Bankruptcy Act, 1988
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Discharge and annulment. (New) |
85.—(1) Any bankruptcy subsisting at the commencement of this Act where the order of adjudication in respect thereof was made before 1st January, 1960, is hereby discharged. | |
(2) Where an adjudication order is discharged by virtue of the provisions of subsection (1) any property of the bankrupt which remains vested in the Official Assignee shall after provision has been made for the payment of the expenses, fees, costs and preferential payments be returned to the bankrupt and shall be deemed to be revested in him as and from the commencement of this Act. | ||
(3) A bankrupt shall be entitled to a discharge from bankruptcy— | ||
(a) when provision has been made for payment of the expenses, fees and costs due in the bankruptcy, as well as the preferential payments, and | ||
(i) he has paid one pound in the pound, with such interest as the Court may allow, or | ||
(ii) he has obtained the consent of all his creditors; or | ||
(1857, s. 149) | ||
(b) in a case to which section 41 applies. | ||
(cf. 1872, s. 56) | ||
(4) A bankrupt whose estate has, in the opinion of the Court, been fully realised shall be entitled to a discharge from bankruptcy when provision has been made for payment of the expenses, fees and costs due in the bankruptcy, as well as the preferential payments, and— | ||
(a) his creditors have received fifty pence or more in the pound, or | ||
(b) he or his friends have paid to his creditors such additional sums as will together with the dividend paid make up fifty pence in the pound, or | ||
(c) the bankruptcy has subsisted for twelve years: | ||
provided that in any application under paragraph (c) the Court shall be satisfied that all after-acquired property has been disclosed and that it is reasonable and proper to grant the application. | ||
(5) A person shall be entitled to an annulment of his adjudication— | ||
(1857, s. 129) | ||
(a) where he has shown cause pursuant to section 16 , or | ||
(b) in any other case where, in the opinion of the Court, he ought not to have been adjudicated bankrupt. | ||
(New) | ||
(6) An order of discharge or annulment shall provide that any property of the bankrupt then vested in the Official Assignee shall be revested in or returned to the bankrupt, and that order shall for all purposes be deemed to be a conveyance, assignment or transfer of that property to the bankrupt and, where appropriate, may be registered accordingly. | ||
(cf. 1872, s. 56) | ||
(7) A person who is entitled to a discharge or annulment may apply to the Court to obtain a certificate of discharge or annulment, as the case may require, under the seal of the Court. | ||
(8) In this section “bankrupt” includes personal representatives and assigns. |