at any examination held pursuant to
this Act;
(c) makes a false entry or knowingly makes a
material omission in a statement or accounting;
(d) after or within one year immediately preceding
the date of the initial bankruptcy event—
(i) conceals, destroys, mutilates, falsifies,
makes an omission in or disposes of, or is
privy to the concealment, destruction,
mutilation, falsification, omission from
or disposition of, a book or document
affecting or relating to the bankrupt’s
property or affairs, unless the bankrupt
Claim payable
in foreign
currency.
Offences
committed by
bankrupt.
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had no intent to conceal the state of the
bankrupt’s affairs;
(ii) obtains any credit or any property by
false representations made by the
bankrupt or made by any other person to
the bankrupt’s knowledge;
(iii) fraudulently conceals or removes any
property of a value of two hundred
dollars or more or any debt due to or from
the bankrupt;
(iv) hypothecates, pawns, pledges or disposes
of any property that the bankrupt has
obtained on credit and has not paid for,
unless in the case of a trader the
hypothecation, pawning, pledging or
disposing is in the ordinary way of trade
and unless the bankrupt had no intent to
defraud; or
(e) after the filing of a petition against him, or
within six months before the filing of the
petition, leaves Trinidad and Tobago and takes
with him, or attempts or makes preparation to
leave Trinidad and Tobago and take with him,
any part of his property to the amount of two
hundred dollars or upwards, which ought by
law to be divided amongst his creditors,
commits an offence and is liable on summary conviction, to a
fine of ten thousand dollars and imprisonment for one year, or on
conviction on indictment, to a fine of twenty thousand dollars
and imprisonment for three years.
(2) A bankrupt who, without reasonable cause fails to
comply with an order of the Court made under section 53 or to
do any of the things required of the bankrupt under section 149
commits an offence and is liable—
(a) on summary conviction, to a fine of ten thousand
dollars and imprisonment for one year; or
(b) on conviction on indictment, to a fine of twenty
thousand dollars and imprisonment for a term of
three years.
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248. An undischarged bankrupt who—
(a) engages in any trade or business without
disclosing to all persons with whom he enters
into any business transaction valued at more
than five hundred dollars that he is an
undischarged bankrupt; or
(b) obtains credit to a total of one thousand dollars
or more from any person or persons without
informing such persons that he is an
undischarged bankrupt,
commits an offence and is liable on summary conviction, to a
fine of ten thousand dollars and imprisonment for one year.
249. (1) Where any person who on any previous occasion
has been bankrupt or made a proposal to creditors becomes
bankrupt or makes a proposal, that person commits an offence
and is liable on summary conviction to a fine of ten thousand
dollars and imprisonment for one year, if—
(a) being engaged in any trade or business, at any
time within the period beginning on the day that
is two years before the date of the initial
bankruptcy event and ending on the date of the
bankruptcy, that person has not kept and
preserved proper books and records; or
(b) within the period mentioned in paragraph (a),
that person conceals, destroys, mutilates,
falsifies or disposes of, or is privy to the
concealment, destruction, mutilation,
falsification or disposition of, any book or
record affecting or relating to the person’s
property or affairs, unless the person had no
intent to conceal the state of the person’s affairs.
(2) For the purposes of this section, a debtor shall be
deemed not to have kept proper books of account if he has not
kept such books or accounts as are necessary to exhibit or
explain his transactions and financial position in his trade or
business, including a book or books containing entries from
day-to-day in sufficient detail of all cash received and cash paid,
Offences
committed by
undischarged
bankrupt.
Where debtor
having
previously
taken
bankruptcy
protection and
not keeping
proper books.
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and, where the trade or business has involved dealings in goods,
also accounts of all goods sold and purchased, and statements of
physical inventory counts.
250. (1) Where a creditor, or a person claiming to be a
creditor in any proceedings under this Act, wilfully and with
intent to defraud makes any false claim or any proof, declaration
or statement of account that is untrue in any material particular,
the creditor or person commits an offence and is liable on
summary conviction to a fine of twenty-five thousand dollars and
imprisonment for two years.
(2) Where an inspector accepts from the bankrupt or
from any person, firm or corporation acting on behalf of the
bankrupt or from the trustee any fee, commission or emolument
other than or in addition to the regular fees provided for by this
Act, the inspector commits an offence and is liable on summary
conviction to a fine of ten thousand dollars and imprisonment for
five years.
(3) Where the bankrupt enters into any transaction with
any person for the purpose of obtaining a benefit or advantage to
which either of them would not be entitled, the bankrupt
commits an offence and is liable on summary conviction to a fine
of ten thousand dollars and imprisonment for a term of one year.
251. (1) A person who—
(a) not being a licensed trustee, does any act as, or
represents himself to be, a licensed trustee;
(b) being a trustee, either before providing the
bond required by section 200(1) or after
providing the bond but at any time while the
bond is not in force, acts as or exercises any of
the powers of trustee;
(c) having been appointed a trustee, with intent to
defraud, fails to observe or to comply with any
of the provisions of this Act, or fails duly to do,
observe or perform an act or duty that he may
be ordered to do, observe or perform by the
Court pursuant to this Act;
False claims,
unlawful fees
and unlawful
transactions.
Offences by
trustee and
others.
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(d) having been appointed a trustee, without
reasonable exercise, fails to observe or to
comply with any of the provisions of this Act, or
fails duly to do, observe or perform any act or
duty that he may be ordered to do, observe or
perform by the Court pursuant to this Act;
(e) having been appointed a trustee to any estate
and another trustee having been appointed in
his place, does not deliver to the substituted
trustee on demand all unadministered
property of the estate, together with the
books, records and documents of the estate
and of his administration;
(f) directly or indirectly solicits or canvasses any
person to make an assignment or proposal under
this Act, or to petition for a receiving order;
(g) being a trustee, directly or indirectly, solicits
proxies to vote at a meeting of creditors; or
(h) being a trustee—
(i) makes any arrangement under any
circumstances with the bankrupt, or an
attorney-at-law, auctioneer or other
person employed in connection with a
bankruptcy, for any gift, remuneration or
pecuniary or other consideration or
benefit whatever beyond the
remuneration payable out of the estate; or
(ii) accepts any such consideration or benefit
from any such person, or makes any
arrangement for giving up, or gives up, any
part of his remuneration, either as a receiver
or trustee, to the bankrupt or any solicitor,
auctioneer or other person employed in
connection with the bankruptcy,
commits an offence and is liable on summary conviction to a
fine of one hundred thousand dollars, and imprisonment for a
term of five years.
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(2) A person who fails to comply with or contravenes
any provision of section 178 commits an offence and is liable on
summary conviction to a fine of ten thousand dollars and
imprisonment for one year.
(3) Every person who contravenes or fails to comply
with an order made under section 256—
(a) commits an offence and is liable on summary
conviction to a fine of ten thousand dollars and
imprisonment for a term of one year; or
(b) commits an indictable offence and is liable to a
fine of twenty thousand dollars and
imprisonment for three years.
(4) Nothing in subsection (1)(h) shall be construed
to apply to a sharing of trustee’s fees among persons who
together act as trustee of the estate of a bankrupt or as joint
trustee to a proposal.
(5) Subject to this Act, every person who
contravenes or fails to comply with a provision of this Act or the
Bankruptcy Rules commits an offence and is liable on summary
conviction to a fine of ten thousand dollars and imprisonment
for one year.
252. A person, except the trustee, who—
(a) within thirty days after delivery to the trustee of
the proof of claim mentioned in section 71; or
(b) where no proof has been delivered,
removes or attempts to remove the property or part mentioned in
section 71 out of the charge or possession of the bankrupt, the
trustee or other custodian of the property, except with the written
permission of the trustee, commits an offence and is liable on
summary conviction to a fine of twenty thousand dollars and
imprisonment for a term of two years.
253. Any trustee who exercises any of the powers or perform
any of the duties of a trustee while the trustee’s licence has ceased
to be valid for failure to pay licence fees, after the trustee’s licence
has been suspended or cancelled under section 182(4) or after
Removal of
property.
Invalid trustee
licence.
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having been informed pursuant to section 189(5) of the
suspension or cancellation of the trustee’s licence commits an
offence and is liable on summary conviction to a fine of twenty
thousand dollars and imprisonment for a term of two years.
254. Where the Supervisor has placed conditions or
limitations on the licence of a trustee and the trustee exercises
any of the powers of a trustee other than the powers that the
trustee is authorised to exercise, the trustee commits an offence
and is liable on summary conviction to a fine not exceeding
twenty thousand dollars and imprisonment for two years.
255. Where a corporation commits an offence under this Act,
any officer, director or agent of the corporation, or any person
who has or has had, directly or indirectly, control of the
corporation, who directed, authorised, assented to, acquiesced in
or participated in the commission of the offence commits an
offence and is liable on conviction to the punishment provided
for the offence, whether or not the corporation has been
prosecuted or convicted.
256. Where a person has been convicted of an offence under
this Act, the Court may, having regard to the nature of the
offence and the circumstances surrounding its commission,
and in addition to any other punishment that may be imposed
under this Act, make an order directing the person to
perform community service, subject to such reasonable
conditions as may be specified in the order.
257. (1) Subject to subsection (2), where a Court has made
an order under section 256 in respect of a person, the Court may,
on application by the person or the Director of Public
Prosecutions of Trinidad and Tobago require the person to appear
before it and, after hearing the person or the Director of Public
Prosecutions, the Court may vary the order in one or any
combination of the following ways that is applicable and that,
in the opinion of the Court, is desirable because of a change
in the circumstances of the person since the order was made—
(a) by making changes in the order or conditions
specified therein or extending the period for
Trustee acting
outside
authority.
Offences
committed by
corporation.
Court may
make order for
community
service.
Variation of
order made
under section
256.
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which the order is to remain in force for such
period, not exceeding one year, as the Court
considers desirable; or
(b) by reducing the period for which the order is to
remain in force or relieving the person, either
absolutely or partially or for such period as the
Court considers desirable, of compliance with
any condition that is specified in the order.
(2) Before varying an order under subsection (1), the
Court may direct that notice be given to such persons as the
Court considers to be interested, and may hear any such persons.
(3) Where an application made under subsection (1) in
respect of a person has been heard by the Court, no application
may be made with respect to the person except with leave of
the Court.
258. (1) Where a person has been convicted of an offence
under this Act and any other person has suffered loss or damage
because of the commission of the offence, the Court may, at the
time sentence is imposed, order the person who has been
convicted to pay to the person who has suffered loss or damage
or to the trustee of the bankrupt an amount by way of satisfaction
or compensation for loss or damage to property suffered by that
person as a result of the commission of the offence.
(2) Where an amount that is ordered to be paid under
subsection (1) is not paid forthwith, the person in favour of
whom the order has been made may file the order in Court and
that order is enforceable against the person who has been
convicted in the same manner as if it were a judgment rendered
against the person who has been convicted in that Court in
civil proceedings.
259. (1) Whenever a trustee has grounds to believe that—
(a) an offence under this Act or under any other law
has been committed with respect to any
bankrupt estate in connection with which he has
been acting under this Act; or
(b) that for any special reason an investigation
should be had in connection with that estate,
Court may
make an order
regarding
damages.
Trustee to
report to Court.
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it is the duty of the trustee to—
(i) report the matter to the Court, including
in the report a statement of all the facts or
circumstances of the case within his
knowledge, the names of the witnesses
who should in his opinion be examined,
and a statement respecting the offence or
offences believed to have been
committed; and
(ii) forward a copy of the report forthwith to
the Supervisor.
(2) A creditor, inspector or other interested person who
believes on reasonable grounds that a person has committed an
offence under this Act or under any other law, in connection with
a bankrupt, his property or his transactions, may file a report with
the Court of the facts on which that belief is based, or he may
make such further representations supplementary to the report of
the trustee as he may deem proper.
(3) Whenever the Court is satisfied on the representation
of the Supervisor or trustee or of any creditor, inspector or other
interested person, that there is ground to believe that any person
has committed an offence under this Act or under any other law
in connection with the bankrupt, his property or transactions, the
Court may authorise the trustee to initiate proceedings for the
prosecution of that person for that offence.
(4) Where a trustee is authorised or directed by the
creditors, the inspectors or the Court to initiate proceedings
against any person believed to have committed an offence, the
trustee shall initiate the proceedings and shall send or cause to be
sent to the Director of Public Prosecutions, a duly certified copy
of the resolution or order, together with a copy of all reports or
statements of the facts on which the order or resolution was based.
260. (1) Where the trustee believes on reasonable grounds
that an offence under this Act or any other law relating to the
property of the bankrupt was committed either before or after
the date of the initial bankruptcy event by the bankrupt or any
other person, the trustee shall make a report to the Director of
Public Prosecutions.
Trustee to
report criminal
acts.
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(2) A copy of a report made under subsection (1) shall
be sent by the trustee to the Supervisor.
261. In an information, complaint or indictment for an
offence under this Act, it is sufficient to set out the substance of
the offence charged in the words of this Act, specifying the
offence or as near thereto as circumstances admit, without
alleging or setting out any debt, act of bankruptcy, trading,
adjudication or any proceedings, in, or order, warrant, or
document of, any Court acting under this Act.
262. A prosecution by indictment under this Act shall be
commenced within five years from the time of the commission
of the offence and, in the case of an offence punishable on
summary conviction, the complaint shall be made or the
information laid within three years from the time when the
subject matter of the complaint or information arose.
PART XIII
GENERAL
263. For the purpose of carrying into effect the objects of this
Act, Rules of Court may be made under the Supreme Court of
Judicature Act and such Rules may provide for—
(a) the sittings of the Court and a Judge of the
Court in chambers;
(b) the practice and procedure in Court; and
(c) any matters relating to the practice and
procedure of the Court, the duties of the officers
of the Court, and the costs of or fees upon and
percentages to be charged for or in respect of
proceedings provided that no rules so made
shall extend the jurisdiction of the Court.
264. (1) A copy of the Gazette or local daily newspaper
containing any notice inserted in the Gazette or local newspaper
in pursuance of this Act shall be evidence of the facts stated in
the notice.
(2) The production of a copy of the Gazette or local
newspaper containing any notice of a receiving order, an
Substance of
offence
sufficient.
Time for
commencement
of action.
Power
respecting
Bankruptcy
Rules.
Ch. 4:01.
Gazette or local
daily
newspaper to
be evidence of
facts.
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assignment, a proposal, or a receivership shall be conclusive
evidence in all legal proceedings of the order or declaration
having been duly made and of its date.
(3) Copies authenticated by the signature of the
Supervisor or trustee of any entries in the books kept by them
with respect to any estate vested in or administered by the
Supervisor or trustee under this Act shall be admissible in
evidence in any legal proceeding or for any other purpose and
shall have the same effect in evidence in all respects as the
originals from which copies were made.
(4) In all legal proceedings, judicial notice shall be
taken of the signature of the Supervisor and of the trustee but any
Court, Judge or Magistrate may require such signature to be
proved as may be required under the Evidence Act, if it is
doubtful to the Court, Judge or Magistrate whether the alleged
signature is genuine.
265. A statement or admission made by any person in any
compulsory examination or deposition before the Court on the
hearing of any matter in bankruptcy shall not be admissible as
evidence against that person in respect of any offence under any
other law.
266. For all or any purposes of this Act—
(a) a corporation may act by any of its officers
authorised in that behalf under the seal of the
corporation;
(b) a firm may act by any of its members; and
(c) an individual of unsound mind may act by
his committee.
267. Except by leave of the Court, no action lies against the
Supervisor, an interim receiver or a trustee with respect to any
report made under, or any action taken pursuant to this Act.
268. (1) The Minister may make Regulations—
(a) generally for giving effect to this Act; and
(b) for prescribing anything that is authorised or
required to be prescribed by the Act.
Ch. 7:02.
Admission not
admissible
under the law.
Acts by
corporations,
firms and
individuals of
unsound mind.
Leave of the
Court required
to pursue
certain actions.
Regulations.
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(2) Regulations made under subsection (1) shall be
subject to negative resolution of Parliament.
*269. With effect from the date of the commencement of
this Act—
(a) any winding up which is commenced or treated
as having commenced before the
commencement of this Act; or
(b) any case in which a petition in bankruptcy was
presented, or a receiving order or adjudication
in bankruptcy was made before the
commencement of this Act,
shall be subject to the law in force immediately before the
commencement of this Act.
270. The Bankruptcy Act is repealed.
271. This Act binds the State.
*See Section 2 and Note on page 2.
Transitional.
Repeal of
Ch.9:70.
Act binds the
State.
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SUBSIDIARY LEGISLATION
BANKRUPTCY AND INSOLVENCY REGULATIONS
ARRANGEMENT OF REGULATIONS
REGULATION
PART I
PRELIMINARY
1. Citation.
2. Interpretation.
3. Forms.
4. Fees.
5. Service or sending of documents.
PART II
INTERIM RECEIVER
6. Taxation accounts and discharge of interim receiver.
7. Objection to taxation of accounts or discharge of interim receiver.
PART III
SECURED CREDITORS AND RECEIVERS
8. Notice of intention to enforce a security.
9. Notice of appointment of receiver.
10. Statement of receiver.
11. Interim reports of receiver.
12. Final report and statement of accounts of receiver.
13. Notice of disposition of collateral.
PART IV
ASIGNMENTS
14. Assignment.
15. Appointment of trustee.
16. Statement of Affairs.
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PART V
PROPOSALS
17. Reports to be filed with Court.
18. Proof of secured claim.
19. Notice of intention to make proposal.
20. Meeting of creditors.
21. Refusal of proposal.
22. Default in performance of proposal.
23. Annulment of proposal.
24. Eligible financial contract.
25. Certificate of performance.
PART VI
PROPERTY OF THE BANKRUPT
26. Exempt property.
27. Statement of income and expenditure.
28. Standards for determining reasonable standard of living.
PART VII
MEDIATION
29. Application of Part.
30. Parties to mediation.
31. Designation of mediation.
32. Request to mediation.
33. Referral to mediator.
34. Presence of parties at the mediation.
35. Location of mediation.
36. Notice of mediation.
37. Rescheduling of mediation.
38. Adjournment of mediation.
39. New date for mediation.
40. Cancellation of mediation.
41. Absence or inability of creditor who requested mediation.
42. Effect of cancellation of mediation requested by creditor.
ARRANGEMENT OF REGULATIONS—Continued
REGULATION
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REGULATION
43. Non-resolution of issues.
44. Notice of non-resolution of issue.
45. Notice of cancellation of mediation.
46. Non-disclosure of confidential information.
47. Mediation settlement agreement.
48. Payment by bankrupt.
PART VIII
CONTRIBUTOR
49. Contributor.
PART IX
BANKRUPT PARTNERSHIPS
50. Bankrupt partnership.
PART X
ADMINISTRATION OF ESTATES
51. Partnership creditors.
52. Notice of first meeting.
53. Proof of security.
54. Determination or disallowance.
PART XI
TAXATION OF ACCOUNTS AND
DISCHARGE OF TRUSTEE—GENERAL
55. Application to taxing officer.
56. Calculation of remuneration of trustee.
PART XII
TAXATION OF ACCOUNTS AND DISCHARGE
OF TRUSTEE—SUMMARY ADMINISTRATION
57. Taxation of trustee’s accounts.
58. Letter of comment of Supervisor.
59. Notice of taxation of trustee’s accounts and discharge.
60. Notice of objection to trustee’s accounts.
61. No notice of objection.
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62. Where objection received.
