THE BANKRUPTCY ACT, 2009 Section - Sierra Leone

1 THE BANKRUPTCY ACT, 2009 arrangement OF SECTIONSS ectionPART I INTERPRETATION1. InterpretationPART II PROCEEDINGS FROM ACT OF BANKRUPTCY TO DISCHARGEActs of bankruptcy2. Acts of BANKRUPTCY Jurisdiction to make receiving Conditions on which creditor may Liability of firm to have receiving order made against Powers of official receiver and duties of debtor on petition being filed8. Creditor s petition and order on Debtor s petition and order on Appearance of official receiver on Effect of receiving order12. Power to appoint interim Power to stay pending Power to appoint special Advertisement of receiving consequent on order16.

2 First and other meetings of Debtor s statement of examination of debtor18. Public examination of and schemes of arrangement19. Compositions and schemes of Effect of composition or of bankruptcy21. Adjudication of BANKRUPTCY where composition not accepted or not approved22. Appointment of Committee of Power to accept composition or scheme after over person and property of debtor25. Duties of debtor as to discovery and realisation of property26. Arrest of debtor under certain Re-direction of debtor s Inquiry as to debtor s conduct, dealings and Discharge of Effect of order of Power of court to annul adjudication in certain Automatic discharge of III ADMINISTRATION OF PROPERTYP roof of debts33.

3 Description of debts provable in Mutual credit and set Rules as to proof of Priority of costs and charges37. Priority of debt38. Landlord s power of distress39. Postponement of husband s and wife s available for payment of debts40. Relating back of trustee s title41. Description of bankrupt s property divisible among Provisions as to second bankruptcyEffect of BANKRUPTCY on antecedent and other transactions43. Restriction of rights of creditor under execution or Duties of bailiff as to goods taken in Avoidance of certain dispositions46.

4 Avoidance of general assignments of book debts unless registered47. Avoidance of preference in certain Protection of bona fide transaction without Recovery of property transferred without knowledge of receiving Validity of certain payments to bankrupt and Dealings with undischarged to the Sierra Leone Gazette Vol. CXL, No. 38dated 27th August, 2009iiRealisation of property52. Possession of property by Seizure of property of Sale of property out of Sierra Appropriation of portion of pay etc. to Vesting and transfer of Disclaimer of onerous Powers of trustee to deal with Powers exercisable by trustee with permission of committee of Power to allow bankrupt to manage Allowance to bankrupt for maintenance or Right of trustee to inspect goods pawned, Limitation of trustee s powers in relation to Protection of official receiver and trustee from personal liability in of property65.

5 Declaration and distribution of Joint and separate Provision for creditor residing at a distant place Rights of creditor who has not proved debt before declaration of a Interest on Final No action for Right of bankrupt to IV OFFICIAL RECEIVER73. Official Status of official Duties of official receiver as regards the debtor s Duties of official receiver as to debtor s V TRUSTEE IN BANKRUPTCYO fficial Name77. Official name of Power to appoint joint or successive Proceedings in case of vacancy in office of of trustees80.

6 Discretionary powers of trustee and control of Appeal to court against Control of court over of trustee83. Remuneration of Allowance and taxation of , payments, accounts and audit85. Trustee etc. to furnish required list of Trustee to furnish statement of Annual statement of Trustee not to pay sums into private Payment of money into Records and accounts to be kept by Audit of trustee s of office by trustee92. Release of Office of trustee vacated by Removal of VI CONSTITUTION, PROCEDURE AND POWERS OF COURTJ urisdiction95.

7 General power of and appeals96. Review and appeals in General rules of Continuance of proceedings on death of Actions by trustee and bankrupt s on joint in partnership VII - SUPPLEMENTAL PROVISIONSD isobedience to order of to order of of of corporations and in BANKRUPTCY of estate of person dying to make and and of official receiver s to be of proceedings at meetings of of proceedings in of of debtor or witness113. Statements made by official receiver or trustee through an of appointment of Service of Formal defect not to invalidate Exemptions of deeds, etc.

8 From stamp Action of corporations, partners, Certain provisions to bind the StateUnclaimed funds or and undistributed dividends or funds. PART VIII - DISQUALIFICATION OF BANKRUPT121. Disqualification of Vacation of office, etc. by and penalties. PART IX BANKRUPTCY offences by person other than bankrupt obtaining by bankrupt, guilty of gambling, failing to keep proper absconding with Debtor concealing himself to avoid service, claim, by court for prosecution on report of liability after discharge or and punishment of 72009 Sierra LeoneThe BANKRUPTCY Act.

9 An Act to provide for declaring as bankrupt any personwho cannot pay his debts of a specified amount and to disqualify himfrom holding certain elective and public offices or from practisingany regulated profession and for other related matters.[]ENACTED by the President and Members of Parliament in thispresent Parliament of this 14th day of August, 2009DR. ERNEST BAI KOROMA, 7 BANKRUPTCY Act2009No. 7 BANKRUPTCY Act2009 PART I this Act unless the context otherwise requires - available act of BANKRUPTCY means any act ofbankruptcy petition at the date of the presentationof the petition on which the receiving order is made; bailiff includes any officer charged with the executionof a writ or other process; debtor, unless the context otherwise implies,includes any person, whether a Sierra Leonean ornot, who at the time when any act of bankruptcywas done or suffered by him-(a) was personally present in Sierra Leone .

10 (b) ordinarily resided or had a place of residencein Sierra Leone or was carrying on businessin Sierra Leone personally or by an agent ormanager; or(c) was a member of a firm or partnership whichcarried on business in Sierra Leone ; ordinary resolution means a resolution decided bya majority in value of the creditors present, personallyor by proxy, at a meeting of creditors and voting onthe resolution; provable debt includes any debt or liability made bythis Act to be provable in BANKRUPTCY ; property includes money, goods, things-in-actionand every description of property, whether real orpersonal and whether situated in Sierra Leone orelsewhere, obligations, easements and everydescription of estate, interest or contingent, arisingout of or incidental to property; Registrar means the Registrar of the court; secured creditor means a person holding a mortgage,charge or lien on the property of the debtor or anyparts of the property which is valid against creditorsas a security for debt due to him from the debtor,and includes a judgement creditor.