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  • Flowchart Bankruptcy Proceedings Up To The Stage A Debtor Is Adjudged A Bankrupt

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    Audrey Lim
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    The flowchart outlines the bankruptcy proceedings against a debtor up until they are adjudged bankrupt. It shows that if a debtor fails to respond to a final judgment or bankruptcy notice within 7 days of service, creditors can file a bankruptcy petition. The petition is then served and a hearing is held before a judge. If the judge finds no defenses or settlement, they will make a receiving and adjudication order declaring the debtor bankrupt.

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    FLOWCHART BANKRUPTCY PROCEEDINGS UP TO THE STAGE A DEBTOR IS ADJUDGED A BANKRUPT.docx

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    The flowchart outlines the bankruptcy proceedings against a debtor up until they are adjudged bankrupt. It shows that if a debtor fails to respond to a final judgment or bankruptcy notice within 7 days of service, creditors can file a bankruptcy petition. The petition is then served and a hearing is held before a judge. If the judge finds no defenses or settlement, they will make a receiving and adjudication order declaring the debtor bankrupt.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    215 views2 pages

    Flowchart Bankruptcy Proceedings Up To The Stage A Debtor Is Adjudged A Bankrupt

    Uploaded by

    Audrey Lim
    The flowchart outlines the bankruptcy proceedings against a debtor up until they are adjudged bankrupt. It shows that if a debtor fails to respond to a final judgment or bankruptcy notice within 7 days of service, creditors can file a bankruptcy petition. The petition is then served and a hearing is held before a judge. If the judge finds no defenses or settlement, they will make a receiving and adjudication order declaring the debtor bankrupt.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
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    FLOWCHART FOR BANKRUPTCY PROCEEDINGS UP TO THE STAGE A DEBTOR IS

    ADJUDGED A BANKRUPT

    Final Judgment
    (Once Debtor failed to respond to a judgment debt or bankruptcy notice, Proceed to next step)
    S.3(1)(i) IA 1967: A debtor commits an act of bankruptcy...if a creditor has obtained a final judgment or...a
    bankruptcy notice under this Act requiring him to pay the judgment debt or sum ordered to be paid...and he
    does not within seven days after service of...”

      Filing of Bankruptcy Notice in  


    Court (Rule 89; Form 34
    Insolvency Rules 2017)

    Bankruptcy Notice issued

    Extract Bankruptcy Notice


    (Bankruptcy Notice is only
    valid for 3 months)

    Service of Bankruptcy Notice If personal service


    by fails after 2
    (a) Personal service or attempts
    (b) Substituted service     Apply to serve by
    way of
    substituted
    service
    Order for
    Substituted
    Service obtained
    and service by
    publication of
    Bankruptcy Notice
    in local newspaper
     
    Judgment Debtor to respond
    within 7 days from the date of
    personal service or the date as
    published for substituted
    service

    Judgment Debtor responded within the time limit No response from Judgment Debtor within the
    time limit

    Full settlement or acceptable proposal for full Judgment Debtor commits an act of Bankruptcy
    settlement
     
    Filing of Bankruptcy Petition
    (a) Creditors Petition (must be verified by an
    affidavit)

    If personal service fails after Service of Creditors Petition


    2 attempts (a) Personal service or
    (b) Substituted service
     
    Apply for substituted service

     
    Affidavit of Service

    Creditors Petition Hearing before the judge


    Judge's decision
     
    No order due to : Receiving and Adjudication Order is made
    (a) Full payment made before the Creditors Petition
    hearing
    (b) Acceptance by Creditor for a composition sum
    (c) Postponement of the hearing due to defence Judgment Debtor is adjudged a Bankrupt
    submitted by Judgment Debtor
    (d) Acceptance of partial payment after service of
    Bankruptcy Notice
    (e) Bankruptcy rules and procedures not strictly
    followed.

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