63. Supervisor’s request for taxation.
64. Taxation hearing.
PART XIII
DISCHARGE UNDER SUMMARY
ADMINISTRATION
65. Discharge of bankrupt.
PART XIV
MAINTENANCE OF PUBLIC RECORDS
66. Time period for keeping of records.
PART XV
LICENSING OF TRUSTEES
67. Disqualification.
68. Application for individual trustee licence.
69. Application for corporate trustee licence.
70. Additional requirements.
71. Member of professional body.
72. Acceptance of professional engagement.
PART XVI
TRUSTEES’ CODE OF ETHICS
73. Code of ethics.
74. Public trust and confidence.
75. Performance of functions.
76. Co-operation with Supervisor.
77. Illegal or dishonest conduct.
78. Trustee to be impartial.
79. Non-disclosure of confidential information by trustee.
80. Prohibition on use of confidential information.
81. Prohibition on purchase of property.
82. Prohibition on sale of property.
ARRANGEMENT OF REGULATIONS—Continued
REGULATION
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REGULATION
83. Impairment of professional judgment.
84. Signing of false or misleading document.
85. Transmission of unverified information.
86. Engaging in other business or occupation.
87. Money or property in trust.
88. Prohibition on payment or receipt of commission, compensation
or benefit.
89. Discredit to the profession.
90. Advertisement.
91. Actions of employees and agents of a trustee.
92. Complaints.
PART XVII
DUTIES OF TRUSTEES
93. Notification of appointment as trustee.
94. Passing of accounts.
PART XVIII
BOOKS, RECORDS AND DOCUMENTS
95. Books, records and documents of trustee.
PART XIX
MISCELLANEOUS
96. Claim by spouse or cohabitant of debtor.
97. Proof of claim.
98. Demand for repossession of goods.
99. Counselling.
100. Statement of affairs of bankrupt.
101. Notice of final dividend.
SCHEDULE 1.
SCHEDULE 2.
SCHEDULE 3.
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232/2014.
Citation.
Interpretation.
BANKRUPTCY AND INSOLVENCY REGULATIONS
made by the Minister under section 268
PART I
PRELIMINARY
1. These Regulations may be cited as the Bankruptcy and
Insolvency Regulations.
2. In these Regulations—
“contributor” means a person who is liable to contribute unpaid
amounts under section 67 of the Act;
“counselling” means assisting and educating an individual
bankrupt or his immediate family on good financial
management, including prudent use of consumer credit
and budgeting principles, and development of successful
strategies for achieving financial goals and overcoming
financial setbacks, and, where appropriate, making
referrals with respect to non-budgetary causes of
insolvency including gambling, addiction and marital and
family problems;
“immediate family” means a spouse or cohabitant or child of an
individual;
“professional engagement” means any appointment or
designation of a trustee for the purposes of any bankruptcy
or insolvency matter;
“relevant experience” means experience in consumer bankruptcy,
commercial bankruptcy, receivership, insolvency,
restructuring or liquidation of a business, or other related
work in audit, tax, accounting or forensic accounting;
“retirement pension” means income set aside for retirement
purposes from any source including state pension,
occupational pension, a personal pension plan or a group
pension plan;
“taxing officer” means an officer appointed by the Court for
taxing purposes; and
“taxing order” means an order made by a taxing officer.
UNOFFICIAL VERSION
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Forms.
Schedule 1.
Fees.
Schedule 2.
Service or
sending of
documents.
Taxation
accounts and
discharge of
interim receiver.
Form 1.
Schedule 1.
Form 2.
Schedule 1.
3. The forms required for the purposes of the Act are set out
in Schedule 1.
4. The fees payable under the Act are set out in Schedule 2.
5. (1) Unless otherwise provided for in the Act, every
notice or other document required to be served shall be served
personally and every notice or other document required to be sent
shall be delivered personally or sent by mail, courier, facsimile or
electronic transmission.
(2) Where a trustee or receiver gives or sends a notice or
other document he shall obtain proof that the notice or other
document was given or sent and shall retain the proof in his files.
(3) An assignment, proposal or notice of intention that is
offered, lodged or filed respectively, pursuant to the Act, shall be
offered, lodged or filed by service, personal delivery, mail,
courier, facsimile or electronic transmission.
PART II
INTERIM RECEIVER
6. (1) An interim receiver shall apply to the Court for
taxation of accounts and discharge within two months of
completion of his duties.
(2) An interim receiver shall give at least five days’
notice of the application to—
(a) the debtor, or in the case of a bankruptcy, the
trustee;
(b) each creditor; and
(c) the Supervisor.
(3) The notice referred to in subregulation (2) shall—
(a) be in the form set out in Schedule 1; and
(b) have attached a copy of the interim receiver’s
statement of receipts and disbursements in the
form set out in Schedule 1.
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Objection to
taxation of
accounts or
discharge of
interim receiver.
Form 3.
Schedule 1.
Notice of
intention to
enforce a
security.
Form 4.
Schedule 1.
(4) The interim receiver shall submit a statement
identifying—
(a) the number of hours spent on the matter, the
tasks performed, his hourly rates and such other
factors as are necessary for consideration in the
calculation of fees; and
(b) the expenses incurred by the interim receiver,
and include a copy of any bills of costs for legal
services.
7. (1) A person referred to in regulation 6(2)(a) or (b) may
object to the taxation of the accounts and discharge of the interim
receiver by filing a notice of objection with the Court within
thirty days of receipt of the notice referred to in regulation 6(2).
(2) The notice of objection referred to in subregulation (1)
shall be in the form set out in Schedule 1.
(3) Where a person files an objection he shall send a
copy of the objection to the interim receiver within the thirty
days’ period referred to in subregulation (1) and the interim
receiver shall, within ten days of receipt of the objection, apply
to the Court for a date for a hearing, and shall send a notice of the
date of the hearing to the person who filed the objection.
(4) Where no objection is filed, the accounts of the
interim receiver are deemed to have been taxed and he is deemed
to be discharged, unless the court requires that the accounts be
taxed on their own merit.
(5) The Court, at the hearing, shall tax the interim
receiver’s accounts, and may discharge the interim receiver and
the interim receiver shall send a copy of the order of the Court
relating to the taxation and discharge to the Supervisor.
PART III
SECURED CREDITORS AND RECEIVERS
8. The notice of intention to enforce a security pursuant to
section 13(1) of the Act shall be in the form set out in Schedule 1
and shall be served or sent by registered mail or courier or, where
the parties so agree, by electronic transmission.
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Notice of
appointment of
receiver.
Form 5.
Schedule 1.
Schedule 2.
Form 6.
Schedule 1.
Statement of
receiver.
Form 5.
Schedule 1.
Interim reports
of receiver.
Form 2.
Schedule 1.
9. (1) Where a person has been appointed as a receiver
pursuant to the Act, the notice of his appointment shall be in the
form set out in Schedule 1 and accompanied by the fee set out in
Schedule 2.
(2) The notice of the appointment of a receiver shall be
published in at least two newspapers in daily circulation in
Trinidad and Tobago in the form set out in Schedule 1.
10. The statement a receiver is required to prepare pursuant to
section 14(e) of the Act shall be in the form set out in Schedule 1
and shall contain the following information:
(a) the name of each creditor of the insolvent person
or bankrupt;
(b) the amount owing to each creditor;
(c) the total amount owing to creditors;
(d) a list of the property in the possession or under
the control of the receiver and the book value of
each item;
(e) the receiver’s intended plan of action during the
receivership, where such a plan has been
determined; and
(f) any other additional information as may be
required by the Supervisor.
11. For the purposes of section 14(f) of the Act, interim
reports relating to a receivership shall be prepared by the receiver
at least once every six months and shall include—
(a) a statement of receipts and disbursements in the
form set out in Schedule 1;
(b) a statement of all property of which the receiver
has taken possession or control that has not yet
been sold or realised;
(c) information related to the anticipated
completion of the receivership; and
(d) any other substantial information relating to
the receivership.
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Final report and
statement of
accounts of
receiver.
Form 2.
Schedule 1.
Notice of
disposition of
collateral.
Form 7.
Schedule 1.
Assignment.
Form 8.
Schedule 1.
Appointment of
trustee.
Form 9.
Schedule 1.
Statement of
Affairs.
Forms 10 and 11.
Schedule 1.
Reports to be
filed with Court.
12. The final report and statement of accounts that a receiver
is required to prepare pursuant to section 14(g) of the Act shall
contain the following information:
(a) a final statement of receipts and disbursements
in the form set out in Schedule 1;
(b) details of the manner of distribution of the
proceeds realised from the property of which the
receiver had taken possession or control; and
(c) details of the disposition of any property of
which the receiver had taken possession or
control and which is not accounted for in the
final statement of receipts and disbursements.
13. The notice of disposition of collateral required under
section 18 of the Act shall be in the form set out in Schedule 1
and shall be served, or sent by registered mail or courier, or,
where the parties so agree, by electronic transmission.
PART IV
ASSIGNMENTS
14. An assignment made under section 25(1) of the Act shall
be in the form set out in Schedule 1.
15. Where the Supervisor appoints a trustee pursuant to
section 25(4) of the Act, the Supervisor shall in addition to
inserting the name of the trustee on the assignment, prepare a
certificate of appointment of the trustee in the form set out in
Schedule 1 and furnish the trustee with a copy of the certificate.
16. On receiving a statement of affairs from a bankrupt, in
the respective forms set out in Schedule 1, a trustee shall file a
copy of it at the Office of the Supervisor.
PART V
PROPOSALS
17. A trustee shall file a copy of the following documents
with the Court as soon as they are filed with the Supervisor:
(a) the proposal;
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Proof of secured
claim.
Form 12.
Schedule 1.
Notice of
intention to
make proposal.
Form 13.
Schedule 1.
Form 14.
Schedule 1.
Form 15.
Schedule 1.
(b) the cash-flow statement, the report on the
reasonableness of the cash-flow statement and
the report containing the representations by the
insolvent person required by section 26(14)(a),
(b) and (c) of the Act;
(c) the material adverse change report required by
section 26(18)(a)(i) of the Act;
(d) the report on the state of the insolvent person’s
business and personal financial affairs required
by section 26(18)(b) of the Act;
(e) the notice of intention referred to in section 30(1)
of the Act;
(f) the cash-flow statement required by section 30(2)(a)
of the Act;
(g) the report on the reasonableness of the cash-
flow statement, required by section 30(2)(b) of
the Act;
(h) the report containing the representations by the
insolvent person required by section 30(2)(c) of
the Act;
(i) the material adverse change report required by
section 30(7)(b)(i) of the Act; and
(j) the notice of the meeting of creditors required
by section 32(1)(a) of the Act.
18. A proof of secured claim required by section 27 of the
Act shall be in the form set out in Schedule 1.
19. (1) Where an insolvent person wishes to file a notice of
intention to make a proposal, pursuant to section 30(1) of the Act,
the notice shall be in the form set out in Schedule 1.
(2) Where the insolvent person files the notice of
intention he shall, pursuant to section 30(2) of the Act, file—
(a) a report on the reasonableness of the cash-flow
statement as set out in Schedule 1; and
(b) a report on the cash-flow statement as set out in
Schedule 1.
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(3) The report required under section 30(8)(b) of the Act
shall be in the form set out in Schedule 1.
(4) The certificate of assignment referred to in
section 30(8)(b) of the Act shall be in the form set out in
Schedule 1.
20. The notice of the meeting of creditors, claim form, proxy
letter and voting letter required under section 32(1) of the Act
shall be in the respective forms set out in Schedule 1.
21. (1) Where a proposal is refused pursuant to section 38(b)
or section 43(2)(b) of the Act the report required to be filed by the
trustee shall be in the respective forms set out in Schedule 1.
(2) The certificate required under section 38(b) of the
Act shall be in the form set out in Schedule 1.
(3) The certificate required under section 43(2)(b) of the
Act shall be in the form set out in Schedule 1.
22. For the purposes of section 45 of the Act—
(a) an insolvent person shall remedy a default in the
performance of any provision in a proposal
within thirty days after the day on which the
default was made; and
(b) a trustee shall inform the Supervisor and all
creditors of the default within fifteen days of the
expiration of the period referred to in paragraph (a).
23. (1) Where the Court annuls a proposal pursuant to
section 46(6) of the Act, the report required to be filed by the
trustee shall be in the form set out in Schedule 1.
(2) The certificate required under section 46(6) of the
Act shall be in the form set out in Schedule 1.
24. For the purposes of section 49 of the Act, “eligible
financial contract” includes—
(a) an agreement relating to financial collateral,
including any form of security or security
interest in financial collateral and a title transfer
Form 16.
Schedule 1.
Form 17.
Schedule 1.
Meeting of
creditors.
Form 12.
Form 18.
Form 19.
Form 20.
Schedule 1.
Refusal of
proposal.
Form 21.
Form 22.
Schedule 1.
Form 23.
Schedule 1.
Form 24.
Schedule 1.
Default in
performance of
proposal.
Annulment of
proposal.
Form 25.
Schedule 1.
Form 26.
Schedule 1.
Eligible
financial
contract.
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credit support agreement, with respect to any
agreement referred to in section 49(8)(a) to (m)
of the Act;
(b) a guarantee of, or an indemnity or
reimbursement obligation with respect to, the
liabilities under an agreement referred to in
section 49(8)(a) to (m) of the Act; and
(c) a total return swap, price return swap or default
swap agreement.
25. The certificate required under section 50 of the Act shall
be in the form set out in Schedule 1.
PART VI
PROPERTY OF THE BANKRUPT
26. For the purposes of section 52 of the Act, the following
property is exempt from execution or seizure:
(a) personal items and clothing to satisfy basic
domestic needs;
(b) permanent home of the debtor provided that the
home is not subject to a security agreement with
a secured creditor;
(c) household furniture, food and equipment to
satisfy basic domestic needs in the permanent
home of the debtor;
(d) tools necessary for the bankrupt to undertake his
profession;
(e) retirement pension from any source or combination
of sources, subject to regulation 28; and
(f) maintenance received by the debtor pursuant to
an order of the Court for the support of his
immediate family to satisfy their basic needs.
27. (1) For the purposes of section 53(1) of the Act, the
debtor shall submit a statement of monthly income and
expenditure to the trustee, upon his request, in the form set out in
Schedule 1.
Certificate of
performance.
Form 27.
Schedule 1.
Exempt
property.
Statement of
income and
expenditure.
Form 28.
Schedule 1.
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(2) An amended statement of monthly income and
expenditure shall be immediately submitted to the trustee upon
the occurrence of any material changes in the personal or family
situation of the bankrupt.
28. For the purposes of section 53(1) of the Act, the
following factors shall be taken into account in determining the
portion of the income of an individual bankrupt that exceeds that
which is necessary to maintain a reasonable standard of living:
(a) the size of the bankrupt’s family and the number
of his dependants;
(b) the reasonable medical expenses of the bankrupt
and his dependants;
(c) the reasonable education expenses of the
bankrupt’s dependants;
(d) the reasonable household expenses of the
bankrupt necessary to satisfy basic domestic
needs; and
(e) the minimum wage established under the
Minimum Wages Act.
PART VII
MEDIATION
29. This Part applies to mediation that is to be conducted
under the Act.
30. For the purposes of mediation—
(a) the bankrupt and the trustee are always to be
parties to the mediation;
(b) the trustee may act either personally or through
a representative; and
(c) a creditor who requests mediation is a party to
the mediation.
31. (1) For the purpose of conducting mediation, the
Supervisor shall designate as a mediator, a certified mediator
under the Mediation Act.
Standards for
determining
reasonable
standard of
living.
Ch. 88:04.
Application of
Part.
Parties to
mediation.
Designation of
mediation.
Ch. 5:32.
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Ch. 5:32.
Request to
mediation.
Form 29.
Schedule 1.
Referral to
mediator.
Form 28.
Schedule 1.
Presence of
parties at the
mediation.
Location of
mediation.
Notice of
mediation.
Form 30.
Schedule 1.
(2) Where the Supervisor deems that a person referred
to in subregulation (1) is not available, the Supervisor shall
consult the Mediation Board of Trinidad and Tobago and appoint
such other suitably qualified person, provided that such person
agrees to be bound by the Code of Ethics contained in the First
Schedule of the Mediation Act.
32. The request for mediation made by the trustee under the
Act shall be in the form set out in Schedule 1.
33. (1) Upon the receipt of a request for mediation,
accompanied by the most recent income and expense statement
of the bankrupt in the form set out in Schedule 1, the Supervisor
shall refer the matter to a certified mediator within five days of
receipt of the request.
(2) The mediator shall set the time and place for
conducting the mediation.
