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The High Court has determined that a creditor is not precluded from proceeding with a bankruptcy application even where a judgment has become unenforceable under the Circuit Court Rules, rejecting the respondent's contention that the debt must be enforceable to satisfy the requirements of the Bankruptcy Act 1988. The court held that the literal and ordinary meaning of the Act does not necessitate the creditor to demonstrate that the underlying debt or judgment remains enforceable or is not time-barred at the petition stage. The court adjourned for further submission the issue of whether a bankruptcy petition constitutes an "action upon a judgment" for the purposes of the Statute of Limitations Act 1957, as well as other related issues.
- Bankruptcy Act 1988 - Statute of Limitations Act 1957 - Bankruptcy summons - Act of bankruptcy - Unenforceable debt - Circuit Court Rules - Adjudication of bankruptcy - Statutory interpretation - Deeming provision - Enforceability of judgment - Time-barred debt - Acknowledgment of debt - Debt Settlement Arrangement (DSA) - Personal Insolvency Arrangement (PIA) - Official Assignee - Show cause against adjudication
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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