(3) The mediation shall be completed within forty-
five days of the receipt of the request for the mediation by
the Supervisor.
34. The mediator shall conduct the mediation with all parties
physically present or by telephone conference call, or by such
other means of communication which permits all parties
participating in the mediation to communicate with each other
simultaneously.
35. The mediation shall be held at the office of the
Supervisor or at any other place as the mediator designates or,
where necessary, a combination of places to facilitate a mediation
in which telephone conference calls or such other means of
communication is utilised.
36. The mediator shall forward a copy of the notice of the
mediation, in the form set out in Schedule 1, to—
(a) the bankrupt;
(b) the trustee; and
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Rescheduling of
mediation.
Adjournment of
mediation.
(c) any creditor who requested the mediation,
no more than fifteen days prior to the date set for the mediation,
or such shorter period as may be agreed to by all the parties.
37. At any time before a mediation has started if the mediator
reasonably believes that the mediation cannot proceed on the
scheduled date, he may reschedule the mediation.
38. Except where it would constitute a second adjournment,
the mediator shall, subject to regulation 42, adjourn the
mediation at any time during the mediation if—
(a) a party requests an adjournment and the
mediator reasonably believes that the mediation
would benefit from further negotiations or the
provision of additional information;
(b) the mediator reasonably believes that one of the
parties, other than the trustee in the case of a
mediation requested by a creditor, cannot
continue the mediation for a period of time;
(c) all the creditors who were informed of the
mediation fail to appear at the mediation and the
mediator reasonably believes, with respect to at
least one of those creditors, that the non-
appearance is neither a delaying tactic nor
intended to bring the mediation into disrepute;
(d) in the case of a mediation requested by a
creditor, a party, other than the trustee, who was
informed of the mediation, fails to appear at the
mediation and the mediator reasonably believes
that the non-appearance is neither a delaying
tactic nor intended to bring the mediation into
disrepute; or
(e) in any case other than the one referred to in
paragraph (d), a party, other than a creditor, who
was informed of the mediation, fails to appear at
the mediation and the mediator reasonably
believes that the non-appearance is neither a
delaying tactic nor intended to bring the
mediation into disrepute.
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New date for
mediation.
Cancellation of
mediation.
39. Where a mediation has been rescheduled or adjourned—
(a) the new date for the mediation shall be within
ten days after the date on which the rescheduling
or adjournment occurs; and
(b) the mediator shall notify the parties of the new
date and place for the mediation.
40. Subject to regulation 41, the mediator shall cancel a
mediation at any time during the mediation if—
(a) there is an outstanding opposition to the
discharge of the bankrupt by a creditor or the
trustee on a ground referred to in section 165(a)
to (l) or (o) of the Act;
(b) the mediator reasonably believes that a party is
abusing the rescheduling procedures;
(c) there has already been an adjournment and—
(i) there is a request for an adjournment
under regulation 38(a); or
(ii) one of the circumstances referred to in
regulation 38(b) to (e) occurs;
(d) the mediator reasonably believes that one of the
parties, other than the trustee in the case of a
mediation requested by a creditor, cannot
continue the mediation;
(e) all creditors who were informed of the
mediation fail to appear at the mediation and the
mediator reasonably believes, with respect to all
of those creditors, that the non-appearance is a
delaying tactic or is intended to bring the
mediation into disrepute;
(f) in the case of a mediation requested by a
creditor, a party, other than the trustee, who was
informed of the mediation, fails to appear at the
mediation and the mediator reasonably believes
that the non-appearance is a delaying tactic or is
intended to bring the mediation into disrepute; or
(g) in any case other than the one referred to in
paragraph (f), a party, other than a creditor,
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Absence or
inability of
creditor who
requested
mediation.
Effect of
cancellation of
mediation
requested by
creditor.
Non-resolution
of issues.
Notice of non-
resolution of
issue.
Form 31.
Schedule 1.
who was informed of the mediation, fails to
appear at the mediation and the mediator
reasonably believes that the non-appearance is
a delaying tactic or is intended to bring the
mediation into disrepute.
41. Notwithstanding regulation 38(b) and (d) and
regulation 40(d) and (f), the absence of one or more creditors
who requested mediation, or the inability of one or more
creditors who requested the mediation to continue the
mediation, shall not be a ground for adjourning or cancelling
the mediation if at least one creditor who requested the
mediation is present at the mediation or is able to continue the
mediation, as the case may be.
42. Where a mediation is conducted pursuant to section 163
of the Act and all the creditors who requested the mediation cause
the cancellation of the mediation pursuant to regulation 40(e)—
(a) the opposition to discharge on the part of each
of those creditors on a ground referred to in
section 165(m) or (n) of the Act is deemed
withdrawn; and
(b) the issues submitted to mediation are deemed
to have been resolved for the purposes of
section 163(7) of the Act.
43. The issues submitted to mediation are deemed not to
have been resolved for the purposes of section 53(9) or 163(7) of
the Act where—
(a) a mediation conducted pursuant to section 53
of the Act is cancelled under regulation 40(a)
to (g); or
(b) a mediation conducted pursuant to section 163
of the Act is cancelled otherwise than under
regulation 40(e).
44. Where the issues submitted for mediation have not
been resolved by the parties, the mediator shall send a
notice of non-resolution, in the form set out in Schedule 1,
to the Supervisor.
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45. Where a mediation is cancelled, the mediator shall send
a notice of the cancellation in the form set out in Schedule 1 to
the Supervisor and the parties to the mediation, setting out the
grounds for the cancellation.
46. A mediator or any party to a mediation shall not disclose
any confidential information concerning any issue submitted to
mediation unless the disclosure is—
(a) required by law; or
(b) authorised by the person about whom the
confidential information relates.
47. (1) Where an agreement is reached by all parties at the
mediation, a mediation settlement agreement, in the form set out
in Schedule 1, including all terms and conditions of the
settlement, shall be signed by the parties to the mediation.
(2) The mediator shall send a copy of the mediation
settlement agreement to the Supervisor and the parties to the mediation.
(3) The mediation settlement agreement shall be binding
on the parties to the mediation, subject to any subsequent order
of the Court.
48. All payments made by a bankrupt under a mediation
settlement agreement shall be made to the trustee and the trustee
shall deposit it into the estate account referred to in section 209
of the Act.
PART VIII
CONTRIBUTOR
49. (1) The trustee may request payment from a contributor
in the amount that the contributor is liable to contribute under
section 67(1) of the Act.
(2) The request made under subregulation (1) shall be
served personally on the contributor, or sent by registered mail
or courier to the contributor’s last known address or the
address shown in the stock register or other books of the
bankrupt corporation.
Notice of
cancellation of
mediation.
Form 32.
Schedule 1.
Non-disclosure
of confidential
information.
Mediation
settlement
agreement.
Form 33.
Schedule 1.
Payment by
bankrupt.
Contributor.
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(3) Within thirty days after the date on which the request
was served under subregulation (1), a contributor may dispute his
liability, in whole or in part, in respect of the amount to be
contributed, by giving the trustee a written notice of dispute in
the form set out in Schedule 1, setting out the disputed items and
the grounds for disputing them and, after this notice is given,
except with leave of the Court, the contributor may not plead any
other ground of dispute in any proceedings brought against the
contributor by the trustee.
(4) Where the amount to be contributed is not paid, or a
notice of dispute is not served, within the thirty-day period
referred to in subregulation (3), the trustee may take ex parte
proceedings for the recovery of the amount from the contributor.
(5) When the trustee receives a notice of dispute, the
trustee may apply to the Court to determine the issue and,
within ten days after making the application, shall send the
contributor a notice of hearing of the application in the form set
out in Schedule 1.
PART IX
BANKRUPT PARTNERSHIPS
50. A partnership that is bankrupt shall submit to the trustee a
statement of its partnership affairs, verified by one of the partners
or by the manager in charge of the partnership affairs, and each
partner shall submit a statement of his own individual affairs.
PART X
ADMINISTRATION OF ESTATES
51. Where a partnership is bankrupt, the creditors of the
partnership and of each partner shall be convened collectively for
a first meeting of creditors.
52. For the purposes of section 93(1)(b) of the Act, the notice
of the first meeting of creditors shall be in the form set out in
Schedule 1 and pursuant to section 93(3) of the Act, shall be sent
together with a proof of claim and proxy in the respective forms
set out in Schedule 1.
Form 34.
Schedule 1.
Form 36.
Schedule 1.
Bankrupt
partnership.
Partnership
creditors.
Notice of first
meeting.
Form 36.
Schedule 1.
Form 12 and 19.
Schedule 1.
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53. For the purposes of section 119(1) of the Act, the notice
requiring a person to file a proof of security shall be in the form
set out in Schedule 1.
54. Where a trustee makes a determination or disallowance
under section 126(4) of the Act, he shall serve or send by registered
mail or courier a notice, in the form set out in Schedule 1, to the
relevant person.
PART XI
TAXATION OF ACCOUNTS AND DISCHARGE OF
TRUSTEE—GENERAL
55. Where, pursuant to section 142(4) of the Act, the
Supervisor gives a letter of comment to the trustee, the trustee
shall, within thirty days after receiving the letter, apply to the
taxing officer for a date for a taxation hearing.
56. (1) Unless the Court orders otherwise, the remuneration
of a trustee is deemed to take into account all services performed
by the trustee and by the trustee’s partners and employees.
(2) A trustee’s disbursements do not include the indirect
costs of the trustee’s facilities or premises.
PART XII
TAXATION OF ACCOUNTS AND DISCHARGE OF
TRUSTEE—SUMMARY ADMINISTRATION
57. The trustee of the estate of a bankrupt under summary
administration shall apply, pursuant to section 145(j) of the Act,
for taxation of the trustee’s accounts and for the discharge of the
trustee by sending to the Supervisor—
(a) the trustee’s final statement of receipts and
disbursements in the form set out in Schedule 1; and
(b) the dividend sheet, showing the dividends paid
or to be paid to the creditors of the bankrupt in
the form set out in Schedule 1.
Proof of
security.
Form 37.
Schedule 1.
Determination
or disallowance.
Form 38.
Schedule 1.
Application to
taxing officer.
Calculation of
remuneration of
trustee.
Taxation of
trustee’s
accounts.
Schedule 1.
Form 2.
Schedule 1.
Form 2.
Schedule 1.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
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Letter of
comment of
Supervisor.
Notice of
taxation of
trustee’s
accounts and
discharge.
Form 39.
Schedule 1.
Form 2.
Notice of
objection to
trustee’s
accounts.
Form 40.
Schedule 1.
No notice of
objection.
58. The Supervisor shall examine all documents sent to his
office pursuant to regulation 57 and issue a letter of comment to
the trustee, stating whether the Supervisor is requesting from the
taxing officer the taxation of the trustee’s accounts.
59. Where the Supervisor’s letter of comment states that the
Supervisor is not requesting the taxation of the trustee’s accounts,
the trustee shall, within thirty days after receipt of the letter of
comment, send to each creditor who has proved a claim a notice
of taxation of the trustee’s accounts and discharge of the trustee,
in the form set out in Schedule 1, attaching—
(a) a copy of the trustee’s final statement of receipts
and disbursements;
(b) a copy of the dividend sheet, showing the
dividends paid or to be paid to the creditors of
the bankrupt; and
(c) the final dividend that is owed to the creditor, if
the trustee is satisfied that no creditor will object
to the taxation of the trustee’s accounts and the
discharge of the trustee.
60. A creditor may, within thirty days after the date on
which the notice referred to in regulation 59 is sent, object to
the taxation of the trustee’s accounts and the discharge of the
trustee by—
(a) serving on the trustee or sending to the trustee
by registered mail or courier, a notice of
objection in the form set out in Schedule 1;
(b) filing a copy of the notice of objection with the
taxing officer; and
(c) sending a copy of the notice of objection to
the Supervisor.
61. (1) Where a trustee receives no notice of objection, the
trustee shall—
(a) at the expiration of the time limit stated in
regulation 60, take the trustee’s fee;
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Bankruptcy and Insolvency Regulations [Subsidiary]
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LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Form 39.
Schedule 1.
Where objection
received.
Form 41.
Schedule 1.
Supervisor’s
request for
taxation.
Form 41.
Schedule 1.
(b) at the expiration of the time limit stated in
regulation 60, if the trustee has not already done
so, send a final dividend to each creditor to
whom one is owed; and
(c) within three months after the date on which the
notice referred to in regulation 59 is sent—
(i) close the bank account used in
administering the estate of the bankrupt, if
that account is not a consolidated account,
or, if the account is a consolidated
account, ensure that all estate funds have
been withdrawn from it;
(ii) remit any unclaimed dividends and
undistributed funds to the Supervisor; and
(iii) send to the Supervisor a certificate of
compliance and deemed discharge in the
form set out in Schedule 1.
(2) A trustee is deemed to be discharged on meeting the
requirements of subregulation (1)(b) and (c).
62. Where a trustee receives a notice of objection, the
trustee shall—
(a) obtain a hearing date from the taxing officer; and
(b) within thirty days after the date on which the
notice of objection is received and at least thirty
days before the date of the hearing, send the
objecting creditor a notice of hearing, in the
form set out in Schedule 1.
63. (1) Where the Supervisor issues a letter of comment
pursuant to regulation 58 requesting the taxation of a trustee’s
accounts, the trustee shall, after obtaining a hearing date from the
taxing officer and within thirty days after the date of receipt of
the letter of comment, send to the Supervisor and each creditor
who has proved a claim—
(a) a notice of hearing for the taxation of the
trustee’s accounts and the discharge of the
trustee, in the form set out in Schedule 1, at least
thirty days before the date of the hearing;
UNOFFICIAL VERSION
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Form 2.
Form 2.
Form 40.
Schedule 1.
Taxation
hearing.
Form 39.
Schedule 1.
(b) a copy of the trustee’s final statement of receipts
and disbursements; and
(c) a copy of the dividend sheet, showing the
dividends paid or to be paid to the creditors of
the bankrupt.
(2) A creditor may object to the taxation of the trustee’s
accounts and discharge of the trustee by—
(a) serving a notice of objection in the form set out
in Schedule 1, on the trustee or sending a
notice of objection to the trustee by registered
mail or courier;
(b) filing a copy of the notice of objection with the
taxing officer; and
(c) sending a copy of the notice of objection to the
Supervisor.
64. (1) At the time of the hearing, the taxing officer shall
consider the creditors’ objections and the letter of comment
issued by the Supervisor, and shall tax the trustee’s accounts.
(2) If the taxing officer taxes a trustee’s accounts as
submitted, the trustee shall—
(a) take the trustee’s fee as taxed;
(b) send a final dividend to each creditor to whom
one is owed; and
(c) within two months after the date of the taxation
order—
(i) close the bank account used in
administering the estate of the bankrupt, if
that account is not a consolidated account
or, if the account is a consolidated
account, ensure that all estate funds have
been withdrawn from it;
(ii) remit any unclaimed dividends and
undistributed funds to the Supervisor; and
(iii) send to the Supervisor a certificate of
compliance and deemed discharge in the
form as set out in Schedule 1.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 199
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Form 2.
Form 39.
Schedule 1.
Discharge of
bankrupt.
Form 36.
Schedule 1.
(3) A trustee is deemed to be discharged on meeting the
requirements of subregulation (2)(b) and (c).
(4) Where the taxing officer taxes a trustee’s accounts
otherwise than as submitted, the trustee shall—
(a) take the trustee’s fee as taxed;
(b) send a final dividend to each creditor to whom
one is owed, in accordance with the taxation
order; and
(c) within two months after the date of the taxation
order—
(i) close the bank account used in
administering the estate of the bankrupt if
that account is not a consolidated account
or, if the account is a consolidated
account, ensure that all estate funds have
been withdrawn from it;
(ii) remit any unclaimed dividends and
undistributed funds to the Supervisor;
(iii) send to the Supervisor and to each
creditor a revised final statement of
receipts and disbursements, a revised
dividend sheet and a copy of the taxation
order; and
(iv) send to the Supervisor and to the
Registrar a certificate of compliance and
deemed discharge, in the form set out in
Schedule 1.
(5) A trustee is deemed to be discharged on meeting the
requirements of subregulation (4)(b) and (c).
PART XIII
DISCHARGE UNDER SUMMARY ADMINISTRATION
65. The notice of bankruptcy and notice of impending
automatic discharge, or notice of bankruptcy and application for
discharge, referred to in section 145(i) of the Act, shall be in the
form set out in Schedule 1.
UNOFFICIAL VERSION
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PART XIV
MAINTENANCE OF PUBLIC RECORDS
66. For the purposes of section 179 of the Act, the Supervisor
shall keep—
(a) the files relating to a proposal for at least six
years after the date on which a certificate of full
performance of the proposal is given pursuant to
section 50 of the Act;
(b) the files relating to the bankruptcy of an
individual—
(i) for at least six years after the date on
which the trustee of the bankrupt’s estate
is discharged under section 225(2) of the
Act, or is deemed to be discharged
pursuant to these Regulations; and
(ii) if the bankrupt has not been granted an
absolute order of discharge under
section 164(2) of the Act at the end of
the period referred to in subparagraph
(i), until the bankrupt has been granted
the absolute order of discharge;
(c) the files relating to the bankruptcy of a
corporation for at least six years after the date on
which the trustee of the bankrupt’s estate is
discharged under section 225(2) of the Act;
(d) the files relating to a licence issued to a trustee
for at least six years after the date of expiry of
the licence;
(e) the files relating to each notice sent to the
Supervisor by a receiver pursuant to section 14 of
the Act for at least six years after the date on which
the notice is received by the Supervisor; and
(f) all other records relating to the administration of
the Act for at least six years after the date on
which they are received.
Time period for
keeping of
records.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Bankruptcy and Insolvency Regulations [Subsidiary]
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L.R.O.
PART XV
LICENSING OF TRUSTEES
67. The following persons shall not be issued with a
trustee licence:
(a) an undischarged bankrupt;
(b) a person under the age of eighteen years;
(c) a person who is mentally ill within the meaning
of the Mental Health Act;
(d) a person who is disqualified from being a
director under the provisions of the Companies
Act; and
(e) a person who does not meet the minimum
criteria to be considered fit and proper as set out
in Schedule 3.
68. (1) For the purposes of section 180(2) of the Act, the
Supervisor may issue an individual trustee licence to an applicant
if the applicant satisfies the Supervisor that—
(a) the applicant is of good character and reputation
and that the issuance of a licence will not impair
public confidence in the bankruptcy and
insolvency system;
(b) the applicant is in good standing with, and not
subject to, any disciplinary action by any
professional organisation of which the applicant
is or was a member; and
(c) the applicant is—
(i) a resident of Trinidad and Tobago in
accordance with the Immigration Act;
(ii) a holder of a work permit under the
Immigration Act or exempted from
holding a work permit under the
Immigration Act; or
(iii) is affiliated with a company incorporated
under the Companies Act.
(2) An application for an individual trustee licence shall
be in the form set out in Schedule 1.
Disqualification.
Ch. 28:02
Ch. 81:01.
Schedule 3.
Application for
individual
trustee licence.
Ch. 18:01.
Ch. 81:01.
Form 42.
Schedule 1.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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LAWS OF TRINIDAD AND TOBAGO
(3) An individual licence issued by the Supervisor shall
be in the form set out is Schedule 1.
69. (1) Subject to sections 195 to 198 of the Act, the
Supervisor may issue a corporate trustee licence to an applicant
who is —
(a) a company incorporated under the Companies Act;
(b) solvent; and
(c) considered fit and proper in accordance with
Part 2 of Schedule 3.
(2) An application for a corporate trustee licence shall
be in the form set out in Schedule 1.
(3) A corporate licence issued by the Supervisor shall
be in the form as set out in Schedule 1.
70. In addition to any other requirements under these
Regulations, an applicant shall demonstrate to the Supervisor—
(a) his financial condition and solvency;
(b) his educational and other qualifications;
(c) that he has at least three years’ relevant
experience;
(d) his ability to perform his proposed business
efficiently, honestly and fairly;
(e) his ability to comply with the requirements of
the Act; and
(f) his character, financial integrity and reliability.
71. Pursuant to section 180(3) of the Act, a person shall not
be granted a licence as a trustee unless he is a member of one of
the following professional bodies:
(a) the Institute of Chartered Accountants of
Trinidad and Tobago (ICATT);
(b) the Institute of Chartered Accountants of the
Caribbean (ICAC);
(c) the Institute of Internal Auditors of Trinidad and
Tobago (IIATT);
Form 43.
Schedule 1.
Application for
corporate trustee
licence.
Ch. 81:01.
Part 2.
Schedule 3.
Form 44.
Schedule 1.
Form 45.
Schedule 1.
Additional
requirements.
Member of
professional
body.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
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L.R.O.
Ch. 90:03.
Acceptance of
professional
engagement.
Code of ethics.
Public trust and
confidence.
Performance of
functions.
Co-operation
with Supervisor.
Illegal or
dishonest
conduct.
Trustee to be
impartial.
(d) the Association of Chartered Certified
Accountants; or
(e) Law Association of Trinidad and Tobago
established under the Legal Profession Act.
72. Prior to appointing a trustee for professional engagement
under the Act, the Supervisor shall be satisfied that the trustee—
(a) has a valid licence;
(b) is solvent;
(c) does not practice an incompatible activity; and
(d) has sufficient financial resources and
professional liability insurance and employee
dishonesty or fidelity insurance to properly
administer the professional engagement.
PART XVI
TRUSTEES’ CODE OF ETHICS
73. A trustee shall be bound to the code of ethics contained
in this Part.
74. A trustee shall maintain a high standard of ethics that is
central to the maintenance of public trust and confidence in the
administration of the Act.
75. A trustee shall perform his duties in a timely manner and
carry out his functions with competence, honesty, integrity and
due care.
76. A trustee shall co-operate fully with the Office of the
Supervisor in all matters arising out of the Act.
77. A trustee shall not assist, advise or encourage any person
to engage in any conduct that he knows, or ought to know, is illegal
or dishonest, in respect of the bankruptcy and insolvency process.
78. A trustee shall be honest and impartial and shall provide
to interested parties full and accurate information as required by
the Act with respect to his professional engagement.
UNOFFICIAL VERSION
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LAWS OF TRINIDAD AND TOBAGO
Non-disclosure
of confidential
information by
trustee.
Prohibition on
use of
confidential
information.
Prohibition on
purchase of
property.
Prohibition on
sale of property.
79. A trustee shall not disclose confidential information
concerning any professional engagement, unless the disclosure is—
(a) required by law; or
(b) authorised by the person about whom the
confidential information relates.
80. A trustee shall not use any confidential information that
is gathered in his professional capacity for his personal benefit or
for the benefit of a third party.
81. A trustee shall not purchase, directly or indirectly—
(a) property of a debtor for whom he is acting with
respect to a professional engagement;
(b) property of property in respect of which the
Act applies and for which they are not acting
in a professional capacity, unless the property
is purchased—
(i) at the same time that it is offered to the public;
(ii) at the same price that it is offered to the
public; and
(iii) during the normal course of business of
the bankrupt or debtor.
82. (1) Subject to subregulation (2), if a trustee has a
responsibility to sell property in connection with a proposal or
bankruptcy, he shall not sell the property, directly or indirectly—
(a) to his employee, agent or mandatary, or person
not dealing at arms’ length with the trustees;
(b) to another trustee or knowingly to an employee
of another trustee; or
(c) to a related person of the trustee or, knowingly,
to a related person of the persons referred to in
paragraph (a) or (b).
(2) A trustee may sell property in connection with a
proposal or bankruptcy to the persons set out in subregulation (1)(a),
(b) or (c), if the property is offered for sale—
(a) at the same time that it is offered to the public;
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Bankruptcy and Insolvency Regulations [Subsidiary]
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L.R.O.
Impairment of
professional
judgment.
Signing of false
or misleading
document.
Transmission of
unverified
information.
Engaging in
other business
or occupation.
Money or
property in trust.
(b) at the same price that it is offered to the
public; and
(c) during the normal course of business of the
bankrupt or debtor.
83. A trustee who is acting with respect to any professional
engagement shall avoid any influence, interest or relationship
that impairs, or may appear in the opinion of an informed person,
to impair his professional judgment.
84. A trustee shall not sign any document, including any
letter, report, statement, representation or financial statement,
that he knows, or reasonably ought to know, is false or
misleading and shall not associate himself with such a document
in any way, including by adding a disclaimer of responsibility
after his signature.
85. A trustee may transmit information that he has not verified,
respecting the financial affairs of a bankrupt or debtor, if—
(a) the information is subject to a disclaimer of
responsibility or an explanation of the origin of
the information; and
(b) the transmission of the information is not
contrary to the Act.
86. A trustee shall not engage in any business or occupation
that would compromise his ability to perform any professional
engagement or that would jeopardize his integrity, independence
or competence.
87. A trustee who holds money or other property in
trust shall—
(a) hold the money or property in accordance with
the laws, regulations and terms applicable to the
trust; and
(b) administer the money or property with due care,
subject to the laws, regulations and terms
applicable to the trust.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
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Prohibition on
payment or
receipt of
commission,
compensation or
benefit.
Discredit to the
profession.
Advertisement.
Actions of
employees and
agents of a
trustee.
Complaints.
Notification of
appointment as
trustee.
Passing of
accounts.
88. A trustee shall not, directly or indirectly, pay to a third
party a commission, compensation or other benefit in order to
obtain a professional engagement, or accept, directly or indirectly
from a third party, a commission, compensation or other benefit
for referring work relating to a professional engagement.
89. A trustee shall not obtain, solicit or conduct any
professional engagement that would discredit the profession or
jeopardize the integrity of the bankruptcy and insolvency process.
90. A trustee shall not, directly or indirectly, advertise in a
manner that—
(a) he knows, or ought reasonably to know, is false,
misleading, materially incomplete or likely to
induce error; or
(b) unfavourably reflects on the reputation or
competence of another trustee or on the integrity
of the bankruptcy and insolvency process.
91. A trustee, in the course of his professional engagement,
shall apply due care to ensure that the actions carried out by his
employee, agent, mandatary or any person hired by him on a
contractual basis are carried out in accordance with the same
professional standards that he himself is required to follow in
relation to the professional engagement.
92. A complaint that a trustee has contravened the Act shall
be sent to the Supervisor in writing.
PART XVII
DUTIES OF TRUSTEES
93. A trustee who is appointed pursuant to section 225(12) of
the Act shall notify the Supervisor of his appointment, in writing,
within ten days after the appointment.
94. (1) Subject to subregulation (2), a former trustee who is to
pass the accounts before the Court in accordance with section 220(1)
of the Act shall make an application to the Court and attach to it an
UNOFFICIAL VERSION
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Bankruptcy and Insolvency Regulations [Subsidiary]
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L.R.O.
Form 46
Schedule 1.
Books, records
and documents
of trustee.
affidavit and shall send a notice in the form set out in Schedule 1,
accompanied by a copy of the statement of receipts and
disbursements, specifying the time and place set for passing the
accounts, to the following persons:
(a) every creditor whose claim has been proved;
(b) the Registrar;
(c) the bankrupt;
(d) the substituted trustee; and
(e) the Supervisor.
(2) The Court may order that a notice is not required to
be given to the persons referred to in regulation 94(1)(a).
PART XVIII
BOOKS, RECORDS AND DOCUMENTS
95. (1) Unless the Court orders otherwise, a trustee shall
keep, for at least six years after the date of his discharge, the
books, records and documents relating to the administration of
that estate.
(2) Unless the Court orders otherwise, a trustee shall,
after being discharged, send to the last known address of the
debtor, bankrupt or officer of the bankrupt corporation, a written
notice, unless there is a written waiver giving up the right to be
notified, that he or his representative may, within the thirty days
following the sending of the notice, take back any of the debtor’s
or bankrupt’s books, records and documents to which
subregulation (1) does not apply.
(3) Where no person has taken back the books, records
and documents pursuant to subregulation (2), the trustee may
dispose of the books, records and documents.
(4) Documents on which legal counsel has a lien or a
right of retention shall be returned to the legal counsel on
completion of the administration of the estate to which the
documents relate.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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PART XIX
MISCELLANEOUS
96. For the purposes of section 65(2) of the Act, a spouse or
cohabitant shall make a claim in the form set out in Schedule 1.
97. For the purposes of sections 27, 32, 71, 73, 93, 100, 115
and 252 of the Act, a proof of claim shall be in the form set out
in Schedule 1.
98. For the purposes of section 72(1)(a) of the Act, a demand
for repossession shall be made in the form set out in Schedule 1.
99. (1) Subject to section 148 of the Act, counselling
services may be provided to an individual bankrupt and his
immediate family if requested by the individual bankrupt, or in
the opinion of the trustee would aid in the rehabilitation of the
individual bankrupt.
(2) All counselling to be provided to an individual
bankrupt or his immediate family shall be provided by
appropriate persons approved by the Supervisor.
(3) Where counselling services are provided to the
immediate family of an individual bankrupt, such counselling
shall be provided at the same time as the counselling provided to
the individual bankrupt.
(4) Upon completion of any counselling provided under
this regulation, an individual bankrupt and his immediate family,
shall provide to the trustee evidence of attendance and
completion of the counselling sessions.
100. For the purposes of section 149(e) of the Act, the
statement of the affairs of the bankrupt shall be in the respective
forms set out in Schedule 1.
101. For the purposes of section 142(5)(c) of the Act, the
notice of final dividend shall be in the form set out in Schedule 1.
Claim by spouse
or cohabitant of
debtor.
Form 47.
Schedule 1.
Proof of claim.
Form 12.
Schedule 1.
Demand for
repossession of
goods.
Form 48.
Schedule 1.
Counselling.
Statement of
affairs of
bankrupt.
Forms 10 and 11.
Schedule 1.
Notice of final
dividend.
Form 49.
Schedule 1.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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L.R.O.
SCHEDULE 1
FORM 1
[Section 11(2) of the Act and Regulation 6(3)]
NOTICE OF APPLICATION FOR TAXATION OF
ACCOUNTS AND DISCHARGE OF INTERIM RECEIVER
Take notice that:
1. Attached to this notice is a copy of the final statement of receipts and disbursements
of ______________________________, the interim receiver of the property of
_________________________________, the debtor.
2. Also attached is a statement of account prepared by the interim receiver and
other information concerning the fees and expenses.
3. Objection to the statement of receipts and disbursements and to the discharge
of the interim receiver must be filed with the court and the undersigned within
the thirty days after the day on which this notice is sent. The notice of objection
must state the reasons for the objection.
4. The debtor or, in the case of a bankruptcy, the trustee or any creditor may file a
notice of objection.
5. Where no objection is filed within thirty days after the sending of this notice,
the interim receiver’s accounts are deemed to have been taxed and the interim
receiver is deemed to be discharged, unless the court requires that the accounts
be taxed on their own merit.
Dated at __________________, this ______ day of __________, ______.
____________________________
Interim Receiver
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FORM 2
[Sections 11(2), 14(f), 14(g), 141 and 142(2) of the Act and Regulations 6(3)(b),
11(a), 12(a), 57(a) and (b), 59(a), (b) and (c), 63(1)(b) and (c), 64(4)(c)(iii)]
STATEMENT OF RECEIPTS AND DISBURSEMENTS
RECEIPTS
1. Cash in hand and in bank … … … $__________
2. Realisation of assets: Book debts and bills of exchange $ _________
3. Realisation of assets: Stock, fixtures, machinery and furniture $ _________
4. Realisation of assets: Real property or immovable $ _________
5. Received from:
(a) Interim receiver as taxed $ __________
(b) Former trustee as taxed $ __________ $ __________
6. Operating receipts … … … … $ __________
Less: (a) Purchases … … $ __________
(b) Operating expenses $ __________ $ __________
(Attach statement detailing purchases and expenses)
Net profit (net loss to be shown in miscellaneous disbursements, 19(a)) $ __________
7. Miscellaneous:
(a) Bank interest, etc (specify) … … $ __________
(b) Funds received from guarantor (if applicable) … $ __________
TOTAL RECEIPTS ... ... ... ... ... $ __________
DISBURSEMENT
8. Fees paid:
(a) To Court … … $ __________
(b) Other fees … $ _________ $ __________
9. Notice of first meeting:
(a) Local paper … $ _________
(b) To (number) ___ creditors $ _________
(c) Postage … $ _________ $ __________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 211
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
10. Other advertising … … … … $ _________
11. Stock-taking and possession (actual expenses only) … $ __________
12. Premiums:
(a) Bond or suretyship $ __________
(b) Insurance … $ __________ … $ __________
13. Notice of bankrupt’s application for discharge:
(a) To (number) ___ creditors $ __________
(b) Postage … $ __________ … $ __________
14. Auctioneer:
(a) Commission … $ __________
(b) Expenses … $ __________ … $ __________
15. Notice of final dividend and trustee’s application for discharge:
(a) To (number) ___ creditors $ __________
(b) Postage … $ __________ … $ __________
16. Other notices and reports:
(a) To (number) ___ creditors $ __________
(b) Postage … $ __________ … $ __________
17. Postage on general correspondence ... ... $ __________
18. Inspector:
(a) Fees … … $ __________
(b) Expenses … $ __________ … $ __________
19. Miscellaneous:
(a) Loss on operations $ __________
(b) Cost of former trustee as taxed$ __________
(c) Other (provide details) $ __________ … $ __________
20. Trustee’s remuneration ... ... ... $ __________
21. Legal fees and legal services costs (taxed):
(a) Legal counsel on application or assignment $ __________
(b) Legal counsel to estate … $ __________
(c) Court fees awarded against trustee $ __________
(d) Costs awarded to opposing creditor $ __________ $ __________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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[Subsidiary] Bankruptcy and Insolvency Regulations
212 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
22. Taxes (Federal and Provincial) ... ... $ __________
23. Counselling fees … … … … $ __________
24. Trust claim (Crown) … … … … $ __________
TOTAL DISBURSEMENTS ... ... ... ... $ __________
Note: Total disbursements paid for services provided
by persons related to the trustee: $ __________
(a) Amount $ __________
(b) Name of person related to the trustee ____________________
(c) Relationship to the trustee (e.g., spouse, parent) ____________
25. Amount available for distribution ... ... $ __________
26. 5% levy payable under section 137 of the Act ... $ __________
27. Secured creditors:
Dividend $ __________ Less levy $ __________ $ __________
28. Preferred creditors:
Dividend $ __________ Less levy $ __________ $ __________
29. Unsecured creditors:
Proved claims of … … … … $ __________
Interim dividend Less levy $ __________ $ __________
Final dividend Less levy $ __________ $ __________
30. Amount refunded to debtor ... ... ... $ __________
31. Undistributed assets ... ... ... $ __________
FORM 2—Continued
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 213
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
32. Status of Bankrupt’s Discharge (if an individual)/Status of Proposal:
Absolute discharge Automatic Conditional
Discharge suspended Hearing set Refused
Annulled by Court Court approval refused Creditor acceptance
rejected
Deemed annulled Full performance Withdrawn
Deceased Sine die Ongoing
Status date _________________________
____________________________________________________________________
[Provide a description and value of all property of the bankrupt (whether or not
secured) as shown in the Statement of Affairs, or otherwise known and not accounted
for in the receipts, stating why the property has not been sold or realised and stating
the disposition made.]
___________________ _______________________
Date Trustee
Approved by the following inspectors: _______________________________
_______________________________
_______________________________
_______________________________
Taxed at the sum of $ __________ on _________________________, 20_____.
______________________
Supervisor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
214 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 3
[Section 11(2) of the Act and Regulation 7(2)]
NOTICE OF OBJECTION
To the Registrar
In the matter of ______________________________________(name of debtor),
I, _______________, of ______________________(name and address of
objector) object to the taxation of the accounts and discharge of the interim
receiver on the following grounds:
[Reason(s) for objection]
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
This notice must be filed with the Registrar, and a copy must be sent to the
interim receiver.
Dated at _________, this ________ day of ______________________, 20_____.
_____________________
Objector
UNOFFICIAL VERSION
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Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 215
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 4
[Section 13(1) of the Act and Regulation 8]
NOTICE OF INTENTION TO ENFORCE A SECURITY
To _______________________________________, an insolvent person.
Take notice that:
1. _________________________________, a secured creditor, intends to enforce
its security on the insolvent person’s property as described below:
(Describe the property to which the security relates.)
2. The security that is to be enforced is the following:
(Provide particulars of the security.)
3. The total amount of the indebtedness secured by the security is $ __________.
4. The secured creditor will not have the right to enforce the security until after the
expiry of the ten-day period after this notice is sent unless the insolvent person
consents to an earlier enforcement.
Dated at _________, this ________ day of _______________________, 20_____.
___________________________
Signature
______________________________________
Signature/Stamp of secured creditor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
216 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 5
[Section 14(c), (e) of the Act and Regulations 9(1), 10(1)]
NOTICE AND STATEMENT OF THE RECEIVER
The receiver gives notice and declares that:
1. On the ____ day of ________________, I, __________________, became the
receiver in respect of the property of _________________, an insolvent person
(or a bankrupt), that is described below—
(Provide an appropriate description of the property including the book value of each asset
and broken down into the categories of inventory, accounts receivable and other assets.)
2. I became a receiver by having taken possession or control of the property
described above [or by virtue of being appointed by _______________ (name
of person or court that appointed receiver)] pursuant to ______________ (State
particulars of security agreement or court order pursuant to which receiver was appointed).
3. I, the undersigned took possession or control of the property described above
on the ______ day of ____________, ____.
4. The following information relates to the receivership:
(a) Address of insolvent person (or bankrupt) ________________________.
(b) Principal line of business _____________________________________.
(c) Location(s) of business ______________________________________.
(d) Amount owed by insolvent person (or bankrupt) to each creditor who
holds a security on the property described above $ _______________.
(e) The list of other creditors of the insolvent person (or the bankrupt) and the
amount owed to each creditor and the total amount due by the insolvent
person (or the bankrupt) is as follows ___________________________.
(f) The intended plan of action of the receiver during the receivership, to the
extent that such a plan has been determined, is as follows ___________.
(g) Contact person for receiver—
(Provide name, telephone and fax numbers and, if applicable, an e-mail address.)
Dated at _________, this ________ day of _______________________, 20_____.
___________________________
Signature
______________________________________
Name and Title of Receiver
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 217
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 6
[Section 15(c) and Regulation 9(2)]
NOTICE OF APPOINTMENT OF RECEIVER IN LOCAL
NEWSPAPER
In the matter of the receivership of _______________________________________.
Notice is hereby given that on the __________ day of ______________, 20_____,
I, __________________________, became the receiver in respect of the property
of _____________________________, an insolvent person (or a bankrupt). I
became a receiver by virtue of being appointed by ________________________
(name of person or court that appointed receiver) pursuant to
________________________ (state particulars of security agreement or court
order pursuant to which receiver was appointed).
Dated at _________, this ________ day of ______________________, 20_____.
__________________________
Receiver
__________________________
__________________________
__________________________
Address of Receiver
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
218 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 7
[Section 18(1) of the Act and Regulation 13]
NOTICE OF DISPOSITION OF COLLATERAL
To _____________________________ (Name of debtor/person with charge
registered against the collateral/creditor who has given notice to the receiver of his
interest in the collateral/if the debtor is a corporation, to director of the debtor.)
Take notice that as the duly appointed receiver/receiver-manager over the
property of ________________ (details of debtor), I intend to dispose of the whole
or part of the collateral under my control by ______________________________
(insert details of disposition) on the ______ day of ________________, 20_____.
Dated at _________, this ________ day of ______________________, 20_____.
__________________________
Receiver
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 219
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 8
(Regulation 14)
ASSIGNMENT FOR THE GENERAL BENEFIT OF CREDITORS
This indenture made on this _____ day of ____________, 20_________, between
____________________________________________________________________
(Insert the full legal name of the Debtor)
____________________________________________________________________
____________________________________________________________________
(Insert address of the Debtor)
hereinafter called “the debtor”
and
____________________________________________________________________
(Insert the name of the Trustee)
hereinafter called “the trustee.”
(Check applicable category)
Natural person Corporate or other legal entity
WHEREAS the debtor is insolvent and desires to assign and to abandon all his/her
property for distribution among his/her creditors, in pursuance of the Act, this
indenture witnesses that the debtor does hereby assign to the trustee all the debtor’s
property for the uses, intents and purposes provided by the Act.
Signed at _________________, in the presence of _________________________.
_________________ __________________ _________________
Witness Date Debtor
(or Legal Personal
Representative of
the Debtor)
Notes: (i) If the debtor is a corporation, a certified copy of the resolution of the
Board of Directors must be attached to this document.
(ii) Attach a copy of the Court order granted pursuant to section 25(1) of the Act.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
220 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 9
(Regulation 15)
CERTIFICATE OF APPOINTMENT OF TRUSTEE (ASSIGNMENT)
IN THE REPUBLIC OF TRINIDAD AND TOBAGO
In the Matter of the Bankruptcy of:
________________________________
Debtor
________________________________
Trustee
____________________________________________________________________
Date and time of bankruptcy: Security:
Date of trustee appointment:
Meeting of creditors:
Chair:
____________________________________________________________________
CERTIFICATE OF APPOINTMENT
[Section 25(4) and Regulation 15]
I, the undersigned, in my capacity as Supervisor, do hereby certify that:
the aforementioned debtor filed an assignment under section 25 of the Bankruptcy
and Insolvency Act;
the aforementioned trustee was duly appointed trustee of the estate of the debtor.
The said trustee is required:
to provide to me, without delay, security in the aforementioned amount;
to send to all creditors, within five days after the date of the trustee’s appointment,
a notice of the bankruptcy;
when applicable, to call in the prescribed manner a first meeting of creditors, to be
held at the aforementioned time and place or at any other time and place that may
be later requested by the Supervisor; and
to inform me without delay and in writing of any material change to the
circumstances surrounding the granting of his licence.
Dated at _________, this ________ day of _______________________, 20_____.
__________________________
Supervisor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 221
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 10
[Sections 25(2), 26(9)(a) and 149(e) of the Act and Regulations 16 and 100]
STATEMENT OF AFFAIRS (Business Bankruptcy/Proposal)
(This form must be completed by all bankrupts/debtors where a business is involved, whether the
business is in the form of a corporation, partnership, sole proprietorship or otherwise)
Original Amended
To the Bankrupt/Debtor:
You are required to carefully and accurately complete this form and the applicable attachments
showing the state of your affairs on the date of your bankruptcy/date of filing of your proposal (or, if
applicable, notice of intention) on the ______ day of ___________ ____. When completed, this form
and the applicable attachments will constitute your Statement of Affairs and must be verified by oath
or solemn declaration.
LIABILITIES
(as stated and estimated by bankrupt/debtor)
1. Unsecured creditors as per list “A”... $ _____
2. Secured creditors as per list “B” ... $ _____
3. Preferred creditors as per list “C” ... $ _____
4. Contingent, trust claims or other liabilities
as per list “D” estimated to to be
reclaimable for ... ... … $ ____
$ ____
Total liabilities … $ ____
Surplus … $ ____
I, _____________, of ____________________
do swear (or solemnly declare) that this statement and
the attached lists are, to the best of my knowledge, a
full, true and complete statement of my affairs on the
__________ day of ___________________ and fully
discloses all property of every description that is in my
possession or that may devolve on me in
accordance with the Act.
ASSETS
(as stated and estimated by bankrupt/debtor)
1. Inventory … … $ ________
2. Trade fixtures, etc. … $ ________
3. Accounts receivable and other
receivables as per list “E”:
Good … $ ______
Doubtful … $ ______
Bad … $ ______
Estimated to produce. $ ______ $ ________
4. Bills of exchange, promissory note,
etc., as per list “F” … $ ________
5. Deposits in financial institutions $ ________
6. Cash … … $ ________
7. Livestock … … $ ________
8. Machinery, equipment and plant $ ________
9. Real property or immovables as
per list “G” … … $ ________
10. Furniture … … $ ________
11. Savings Plans, Retirement
Plans, Investment Funds,
Life Insurance, etc. … $ ________
12. Securities (shares, bonds,
debentures, etc.) … $ ________
13. Interests under wills … $ ________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
222 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
SWORN (or SOLEMNLY DECLARED) before
me at __________________________________
(address),
on this _____ day of _________________
____________ ________________________
Commissioner of Signature of Bankrupt/ Debtor
Affidavits
14 Vehicles … … $ ________
15. Other property as per list “H”
_____________ $ ______
_____________ $ ______ $ ________
If bankrupt/debtor is a corporation, add:
Amount of
subscribed capital $ ______
Amount paid on
capital $ ______
$ ______
Balance subscribed and unpaid … $ ______
Estimated to produce … … $ ______
$ ______
Total assets … … … $ ______
Deficiency … … … $ ______
FORM 10—Continued
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 223
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
LI
ST
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UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
224 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
Ba
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UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 225
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
LI
ST
“C
”
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UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
226 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FO
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Co
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.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 227
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
LI
ST
“E
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UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
228 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
Na
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UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 229
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
LI
ST
“G
”
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UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
230 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FO
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UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 231
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 11
[Sections 25(2), 26(9)(a) and 149(e) of the Act and Regulations 16 and 100]
STATEMENT OF AFFAIRS (Non-Business Bankruptcy/Proposal)
(This form must be completed by individual (consumer) bankrupts. If the
Bankrupt/Debtor is a corporation or partnership, or an individual running a business as a sole
proprietorship, or any other form of business, Form 10 must be completed)
Original Amended
ASSETS
Type of assets Description
(provide
details)
Estimate
dollar
value
Exempt property Secured
amount/
liens
Estimated net
realisable dollar
valueYes No
1. Cash on hand
2. Furniture
3. Personal effects
4. Cash surrender value of
Life Insurance policies,
RRSPs, etc.
5. Securities
6. Real
property or
immovables
House
Cottage
Land
7. Motor
vehicle
Automobile
Motorcycle
Other
8. Recreational equipment
9. Estimated tax refund
10. Other assets
TOTAL
Date Debtor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
232 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 11—Continued
LIABILITIES
Liabilities Type Code (LTC):
1. Real property or immovable mortgage or
hypothec
2. Bank loans (except real property mortgage)
3. Finance company loans
4. Credit cards — bank/trust company issuers
5. Credit cards — other issuers
6. Taxes — government and municipal
7. Student loans
8. Loans from individuals
9. Other
Address, including Account Amount of debt Enter
postal code No. Secured LTC
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
TOTAL Unsecured
TOTAL Secured
TOTAL Preferred
Date Bankrupt/Debtor
Unsecured PreferredCreditor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 233
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
A. INFORMATION RELATING TO THE AFFAIRS OF THE BANKRUPT/DEBTOR
1. Family name: Given names: Date of birth: ____/____/____
Gender: F M YYYY /MM/ DD
2. Also known as:
3. Complete address, including postal code:
4. Marital status:
(Specify month and year of event
if it occurred in the last five years) Married Single
Widowed Separated
Divorced Common-law
partner
5. Full name of spouse or common-law partner:
6. Name of present employer: Occupation (bankrupt/debtor):
7A. Number of persons in household family unit, including bankrupt/debtor:
7B. Number of persons 18 years of age or younger:
8. Have you operated a business Yes No (If yes) Name, type and period of
within the last five years? operation:
B. WITHIN TWELVE MONTHS PRIOR TO THE DATE OF THE INITIAL
BANKRUPTCY EVENT, HAVE YOU EITHER IN TRINIDAD AND TOBAGO OR
ELSEWHERE:
9A. Sold or disposed of any of your property? Yes No
9B. Made payments in excess of the regular payments to creditors? Yes No
9C. Had any property seized by a creditor? Yes No
C. WITHIN FIVE YEARS PRIOR TO THE DATE OF THE INITIAL BANKRUPTCY
EVENT, HAVE YOU, EITHER IN TRINIDAD AND TOBAGO OR ELSEWHERE:
10. Sold or disposed of any property? Yes No
10B. Made any gifts to relatives or others in excess of $500? Yes No
Date Bankrupt/Debtor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
234 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
D. BUDGET INFORMATION: Attach Form 17 to this form.
11A. Have you ever made a proposal under the Bankruptcy and Insolvency Act? Yes No
11B. Have you ever been bankrupt before in Trinidad and Tobago? Yes No
[If yes, provide the following details for all insolvency proceedings:
(a) filing date and location of the proceedings;
(b) name of trustee or other office holder;
(c) if applicable, was the proposal successful?;
(d) date on which Certificate of Full Performance of Discharge was obtained.]
12. Do you expect to receive any sums of money that are not related to your normal income or
any other property within the next 12 months? Yes No
13. If you answered “Yes” to any of questions 8, 9 or 11, provide details:
14. Provide reasons for your financial difficulties:
I, __________________________, of ____________________________________________ do swear
(or solemnly declare) that this statement is, to the best of my knowledge, a full, true and complete
statement of my affairs on the ________ day of ___________________ and fully discloses all property
and transactions of every description that is or was in my possession or that may devolve on me in
accordance with the Bankruptcy and Insolvency Act.
SWORN (or SOLEMNLY DECLARED)
before me at _________________________________
on this _____ day of ___________________, 20_____.
______________________________ ________________________
Commissioner of Affidavits Bankrupt/Debtor
FORM 11—Continued
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 235
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 12
[Sections 27, 32(1)(e)(i), 71(1), 73(1)(d), 93(3), 100 and 115 of the Act and
Regulations 18, 20, 52 and 97]
PROOF OF CLAIM
All notices or correspondence regarding this claim must be forwarded to the following
address:___________________________________________________________________________
__________________________________________________________________________________
In the matter of the bankruptcy (or the proposal or the receivership) of__________________ (name of
debtor) of _____________ (city and province) and the claim of __________________, creditor.
I, ____________________________________ (name of creditor or representative of the creditor), of
________________________ (city and province), do hereby certify:
1. That I am a creditor of the above-named debtor [or that I am __________________ (state
position or title) of ___________________ (name of creditor or representative of the creditor)].
2. That I have knowledge of all of the circumstances connected with the claim referred to below.
3. That the debtor was, at the date of bankruptcy (or the date of the receivership or, in the case of
a proposal, the date of the notice of intention or of the proposal, if no notice of intention was
filed), namely the ______ day of ________________, and still is, indebted to the creditor in the
sum of $__________________, as specified in the statement of account (or affidavit) attached
and marked Schedule “A”, after deducting any counterclaims to which the debtor is entitled.
(The attached statement of account or affidavit must specify the vouchers or other evidence in
support of the claim.)
4. Check and complete appropriate category:
A. Unsecured Claim of $____________.
That in respect of this debt, I do not hold any assets of the debtor as security and—
(Check appropriate description)
Regarding the amount of $_______, I claim a right to a priority under section 127 of
the Act.
Regarding the amount of $_______, I do not claim a right to a priority.
(Set out on an attached sheet details to support priority claim)
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
236 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
B. Secured Claim of $_____________.
That in respect of this debt, I hold assets of the debtor valued at $______ as security, particulars
of which are as follows:
(Give full particulars of the security, including the date on which the security was given and the
value at which you assess the security, and attach a copy of the security documents)
C. Claim by Farmer or Fisherman of $_______.
That I hereby make a claim under section 73 of the Act for the unpaid amount of $_______.
(Attach a copy of sales agreement and delivery receipts)
D. Claim by Wage Earner of $_______________.
That I hereby make a claim in terms of section 127(1)(d) in the amount of $________.
E. Claim by Employee for unpaid amount regarding Pension Plan of $____________.
That I hereby make a claim under section 127(1)(e) of the Act in the amount of $_______.
5. That, to the best of my knowledge, I am (or the above-named creditor is) (or am not or is not)
related to the debtor within the meaning of the Act, and have (or has) (or have not or has not)
dealt with the debtor in a non-arm’s-length manner.
6. That the following are the payments that I have received from, the credits that I have allowed
to, and the transfers at undervalue within the meaning of the Act that I have been privy to or
a party to with the debtor within the three months (or, if the creditor and the debtor are
related within the meaning of the Act or were not dealing with each other at arm’s length,
within the twelve months) immediately before the date of the initial bankruptcy event:
(provide details of payments, credits and transfers at undervalue).
7. (Applicable only in the case of the bankruptcy of an individual)
Whenever the trustee reviews the financial situation of a bankrupt to re-determine whether
or not the bankrupt is required to make payments under section 53 of the Act, I request to
be informed, pursuant to section 53 of the Act, of the new fixed amount or of the fact that
there is no longer surplus income.
I request that a copy of the report filed by the trustee regarding the bankrupt’s application
for discharge pursuant to section 162(1) of the Act be sent to the above address.
Dated at ______________________, this ______________day of _______________, 20_______.
________________________________ ________________________________
Witness Creditor
Telephone No. ___________________
Fax No. _________________________
E-mail Address ___________________
NOTE: If an affidavit is attached, it must have been made before a person qualified to take
affidavits.
WARNINGS: A trustee may redeem a security on payment to the secured creditor of the debt or the
value of the security as assessed, in a proof of security, by the secured creditor.
The Act provides severe penalties for making any false claim, proof, declaration or
statement of account.
FORM 12—Continued
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 237
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 13
[Section 30(1) of the Act and Regulation 19(1)]
NOTICE OF INTENTION TO MAKE A PROPOSAL
Take notice that:
1. I, _________________________________, an insolvent person, state, pursuant
to section 30(1) of the Act, that I intend to make a proposal to my creditors.
2. _____________________________________________ (name of trustee), of
_____________________________ (address of trustee), a licenced trustee, has
consented to act as trustee under the proposal. A copy of the consent is attached.
3. A list of the names of the known creditors with claims of $250 or more and the
amounts of their claims is also attached.
4. Pursuant to section 55 of the Act, all proceedings against me are stayed as of
the date of filing of this notice with the Supervisor.
Dated at __________________, this ______ day of __________, 20______.
______________________________
Insolvent Person
To be completed by Supervisor:
Filing Date ________________________
______________________________
Supervisor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
238 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 14
[Sections 26(14)(b) and 30(2)(b) of the Act and Regulation 19(2)(a)]
TRUSTEE’S REPORT ON CASH FLOW STATEMENT
The attached statement of projected cash flow of ___________ (name of insolvent
person), as of the ______ day of __________ ____, consisting of ________________
(describe, including relevant dates), has been prepared by the management of the
insolvent person (or the insolvent person) for the purpose described in Note ______,
using the probable and hypothetical assumptions set out in Notes _____.
Our review consisted of inquiries, analytical procedures and discussions related to
information supplied to us by the management and employees of the insolvent person
(or the insolvent person). Since hypothetical assumptions need not be supported, our
procedures with respect to them were limited to evaluating whether they were
consistent with the purpose of the projection. We have also reviewed the support
provided by management (or the insolvent person) for the probable assumptions and
preparation and presentation of the projection.
Based on our review, nothing has come to our attention that causes us to believe
that, in all material respects—
(a) the hypothetical assumptions are not consistent with the purpose of the
projection;
(b) as at the date of this report, the probable assumptions developed are not
suitably supported and consistent with the plans of the insolvent person or
do not provide a reasonable basis for the projection, given the
hypothetical assumptions; or
(c) the projection does not reflect the probable and hypothetical assumptions.
Since the projection is based on assumptions regarding future events, actual
results will vary from the information presented even if the hypothetical assumptions
occur, and the variations may be material. Accordingly, we express no assurance as to
whether the projection will be achieved.
The projection has been prepared solely for the purpose described in Note ____,
and readers are cautioned that it may not be appropriate for other purposes.
Dated at __________________, this ______ day of __________, 20______.
______________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 239
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 15
[Sections 26(14)(c) and 30(2)(c) of the Act and Regulation 19(2)(b)]
REPORT ON CASH FLOW STATEMENT BY THE
PERSON MAKING THE PROPOSAL
The ____________ (management, receiver, liquidator, etc.) of _______________
(name of insolvent person) or I, _________________________ (name of insolvent
person), has/have developed the assumptions and prepared the attached statement of
projected cash flow of the insolvent person, as of the ______ day of __________ ____,
consisting of __________________ (describe, including relevant dates).
The hypothetical assumptions are reasonable and consistent with the purpose of
the projection described in Note ____, and the probable assumptions are suitably
supported and consistent with the plans of the insolvent person and provide a
reasonable basis for the projection. All such assumptions are disclosed in Notes ____.
Since the projection is based on assumptions regarding future events, actual
results will vary from the information presented, and the variations may be material.
The projection has been prepared solely for the purpose described in Note _____,
using a set of hypothetical and probable assumptions set out in Notes _____.
Consequently, readers are cautioned that it may not be appropriate for other purposes.
Dated at __________________, this ______ day of __________, 20______.
__________________________________
Name of the Person
making the proposal
__________________________________
Name and Title of Signing Officer
__________________________________
Name and Title of Signing Officer
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
240 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 16
[Section 30(8)(b) of the Act and Regulation 19(3)]
REPORT OF TRUSTEE ON NON-FILING OF CASH
FLOW STATEMENT OR PROPOSAL
I, _____________________, of ______________________, the trustee under a notice
of intention to make a proposal filed by __________________________, an insolvent
person, hereby report to the Supervisor as follows:
1. That the insolvent person did, on the ______ day of ____________, ____, file
with the Supervisor a notice of intention to make a proposal.
2. That:
(Check appropriate description)
a projected cash flow statement was not filed within the period of ten
days after the filing of the notice of intention.
a proposal was not filed within the period of thirty days after the day on
which the notice of intention was filed or within any extension of that
period granted by the court under section 30(9) of the Act. (If an
extension of time has been granted by the court, attach a copy of the
Court order.)
Dated at __________________, this ______ day of __________, 20______.
______________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 241
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 17
[Section 30(8)(b) and Regulation 19(4)]
CERTIFICATE OF ASSIGNMENT
IN THE REPUBLIC OF TRINIDAD AND TOBAGO
In the Matter of the Bankruptcy of:
________________________________
Debtor
________________________________
Trustee
____________________________________________________________________
Date of bankruptcy: Security:
Meeting of creditors:
Chair: Designated person:
____________________________________________________________________
CERTIFICATE OF ASSIGNMENT
[Section 30(8)(b) of the Act]
I, the undersigned, the Supervisor of Insolvency, do hereby certify that the insolvent person
did, on the ______ day of __________, ____, file with me a notice of intention to make
a proposal, and that:
(Check appropriate description)
a projected cash-flow statement was not filed within the period of ten days
after the filing of the notice of intention.
a proposal was not filed within the period of thirty days after the day on which
the notice of intention was filed or within any extension of that period granted
by the court under section 30(9) of the Act.
Consequently, the debtor is deemed to have made an assignment.
The appointed trustee is required—
(a) to provide to me, without delay, security in the aforementioned amount;
(b) to send to all creditors, within five days after the date of the trustee’s
appointment, a notice of the bankruptcy; and
(c) when applicable, to call in the prescribed manner a first meeting of creditors,
to be held at the aforementioned time and place or at any other time and place
that may be later requested by me.
__________________________________
Date
__________________________________
Supervisor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
242 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 18
[Section 32(1) of the Act and Regulation 20]
NOTICE OF MEETING OF CREDITORS
TO CONSIDER PROPOSAL
Take notice that:
1. A meeting of creditors has been called to consider the proposal made
by________________________, an insolvent person (or a receiver, or the
liquidator of an insolvent person’s property, or a bankrupt, or the trustee of the
estate of a bankrupt), a copy of which proposal was filed with the Supervisor
on the ______ day of ____________, ____.
2. The meeting of creditors will be held at ________________, on the ______
day of ____________ ____ at ____o'clock.
3. The creditors may, by ordinary resolution, voting all as one class, accept or
refuse the proposal as filed or as altered at the meeting, subject to the rights of
secured creditors.
4. Attached are the following documents:
4.1 a voting letter form;
4.2 a proxy form;
4.3 a condensed statement of the assets and liabilities;
4.4 a list of the creditors with claims amounting to two hundred and fifty
dollars or more and the amounts of their claims as known or shown by the
books of the debtor;
4.5 a copy of the proposal;
4.6 proof of claim (or proof of secured claim, if applicable).
5. In order to be entitled to vote at the meeting, a creditor must prove a claim
before the time appointed for the meeting.
6. A creditor who has proved a claim may indicate assent to or dissent from the
proposal to me at or before the meeting of creditors, and any assent or dissent
I receive at or before the meeting will have the same effect as if the creditor
were present and had voted at the meeting.
7. The proposal shall be deemed to be accepted by the creditors if, and only if, all
classes of unsecured creditors vote for the acceptance of the proposal by a
majority in number and two-thirds in value of the unsecured creditors of each
class present, personally or by proxy, at the meeting and voting on the resolution.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 243
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
8. Where there is no quorum of secured creditors in respect of a particular class
of secured claims, the secured creditors having claims of that class shall be
deemed to have voted for the refusal of the proposal.
9. A creditor who is related to the debtor may vote against but not for the
acceptance of the proposal.
Dated at __________________, this ______ day of __________, 20______.
__________________________
Trustee
FORM 19
[Sections 32(1)(e)(iii), and 93(3) of the Act and Regulations 20 and 52]
PROXY
I, ____________________________________________________ (name of creditor),
of_______________________ (name of town or city), a creditor in the above matter,
hereby appoint __________________, of ________________________, to be my
proxy holder in the above matter, except as to the receipt of dividends, with (or
without) power to appoint another proxy holder in his or her place.
Dated at __________________, this ______ day of __________, 20______.
______________________________ _______________________________
Witness Individual Creditor
________________________________
Name of Corporate Creditor
______________________________ Per ____________________________
Witness Name and Title of Signing Officer
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
244 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 20
[Section 32(1)(f) of the Act and Regulation 20]
VOTING LETTER
In the matter of the proposal of ________________________________________ I,
______________________, creditor (or I, ____________________, representative of
_____________, creditor), of _______________ (name of city), a creditor in the above
matter for the sum of $__________, hereby request the trustee acting with respect to
the proposal of _________ to record my vote _____________ (for or against) the
acceptance of the proposal as made on the ______ day of ____________, 20_____.
Dated at __________________, this ______ day of __________, 20______.
_______________________ ______________________________
Witness Individual Creditor
________________________________
Name of Corporate Creditor
____________________________
Per________________________________ Witness
Name and Title of Signing Officer
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 245
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 21
[Section 38(b) of the Act and Regulation 21(1)]
REPORT OF TRUSTEE ON REFUSAL BY CREDITORS
TO APPROVE PROPOSAL
I, ________________________, of _____________________, the trustee acting in the
proposal of________________________, hereby report to the Supervisor as follows:
1. That _____________ did, on the _____ day of ___________, 20______, file a
proposal with me.
2. That at the meeting of creditors held on the ____ day of ______, 20______ and
presided over by __________________, the creditors refused the proposal.
Dated at __________________, this ______ day of __________, 20______.
______________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
246 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 22
[Section 43(2)(b) of the Act and Regulation 21(1)]
REPORT OF TRUSTEE ON REFUSAL BY COURT TO
APPROVE PROPOSAL
I, _____________________, of ________________________, the trustee acting in the
proposal of________________________, hereby report to the Supervisor as follows:
1. That on the ____ day of _______, ______, I applied to the _________ Court of
_______________ for approval of the proposal of ______________________,
a copy of which proposal was filed with the Supervisor on the _____ day of
___________, 20______, in accordance with section 44(1) of the Act.
2. That the Court, by Order dated the ______ day of __________, 20____, refused
to approve the proposal.
Dated at __________________, this ______ day of __________, 20______.
______________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 247
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 23
[Section 38(b) of the Act and Regulation 21(2)]
CERTIFICATE OF ASSIGNMENT
IN THE REPUBLIC OF TRINIDAD AND TOBAGO
In the Matter of the Bankruptcy of:
________________________________
Debtor
________________________________
Trustee
____________________________________________________________________
Date of bankruptcy: Security:
Meeting of creditors:
Chair: Designated person:
____________________________________________________________________
CERTIFICATE OF ASSIGNMENT
[Section 38(b) of the Act]
I, the undersigned, the Supervisor of Insolvency, do hereby certify that—
(a) a proposal in respect of the aforementioned debtor was filed under
section 44(1) of the Bankruptcy and Insolvency Act; and
(b) the creditors, at a meeting held to consider the proposal, refused to accept the
proposal and the debtor is there upon deemed to have made an assignment.
Consequently, the appointed trustee is required—
(a) to provide to me, without delay, security in the aforementioned amount;
(b) to send to all creditors, within five days after the date of the trustee’s
appointment, a notice of the bankruptcy; and
(c) when applicable, to call in the prescribed manner a first meeting of creditors,
to be held immediately following the meeting held to consider the proposal or
at the aforementioned time and place or at any other time and place that may
be later requested by me.
__________________________________
Date
__________________________________
Supervisor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
248 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 24
[Section 43(2)(b) and Regulation 21(3)]
CERTIFICATE OF ASSIGNMENT
In the Matter of the Bankruptcy of:
________________________________
Debtor
________________________________
Trustee
____________________________________________________________________
Date of bankruptcy: Security:
Meeting of creditors:
Chair: Designated person:
____________________________________________________________________
CERTIFICATE OF ASSIGNMENT
[Section 43(2)(b) of the Act]
I, the undersigned, the Supervisor of Insolvency, do hereby certify that—
(a) a proposal in respect of the aforementioned debtor was filed under
section 44(1) of the Bankruptcy and Insolvency Act; and
(b) the Court, by its order, has refused to approve the proposal and the debtor is
thereupon deemed to have made an assignment.
Consequently, the appointed trustee is required—
(a) to provide to me, without delay, security in the aforementioned amount;
(b) to send to all creditors, within five days after the date of the trustee’s
appointment, a notice of the bankruptcy; and
(c) when applicable, to call in the prescribed manner a first meeting of creditors,
to be held at the aforementioned time and place or at any other time and place
that may be later requested by me.
__________________________________
Date
__________________________________
Supervisor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 249
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 25
[Section 46(6) of the Act and Regulation 23(1)]
REPORT OF TRUSTEE ON ANNULMENT OF PROPOSAL
I, _______________, of ______________, the trustee acting in the proposal of
________________________, hereby report to the Supervisor as follows:
1. That _____________ did, on the ______ day of _______ _____, file a proposal
with me, and that the ________________ Court of ______________ , by Order
dated the ______ day of ____________, ____, has annulled the proposal.
2. The proposal was annulled by the court on the application of ______________,
the trustee of the proposal (or a creditor of the debtor).
3. The proposal was annulled on the grounds that (Check appropriate grounds.)
the debtor has defaulted in the performance of a provision in the proposal.
the proposal could not continue without injustice or undue delay.
the approval of the court was obtained by fraud.
the debtor was convicted of an offence under the Act.
(Specify: ___________________________)
4. As a consequence of the annulment of the proposal, the debtor is deemed on the
annulment to have made an assignment pursuant to section 46(4) of the Act.
5. The court further ordered that the property be vested in ___________________,
the trustee.
(In the case of a proposal by a bankrupt, the previous paragraph is to be
replaced by the following:)
6. The court further ordered that the property vested in the bankrupt by the order
approving the proposal, be re-vested in ______________________, the trustee.
Dated at __________________, this ______ day of __________, ______.
______________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
250 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 26
[Section 46(6) of the Act and Regulation 23(2)]
CERTIFICATE OF ASSIGNMENT
IN THE REPUBLIC OF TRINIDAD AND TOBAGO
In the Matter of the Bankruptcy of:
________________________________
Debtor
________________________________
Trustee
____________________________________________________________________
Date of bankruptcy: Security:
Meeting of creditors:
Chair: Designated person:
____________________________________________________________________
CERTIFICATE OF ASSIGNMENT
(Section 46(6) of the Act)
I, the undersigned, the Supervisor of Insolvency, do hereby certify that—
(a) a proposal in respect of the aforementioned debtor was filed under
section 44(1) of the Bankruptcy and Insolvency Act; and
(b) the said proposal, although accepted and approved, has been annulled by order
of the Court and the debtor is thereupon deemed to have made an assignment.
Consequently, the appointed trustee is required—
(a) to provide to me, without delay, security in the aforementioned amount;
(b) to send to all creditors, within five days after the date of the trustee’s
appointment, a notice of the bankruptcy; and
(c) when applicable, to call in the prescribed manner a first meeting of creditors,
to be held at the aforementioned time and place or at any other time and place
that may be later requested by me.
__________________________________
Date
__________________________________
Supervisor
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 251
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 27
(Section 50 of the Act and Regulation 25)
CERTIFICATE OF FULL PERFORMANCE
OF PROPOSAL
I, _____________________________________, the trustee acting in the proposal of
_____________________, certify that the proposal, as filed with the Supervisor on the
____ day of _____, 20____ (and, if applicable, as amended on the ___ day of ____, 20____),
has been fully performed as of the ____ day of __________, 20____.
Dated at ________________, this ______________day of __________, 20_____.
_________________________
Trustee
NOTE: A copy of this certificate is to be sent to both the Debtor and the Supervisor
pursuant to section 50 of the Act.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
252 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 28
[Section 53(1) and 93(4)(a) and Regulation 27]
MONTHLY INCOME AND EXPENSE STATEMENT OF THE BANKRUPT/DEBTOR AND
THE FAMILY UNIT AND +INFORMATION (OR AMENDED INFORMATION)
CONCERNING THE FINANCIAL SITUATION OF THE INDIVIDUAL BANKRUPT
Original Amended
Information concerning the monthly income and expense statement of the bankrupt/debtor and the
family unit, financial situation of the bankrupt/debtor and bankrupt’s obligation to make payments
required under section 68 of the Act to the estate of the bankrupt are as follows:
MONTHLY INCOME Bankrupt/Debtor Other members of the Total
family unit
Net employment income ... ... ... _____________
Net pension/annuities... ... ... ... _____________
Net child support ... ... ... _____________
Net spousal support ... ... ... _____________
Net employment insurance benefits ... ... _____________
Net social assistance ... ... ... _____________
Self-employment income
Gross _________Net ... ... ... _____________
Other net income ... ... ...
(Such as amounts received as damages for wrongful
dismissal, as pay equity settlement, or that relate to
workers’ compensation)
(Provide details ___________ )
TOTAL MONTHLY INCOME ... ... $___________(1) $____________(2)*
TOTAL MONTHLY INCOME OF
THE FAMILY UNIT [(1) + (2)] $__________(3)
MONTHLY NON-DISCRETIONARY
EXPENSES
Child support payments ... ... ... _____________
Spousal support payments ... ... ... _____________
Child care ... ... ... ... _____________
Health condition expenses ... ... ... _____________
Fines/penalties imposed by the Court ... _____________
Expenses as a condition of employment ... _____________
Debts where stay has been lifted ... ... _____________
Other expenses ... ... ... ... _____________
(Provide details )
TOTAL MONTHLY NON-DISCRETIONARY EXPENSES $ ___________(4) $ _________(5)
TOTAL MONTHLY NON-DISCRETIONARY
EXPENSES OF THE FAMILY UNIT [(4) + (5)] $ _________(6)
AVAILABLE MONTHLY INCOME
OF THE BANKRUPT/DEBTOR [(1) — (4)] … $ ___________(7)
AVAILABLE MONTHLY INCOME OF THE FAMILY
UNIT [(3) — (6)] $__________(8)
BANKRUPT’S/DEBTOR’S PORTION OF THE AVAILABLE
MONTHLY INCOME OF THE FAMILY UNIT
[(7) / (8) X 100] $__________(9)
__________________________________________________________________________________
* If one or more members of the bankrupt’s/debtor’s family unit have refused to divulge this
information, please provide details.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 253
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
TOTAL MONTHLY DISCRETIONARY EXPENSES (FAMILY UNIT)—$______(10)
MONTHLY SURPLUS OR (DEFICIT) FAMILY UNIT [(8) — (10)] = $______(11)
__________________________________________________________________________________
INFORMATION (OR AMENDED INFORMATION) CONCERNING THE FINANCIAL
SITUATION OF THE INDIVIDUAL BANKRUPT
Payments to the estate as per agreement
Number of persons in household family unit, including bankrupt: __________
Total amount bankrupt has agreed to pay monthly … … … … $________(12)
Amount bankrupt has agreed to pay monthly to repurchase assets
(Provide details)__________________________ … ... … … $________(13)
Residual amount paid into the estate [(12) — (13)] … … … $________(14)
Payments required (Surplus Income)
Monthly amount required (Surplus Income) based on percentage established on line (9) $________(15)
Difference between (14) and (15) … … … … $________(16)
Other applicable comments (If amount on line (14) is less than amount on line (15),
explain why the required payments are not being made: ______________________)
Amendment or material change (If the information relates to a material change
or an amendment, provide details: _____________________________________)
Dated at ______________________, this ______________day of ________________.
__________________________________ ________________________________
Trustee Bankrupt/Debtor
__________________________________________________________________________________
NOTE: In a joint assignment, only one form is required and each debtor’s monthly income and non-
discretionary expenses have to be explained in detail.
Housing expenses
Rent/mortgage etc. … … … ______
Property taxes… … … … ______
Gas … … … … … ______
Telephone … … … … ______
Cable … … … … ______
Water … … … … ______
Furniture … … … … ______
Other … … … … ______
Personal expenses
Smoking … … … … ______
Alcohol … … … … ______
Dining/lunches/restaurants … … ______
Entertainment/sports … … … ______
Gifts/charitable donations … … ______
Allowances … … … … ______
Other … … … … ______
Non-recoverable medical expenses
Prescriptions … … … … ______
Dental … … … … ______
Other … … … … ______
MONTHLY DISCRETIONARY EXPENSES: (Family unit)
Living expenses
Food/grocery … … … ____
Laundry/dry cleaning … … ____
Grooming/toiletries ... ... ____
Clothing … … … ____
Other… … … … ____
Transportation expenses
Car lease/payments .… … ____
Repair/maintenance/gas… … ____
Public transportation … … ____
Other… … … … ____
Insurance expenses
Vehicle… … … … ____
House… … … … ____
Furniture/contents … … ____
Life insurance… … … ____
Other… … … … ____
Payments
To the estate … … … ____
To secured creditor … … ____
(Not mortgage and vehicle) … ____
Other… … … … ____
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
254 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 29
[Sections 53(5), (6) and 163(4), (5) of the Act and Regulation 32]
REQUEST FOR MEDIATION MADE BY TRUSTEE
I, __________________, trustee of the estate of ____________________, a bankrupt,
who made an assignment (or against whom a bankruptcy order was made) on the
______ day of ______________, ______, hereby apply to the Supervisor to refer this
matter to the mediator, who shall set the time and place for the mediation.
This application for mediation is being made for the following reasons:
[Check appropriate description(s)]
Section 53(5)—There is disagreement as to the amount of surplus
income to be paid by the bankrupt.
Section 53(6)—There is a written request from________________, a
creditor, ________________________________ (creditor’s address),
to proceed with the mediation process.
Section 163(5)—The trustee is opposed to the discharge of the
bankrupt on a ground referred to in section 165(1)(m) or (n) of the Act.
Section 163(5)—_________________________________________,
a creditor, ______________________________ (creditor’s address),
is opposed to the discharge of the bankrupt on a ground referred to in
section 165(1)(m) or (n) of the Act.
An income and expense statement of the bankrupt is attached to this request (Form 28).
[Indicate names, mailing addresses, phone numbers and e-mail addresses of all
parties, including the trustee’s representative (if applicable)]
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
[Provide details (names and estate number) of any related estate file requiring
concurrent mediation (e.g., spousal file)]
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 255
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
[Check applicable box(es)]
Has a Mediation Settlement Agreement (Form 33) been reached by the parties?
Yes
No
If “yes”,
(i) Has the Mediation Settlement Agreement (Form 33) been signed
by the parties?
Yes, and a copy of the signed settlement agreement is attached to this
request.
No, but details pertaining to the settlement agreement (draft - Form 29)
are attached to this request.
(ii) Are you willing to proceed with this mediation via e-mail, if applicable?
Yes
No
Dated at _________________, this ________ day of _____________, 20______.
____________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
256 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 30
(Regulation 36)
NOTICE OF MEDIATION
To _________________________________________ Bankrupt
To _________________________________________ Trustee
To _________________________________________ Creditor(s) (if applicable:)
Take notice that the mediation in the matter of the bankruptcy of ___________, a
bankrupt, will be held in __________ on the ______ day of ____________, 20______
(or as soon as possible) at _______________________________________________.
The mediation will be held for the following reasons: (Check appropriate description)
Section 53(5)—There is disagreement as to the amount of surplus
income to be paid by the bankrupt.
Section 53(6)—There is a written request from _________, a creditor,
_______________ (creditor’s address), to proceed with the mediation
process.
Section 163(5)—The trustee is opposed to the discharge of the
bankrupt on a ground referred to in section 165(1)(m) or (n) of the Act.
Section 163(5)—_________________________________________,
a creditor, _______________________________ (creditor’s address),
is opposed to the discharge of the the bankrupt on a ground referred to
in section 165(1)(m) or (n) of the Act.
Further take notice that the mediation can only be rescheduled on extraordinary
grounds and that, under the Bankruptcy and Insolvency Regulations, only one such
adjournment will be allowed. Therefore, if the mediation has already been adjourned
and a second adjournment is requested, regardless of the ground for adjournment, the
mediator must cancel the mediation.
Dated at _____________, this _____________day of _____________, 20______.
____________________________
Mediator
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 257
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 31
(Regulation 44)
NOTICE OF NON-RESOLUTION OF MEDIATION
Take notice that in the matter of the mediation of _________________, bankrupt,
which was held on the ______ day of ______________________, 20______ the issues
submitted to mediation were not resolved because the parties have failed to reach an
agreement.
Dated at __________________, this ______ day of ______________, 20______.
____________________________
Mediator
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
258 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 32
(Regulation 45)
NOTICE OF CANCELLATION OF MEDIATION
Take notice that the mediation of issues related to the bankruptcy of
___________________________, a bankrupt was cancelled for the following reason:
(Check appropriate description)
There was an outstanding opposition to the discharge of the bankrupt
on a ground referred to in section 165(1)(a) to (l) or (o) of the Act.
I believe on reasonable grounds that ________________ (indicate the
bankrupt, the trustee or a creditor, as applicable) abused the
rescheduling procedures.
A second adjournment was requested or circumstances causing an
adjournment occurred after one adjournment had already been granted.
I believe on reasonable grounds that__________ (indicate the
bankrupt or a creditior, as applicable), in the case of a mediation requested by
a creditor under section 163(5) of the Act, cannot continue the mediation at all.
I believe that the non-appearance of all creditors, who were informed
of the mediation, is a delaying tactic or is intended to bring the
mediation into disrepute.
I believe that, in the case of a mediation requested by a creditor under
section 163(5), the non-appearance of _____________ (indicate the
bankrupt or a creditor, as applicable),who was informed of the mediation, is a
delaying tactic or is intended to bring the mediation into disrepute.
I believe that the non-appearance of _________________ (indicate the
bankrupt or the trustee, as applicable), who was informed of the
mediation, is a delaying tactic or is intended to bring the mediation
into disrepute.
Dated at _____________, this ______________day of ____________, 20______.
____________________________
Mediator
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 259
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 33
[Regulation 47(1)]
MEDIATION SETTLEMENT AGREEMENT
Final Draft
The parties acknowledge that an agreement was reached in the mediation held on
the ___ day of,_____, 20____ and that the results of the mediation are as follows:
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
(For the Expedited Mediation Process, use the following box:)
The parties acknowledge that an agreement was reached before the mediation
session and was confirmed by e-mail on ___________________________, the ____ day
of____________, 20____ and that the results of the mediation are as follows:
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
_________________________________________________________________
CONFIDENTIALITY
We accept that the mediator cannot be asked by any of the parties to testify in any
proceedings before a court of law.
We accept that all statements or documents obtained during the course of
mediation, which would not have been obtained otherwise, will not be used when
discussing the matter before the court or during any other proceedings. Also, we
accept that all the information obtained during the course of mediation will not be
admissible as evidence or to impeach the credibility of a party.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
260 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
We understand that the mediator or any party to the mediation shall not disclose
to the public any confidential information concerning an issue submitted to
mediation unless the disclosure is—
(a) required by law; and
(b) authorised by the person to whom the confidential information relates.
SIGNATURE OF THE MEDIATION AGREEMENT
We hereby agree that this agreement may be signed in counterparts and submitted
electronically to the Office of the Supervisor.
Dated at __________________, this ______________day of ________________.
____________________________ __________________________
Bankrupt Bankrupt’s Attorney-at-law
(if applicable)
____________________________ __________________________
Trustee Trustee’s Attorney-at-law
(if applicable)
____________________________ __________________________
Creditor Creditor’s Attorney-at-law
(as applicable) (if applicable)
FORM 33—Continued
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 261
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 34
[Regulation 49(3)]
NOTICE OF DISPUTE
To:
The Trustee in the bankrupt estate of ___________________________________.
With reference to your written request dated the ____ day of _______, 20______,
requiring me to contribute to the bankrupt estate of the aforementioned debtor pursuant
to section 67(1) of the Bankruptcy and Insolvency Act, I hereby notify you that I
dispute the liability set out in your request.
The items in your request that I dispute are as follows:
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
The grounds for disputing these items are as follows:
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
Dated this _____ day of ___________________, 20__________.
_____________________
Contributor
NOTES:
1. This notice must be given to the trustee within thirty days of his written
request having been served on the contributor.
2. Except with the leave of the Court, in any proceedings brought against
the contributor by the trustee the contributor may not plead any other
ground of dispute than those declared above.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
262 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 35
[Regulation 49(5)]
NOTICE OF HEARING TO CONTRIBUTOR
Take notice that the hearing for the determination of the dispute between
______________________________________ (the trustee) of the bankrupt estate of
______________________ (bankrupt) and ________________ (name of contributor)
pursuant to section 67(1) of the Bankruptcy and Insolvency Act, will be held before the
________________ Court at _____________________ on the _______ day of
_________________________, 20________ at ___________o’clock.
Dated at _________________ on this ______ day of ___________, 20________.
___________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 263
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 36
[Section 93(1)(b) of the Act and Regulation 52]
NOTICE OF BANKRUPTCY, FIRST MEETING OF
CREDITORS
(Where the bankrupt is an individual, add:)
and Impending Automatic Discharge of Bankrupt
(Section 145(i)(i) and (ii) of the Act and Regulation 58)
Original Amended
Take notice that:
1. ________________________ (name of bankrupt) filed (or was deemed to
have filed) an assignment [or a bankruptcy order was made against
_____________________________ (name of bankrupt)] on the ______ day of
_________________, 20________ and the undersigned, _______________
(name of trustee), was appointed as trustee of the estate of the bankrupt by the
Supervisor (or the Court); subject to affirmation by the creditors of the
trustee’s appointment or substitution of another trustee by the creditors.
2. The first meeting of creditors of the bankrupt will be held on
__________________ (date), at __________________ (time) at the office of
_____________________ (meeting office), at ________________________
(address of meeting office).
3. To be entitled to vote at the meeting, a creditor must file with the trustee,
before the meeting, a proof of claim and, where necessary, a proxy.
4. Enclosed with this notice are a proof of claim form, proxy form and list of
creditors with claims amounting to one hundred dollars ($100) or more
showing the amounts of their claims.
5. Creditors must prove their claims against the estate of the bankrupt to share in
any distribution of the proceeds realised from the estate.
(Where the bankrupt is an individual, include paragraphs 6, 7, 8, 9 and 10)
6. Included pursuant to section 93(3) of the Act is information concerning the
financial situation of the bankrupt and the obligation of the bankrupt to make
payments to the estate of the bankrupt, as required under section 53 of the Act.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
264 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
The following, if applicable:
7. Pursuant to section 160 of the Act, the bankrupt will be given an automatic
discharge on the ______ day of _________________, 20________ unless the
Supervisor, the trustee of the estate of the bankrupt or a creditor of the bankrupt
gives notice of intended opposition to the discharge of the bankrupt before that date.
(Check appropriate provision in respect of the bankrupt’s discharge)
In the case of an individual who has never before been bankrupt:
on the expiry of nine months after the date of bankruptcy;
on the expiry of twenty-one months after the date of bankruptcy
where the bankrupt is required to make payments under section 53 of
the Act to the estate.
In the case of an individual who has been a bankrupt one time before:
on the expiry of twenty-four months after the date of bankruptcy;
on the expiry of thirty-six months after the date of bankruptcy where
the bankrupt is required to make payments under section 53 of the Act
to the estate.
8. Any creditor who intends to oppose the discharge of the bankrupt shall state in
writing the grounds for his/her opposition and send a notice to this effect to the
office of the Supervisor, the trustee of the estate of the bankrupt and the
bankrupt at any time before the _____ day of __________, 20________.
(Insert the same date as in item 7).
9. If any creditor opposes the discharge of the bankrupt, a Court fee applies.
10. If the discharge of the bankrupt is opposed, the trustee will apply to the Court
without delay for an appointment for the hearing of the opposition in
accordance with the Act unless it is a matter to be dealt with by mediation
pursuant to section 163(4) of the Act.
Dated at ____________, this ____________day of _____________, 20________.
______________________________
Trustee
FORM 36—Continued
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 265
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 37
[Section 119(1) of the Act and Regulation 53]
NOTICE BY TRUSTEE REQUIRING FILING OF
PROOF OF SECURITY
Take notice that:
1. You are hereby required, pursuant to section 119(1) of the Act, to file with me
a proof of claim and proof of security (security documents) relating to any
security that you hold on the property of __________________, a bankrupt,
which property is described below:
(Describe the property.)
2. The proof of claim and proof of security must give full particulars of the
security, including the date on which it was given and the value at which you
assess it.
3. If you do not file with me a proof of claim and proof of security in respect
of the property within the thirty days after the day on which this notice is
served I may, with leave of the Court, sell or dispose of the property, free of
your security.
4. Proof of claim in the required form is attached.
Dated at __________________, this ______ day of __________, 20______.
______________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
266 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 38
[Section 126(4) of the Act and Regulation 54]
NOTICE OF DISALLOWANCE OF CLAIM, RIGHT
TO PRIORITY OR SECURITY OR NOTICE OF
VALUATION OF CLAIM
Take notice that:
(A) As trustee acting in the matter of the bankruptcy (or proposal) of ____________,
I have disallowed your claim (or your right to a priority or your security on
the property) in whole (or to the extent of $____________), pursuant to
section 126(3) of the Act, for the following reasons:
(Set out the reasons for the disallowance.)
(or)
(B) As trustee acting in the matter of the bankruptcy (or proposal) of ____________,
I have determined that your contingent or unliquidated claim is a provable
claim and have valued it at $______________ and therefore, it is deemed a
proved claim to this amount pursuant to section 126(2) of the Act.
And further take notice that if you are dissatisfied with my decision in disallowing
your claim in whole or in part (or a right to rank or your security or valuation of your
claim), you may appeal to the Court within the thirty-day period after the day on which
this notice is served, or within any other period that the Court may, on application
made within the same thirty-day period, allow.
Dated at __________________, this ______ day of __________, 20______.
______________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 267
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 39
[Regulations 59, 61(1)(c)(iii), 64(2)(c)(iii) and 64(4)(c)(iv)]
NOTICE OF DEEMED TAXATION OF TRUSTEE’S
ACCOUNTS, DEEMED DISCHARGE OF TRUSTEE AND
CERTIFICATE OF COMPLIANCE SUMMARY
ADMINISTRATION
Take notice that:
1. I, ____________________trustee of the estate of ______________________,
a bankrupt, under summary administration, have applied for taxation of my
accounts and for my discharge.
2. The Supervisor has issued a letter of comment to me that does not request that
my accounts be taxed by the Registrar.
3. Attached to this notice are those documents listed in regulation 59(1)(a) to (c).
4. Any creditor may object to the taxation of my accounts and to my discharge,
within thirty days after the date on which this notice is sent, by—
(a) serving a notice of objection on me or sending me a notice of objection
by registered mail or by courier;
(b) filing a copy of the notice of objection with the Registrar, along with
any applicable fee as specified in the tariff; or
(c) sending a copy of the notice of objection to the Supervisor.
Where a creditor objects to the taxation of my accounts, I will apply to the
Registrar for a date for the hearing of the objection and will send to any creditor who
has objected a notice of the hearing.
5. If I do not receive a notice of objection to the taxation of my accounts and to
my discharge within thirty days after the date on which this notice is sent, I will—
(a) at the expiration of that time limit, take my fee;
(b) at the expiration of that time limit, if I have not already done so, send
to each creditor his/her final dividend; and
(c) within three months after the date on which this notice referred to in
regulation 59(1) is sent—
(i) close the bank account used in administering the estate of the
bankrupt, if that account is not a consolidated account, or, where
the account is a consolidated account, ensure that all estate funds
have been withdrawn from it;
(ii) remit any unclaimed dividends and undistributed funds to the
Supervisor; and
(iii) send a certificate of compliance, as provided below and deemed
discharge to the Supervisor.
6. After fulfilling the requirements of paragraph 5, I will be deemed to be discharged.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
268 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
CERTIFICATE OF COMPLIANCE
The undersigned has attached a Certificate of Compliance from (State Relevant
Authority) that certifies the corporation has sent its most recent annual filings, paid its
most recent filing fees, not dissolved, and is in “good standing”.
Dated at _______________, this ______ day of ________________, 20_______.
______________________________
Trustee
FORM 39—Continued
FORM 40
(Regulation 60)
NOTICE OF OBJECTION
To:
____________________________________________________________________
____________________________________________________________________
(Insert Trustee’s name and address as applicable)
In the matter of ____________________________________ regarding the debtor
__________________ (name of debtor), I, _________________, (name of creditor of
the debtor) object to the taxation of the trustee’s accounts on the grounds set out below.
Reason(s) for objection:
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
This notice must be filed with the trustee within thirty days of the notice of
taxation having been sent.
Dated at _______________, on this ______ day of ____________, 20_________.
_____________________________
Creditor
Telephone No. _______________
Fax No. ____________________
E-mail Address _______________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 269
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 41
[Regulation 62(b), and 63(1)(a)]
NOTICE OF HEARING TO CREDITOR
Take notice that the hearing for the determination of the objection by
____________________________________ (the creditor) of the bankrupt estate of
_____________________________ (bankrupt) against the taxation of the accounts of
the trustee _____________________ (name of trustee) pursuant to regulation 55(3)(b),
will be held before the ________________ Court at _____________________ on the
_______ day of __________________, 20 ______ at ___________o’clock.
Dated at _________________ on this ______ day of _____________, 20 ______.
____________________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
FORM 42
[Section 180(1) of the Act and Regulation 68(2)]
APPLICATION FOR TRUSTEE LICENCE (INDIVIDUAL)
GENERAL INFORMATION
Candidate’s Name (as you would like it to appear on a trustee licence) Date of Birth
______________________________________________- _____ / _____ / _____
Family Name / Given Name(s): year month day
Other Previous Legal Names or Aliases:
___________________________________________________
Business Address: Home Address:
_________________________________ ________________________________
_________________________________ ________________________________
_________________________________ ________________________________
Telephone No. _______________ Telephone No. ___________________
Fax No. ____________________ Fax No. _________________________
E-mail Address _______________
Current Employer Employment Began:
_________________________________ _____ / _____ / _____
year month day
_________________________________
Professional organisation(s) of which you are or were a member (if any):
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
ATTESTATION REGARDING PREREQUISITE QUALIFICATIONS
I hereby attest, pursuant to regulations 67, 68 and 71 of the Bankruptcy and Insolvency
Regulations, that—
(a) I am not an undischarged bankrupt;
[Subsidiary] Bankruptcy and Insolvency Regulations
270 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 271
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
(b) I am eighteen years or older;
(c) I am not mentally ill within the meaning of the Mental Health Act, Ch. 28:02;
(d) I am not disqualified from being a company director under the provisions of the Companies Act, Ch. 81:01;
(e) I meet the minimum criteria to be considered a fit and proper person under Schedule 3;
(f) I am in good standing with and I am not subject to any current disciplinary action by any
professional organisation of which I am or was a member; and
(g) I am a member of the Institute of Chartered Accountants of Trinidad and Tobago (ICATT) or
Institute of Chartered Accounts of the Caribbean (ICAC) or Institute of Internal Auditors of
Trinidad and Tobago (IIATT) or Association of Chartered Certified Accountants (ACCA) or
the Law Association of Trinidad and Tobago (delete whichever is not applicable).
DECLARATION REGARDING REPUTATION
To assess whether you satisfy the reputation requirements under regulations 68 and 72 of the
Bankruptcy and Insolvency Regulations, please answer the following questions:
(a) Have you ever been found guilty of an indictable offence?
Yes No
If yes, please provide details on the nature of the offence(s).
(b) Have you ever been found guilty of professional misconduct by any professional organisation
of which you are or were a member?
Yes No
If yes, please provide details on the nature of the misconduct.
(c) Have you ever been in a state of insolvency?
Yes No
If yes, please provide details (estate name, estate number, district of the filing, date of
discharge, etc.).
(d) Have you ever been a principal shareholder, director or officer of a bankrupt corporation?
Yes No
If yes, please provide details (corporation’s estate name, estate number, district of the filing,
date of discharge, etc.).
INCOMPATIBLE ACTIVITY
I attest that, should I be granted a trustee licence, I will not engage in an incompatible
activity, including any activity that would or may be perceived to create a conflict of duties,
compromise my ability to perform any professional engagement, or jeopardise my integrity,
independence or competence.
CONSENT AND AUTHORISATION
I hereby consent to and authorise the Office of the Supervisor of Insolvency to publish my name
and contact information on the Trustee Registry that is posted on the website if I am granted a
trustee licence.
CONSENT TO BE BOUND BY THE CODE OF ETHICS
I hereby consent to being bound by the code of ethics set out in regulations 73 to 92 of the
Bankruptcy and Insolvency Regulations. I understand that if I am found to have breached the code
of ethics in any way the Supervisor is authorised to suspend or cancel my trustee licence as he
deems appropriate.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
272 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 42—Continued
DECLARATION AND SIGNATURE
I, the undersigned, do solemnly declare that I am the applicant named in this application and that
the information set out in this application and in the attached documents is, to the best of my knowledge
and belief, true, correct and complete in all respects, and that I agree to respect the conditions contained
in this form if the Supervisor issues me a licence.
Dated at _______________________, this __________day of ____________________, 20_____.
_______________________________ _________________________
Applicant’s name in block letter Signature of applicant
REQUIRED DOCUMENTATION
Please include the documents listed below with your application. If any items are not provided,
please indicate the reason for the information being excluded and the date when it will be provided to
the Office of the Supervisor—
1. A certificate of character from the Trinidad and Tobago Police Service.
2. Certificates you received from tertiary level institutions.
3. A detailed description of your relevant experience (see attached table).
Where you intend to practise either with a trustee firm (i.e., partnership or corporate licence) or as
an employee of another trustee—
4. A supporting letter in which a partner or the employer undertakes to provide the necessary
resources (work facilities, equipment and personnel) that will be required for the execution of
your duties as a trustee, as well as insurance coverage [professional liability insurance and
employee dishonesty (fidelity) insurance].
5. Two references signed by the respective referees who are familiar with your relevant experience.
In all other cases (to obtain authorisation to begin accepting professional engagements)—
6. A personal balance sheet.
7. Details of necessary resources (work facilities, equipment and personnel) that will be at your
disposal during the execution of your duties as a trustee, and of banking arrangements.
8. Proof of insurance coverage [professional liability insurance and employee dishonesty
(fidelity) insurance].
APPLICATION FOR A TRUSTEE LICENCE
BREAKDOWN OF AREAS OF EXPERIENCE IN INSOLVENCY MATTERS
Name of applicant __________________________________________________________________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 273
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
Firm _____________________________________________________________________________
Please provide a list of main activities you performed in relation to each category of work listed below
together with your best estimate as to the percentage (%) of time expended on the activities throughout
the experience period.
Consumer bankruptcies Proposals
Percentage of overall time during the year Percentage of overall time during the year
_______ _______
Commercial bankruptcies Interim Receiverships
Percentage of overall time during the year Percentage of overall time during the year
_______ _______
Receiverships, etc.
Percentage of overall time during the year
_______
Other non-insolvency work (i.e., audit, tax, accounting, forensic accounting)
Percentage of time during the year ____________________________
Total years experience ________________
I, the undersigned applicant for a trustee
licence, hereby attest that the above information
faithfully reflects my experience in insolvency
matters and other fields during the periods indicated.
________________________________
Signature of Applicant
Date __________________________
I, the undersigned, a trustee of the firm where
the applicant is currently employed or associated,
hereby attest that the information provided by the
applicant, for the period of time with this firm,
faithfully reflects the extent of his/her experience
in insolvency matters and other fields.
________________________________
Signature of Trustee
________________________________
Trustee’s name in block letters
Date ___________________________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
274 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 43
[Section 181 of the Act and Regulation 68(3)]
TRUSTEE LICENCE
(Individual)
This is to certify that
____________________________________________________________________
is licensed to act as a trustee in the Republic of Trinidad and Tobago.
This licence is subject to the following conditions:
The Supervisor shall be informed without delay and in writing of any material
change to the circumstances surrounding the granting of this licence.
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
And valid for a period of three years from the date of issue.
______________________________ _________________________
Supervisor Date
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 275
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 44
[Section 180(1) of the Act and Regulation 69(2)]
APPLICATION FOR TRUSTEE LICENCE (CORPORATION)
GENERAL INFORMATION
Name of corporation ____________________________________________________
Address of head office
________________________________________________________
________________________________________________________
Telephone No. _____________________________
Fax No. __________________________________
E-mail Address ____________________________
Incorporated ______________________________
Date of Incorporation _______________________
Date of Incorporation _______ / _______ / _______
year month day
DECLARATION
I, the undersigned, do solemnly declare that I am authorised to submit the present
application on behalf of the corporation named herein and that the information set out
in this application and in the attached documents is, to the best of my knowledge and
belief, true, correct and complete in all respects.
Dated at ____________, this ______________day of ____________, 20_______.
___________________________________________________
Signature of Applicant, on behalf of the Corporation
REQUIRED DOCUMENTATION
Please include the documents listed below with your application. If any items are
not provided, please indicate the reason for the information being excluded and the
date when it will be provided to the Office of the Supervisor.
1. The original or a certified true copy of the incorporating documents (letters
patent, certificate of incorporation, memorandum or articles of association, and
other pertinent documentation).
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
276 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 44—Continued
2. The address of the head office and of every other office or place of business
from which the corporate trustee intends to provide bankruptcy services.
3. A personal balance sheet of the firm’s managing trustee (as of the date of this
application).
4. The name, residential address and occupation of each shareholder and of each
person having a direct or indirect proprietary interest in the corporation
(including the beneficial owner, if applicable).
5. The number of shares (or proportion of total shares) and the classes of shares
held by each shareholder in the corporation.
6. A list of every trustee who is simultaneously a shareholder (or financial backer)
of this corporation and of any other corporate trustee and all relevant details
(i.e., names of those corporate trustees).
7. The name, residential address and occupation of each director and of each
officer of the corporation.
8. The name and business address of every licenced trustee who will practise in
an office or place of business of the corporate trustee.
9. Proof of insurance coverage [professional liability insurance and employee
dishonesty (fidelity) insurance].
A copy of the following information must also be sent to the Supervisor:
(a) details of necessary resources (work facilities, equipment and personnel)
available for each office from which the corporate trustee intends to
provide bankruptcy services, and of banking arrangements; and
(b) if a trustee responsible for the administration of estates is replaced, a letter
indicating which trustee will assume responsibility for those estates, and
the signature of that trustee confirming his/her acceptance of the transfer.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 277
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 45
[Section 181 of the Act and Regulation 69(3)]
TRUSTEE LICENCE
(Corporate)
This is to certify that
____________________________________________________________________
is licenced to act as a trustee in the Republic of Trinidad and Tobago subject to the
following condition(s):
The Supervisor shall be informed without delay and in writing of any material
change to the circumstances surrounding the granting of this licence.
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________
And valid for a period of three years from the date of issue.
__________________________ _________________________
Supervisor Date
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
278 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 46
[Regulation 94(1)]
NOTICE OF PASSING OF ACCOUNTS OF
FORMER TRUSTEE
Take notice that the passing of accounts before the Court pursuant to section 220(1)
of the Act in the bankrupt estate of _______________________________ (bankrupt),
will be held before the ________________ Court at _____________________ on the
_______ day of __________________, 20______ at ___________o’clock.
Dated at ______________ on this ____ day of ___________, 20____.
__________________________________
Former Trustee
FORM 47
[Section 65(2) of the Act and Regulation 96]
CLAIM BY SPOUSE OR COHABITANT
I, ________________________ (full name) of ________________ (address), hereby
confirm that I am the spouse (or cohabitant) of _______________, the debtor, and that
I share the matrimonial home/dwelling house of which the debtor is the sole registered owner.
I hereby claim, pursuant to section 65(2) of the Bankruptcy and Insolvency Act,
one-half of the net proceeds of the sale of the matrimonial home/dwelling house after
satisfaction of any valid and enforceable charges against the said property.
The matrimonial home/dwelling house can be described as: (include here a
description of the property against which the claim pursuant to section 65(2) of the Act is
being made.)
________________________________
Spouse/Cohabitant
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 279
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 48
[Section 72(1)(a) of the Act and Regulation 98]
DEMAND FOR REPOSSESSION OF GOODS
To ________________________, purchaser (or trustee or receiver).
I, __________________, of ___________________ (address), (or as ____________
of___________________,) supplier, hereby demand access to and repossession of the
goods described below, which were sold and delivered to ___________________, the
purchaser, on the dates and in accordance with the terms set out in the attached documents:
[Attach copies of documents of sale (invoice, delivery slip, etc.) and provide an
appropriate description of the goods.]
Whereas the purchaser is bankrupt (or there is a receiver within the meaning of
section 12 of the Act, appointed in respect of the purchaser’s property) the trustee
(or receiver) is required to release the goods described above in accordance with
section 72(1) of the Act.
Dated at __________________, this ______ day of __________, 20______.
______________________________
Supplier
Telephone Number ___________________
Fax Number _________________________
E-mail Address _______________________
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
280 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
FORM 49
[Section 142(5)(c) of the Act and Regulation 101]
NOTICE OF FINAL DIVIDEND AND APPLICATION FOR
DISCHARGE OF TRUSTEE
Take notice that:
1. A final dividend sheet has been prepared. There is enclosed with this form a
copy of the dividend sheet and a copy of my final statement of receipts and
disbursements as taxed.
2. The final dividend will be paid after the expiration of fifteen days following the
date of the mailing of this notice.
3. Notice of objection of the final statement and dividend sheet must be filed with
the Registrar, at ____________, before the __________ day of __________,
20____, and a copy of the notice served on the undersigned. The notice must
state the reasons for the objection.
4. I will apply to the court on the ________ day of ________, 20____, at the hour
of ______ o’clock, or so soon thereafter as the motion can be heard, for an
order of discharge with respect to the above-mentioned estate and for a release
of the security provided by me pursuant to section 200(1) of the Act.
5. Notice of objection to my discharge, setting out the reasons for opposition,
must be filed with the Registrar, at ______________________, at least five
days before the date of the hearing, and a copy of the notice must be served on
me within those five days.
Dated at __________________, this ______ day of __________, 20______.
_______________________
Trustee
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Bankruptcy and Insolvency Regulations [Subsidiary]
Bankruptcy and Insolvency Chap. 9:70 281
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
SCHEDULE 2
FEES PAYABLE IN TERMS OF THE ACT
PART I
Fee Payable by Receiver
1. For the purposes of section 14(c) of the Act and regulation 9(1), the fee payable by a receiver
shall be $250.
PART II
Fees Payable to Inspectors
2. For the purposes of section 111(5)(b) of the Act, the fees per meeting that may be paid to an
inspector, to be determined on the net receipts as calculated by subtracting the payments to
secured creditors from the amount of total receipts received by the trustee, are as follows:
(a) if the estate has net receipts of less than $10,000 … … … $10
(b) if the estate has net receipts of $10,000 or more but less than $50,000 … $20
(c) if the estate has net receipts of $50,000 or more but less than $100,000… $30
(d) if the estate has net receipts of $100,000 or more … … … $50
PART III
Fees Payable to Trustees in Summary Administration
3. For the purposes of section 146 of the Act, the fees of the trustee for services performed in a
summary administration are calculated on the total receipts remaining after deducting necessary
disbursements relating directly to the realisation of the property of the bankrupt, and the
payments to secured creditors, according to the following percentages:
(a) on the first $1,000 of receipts … … … … … 100%
(b) on the portion of receipts exceeding $1,000 but not exceeding $2,500 … 35%
(c) on the portion of receipts exceeding $2,500 … … … 50%
PART IV
Fees payable to the Office of the Supervisor
4. Pursuant to section 179(1) of the Act, the following fees are payable to the Office of the
Supervisor:
(a) Proposals $3.50 per page;
(b) Bankruptcies $3.50 per page;
(c) Licences $3.50 per page;
(d) Notices $3.50 per page.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
[Subsidiary] Bankruptcy and Insolvency Regulations
282 Chap. 9:70 Bankruptcy and Insolvency
LAWS OF TRINIDAD AND TOBAGO
PART V
Fees payable by Trustees for Application for a Trustee Licence
5. For the purposes of section 180 and 182 of the Act, the following fees are payable:
(a) Trustee Licence (Individual)—application fee: $1,000 per annum;
(b) Trustee Licence (Corporate)—application fee: $5,000 per annum.
SCHEDULE 3
(Regulation 67 and 69)
PART 1—FIT AND PROPER PERSON
A person shall be considered fit and proper person if he—
(a) has not been convicted of an offence involving fraud, insider trading, money laundering,
terrorist financing or other forms of dishonesty or violence;
(b) has not engaged in any business practices that are deceitful, oppressive, unsafe, unsound
or otherwise improper, whether unlawful or not, or which otherwise discredit his method
of conducting business;
(c) does not have an employment record which leads the Supervisor to believe that he carried
out an act of impropriety in the handling of his employer’s business;
(d) has not engaged in or been associated with any other business practices or otherwise
conducted himself in such a way as to cast doubt on his competence and soundness of
judgment; and
(e) has not contravened any provision of the Act, the Financial Institutions Act, Ch. 79:09, the
Securities Act, Ch. 83:02, the Insurance Act, Ch. 84:01 or the Companies Act, Ch. 81:01.
PART 2—FIT AND PROPER CORPORATION
A corporation shall be considered fit and proper if it—
(a) has not been found guilty of insider trading or fraud by local or foreign authorities;
(b) has not been convicted of an offence;
(c) has not contravened any provision of the Act, the Financial Institutions Act, Ch. 79:09, the
Securities Act, Ch. 83:02, the Insurance Act, Ch. 84:01 or the Companies Act, Ch. 81:01; and
(d) in the opinion of the Supervisor, its affairs or the affairs of any related persons are
conducted in a manner that is not prejudicial to its soundness or the insolvency system in
Trinidad and Tobago.
SCHEDULE 2—Continued
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
