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Table of Contents

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Bankruptcy Act, 1988 (No. 27)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-6)1. Short title.2. Commencement.3. Interpretation.4. Application of Act to subsisting bankruptcies and arrangements.5. Expenses.6. Repeals.Part II Procedure in Bankruptcy (ss. 7-43)7. Acts of bankruptcy.8. Bankruptcy summons.9. Arrest of absconding debtor.10. Petition.11. Presenting petition.12. Petitioning creditor's costs.13. Petition or act of bankruptcy agreed between bankrupt and creditor.14. Adjudication: creditor's petition.15. Adjudication on debtor's petition.16. Cause shown against adjudication.17. Notice of adjudication and statutory sitting.18. Creditors' assignee.18A. Revenue Commissioners to furnish certain information to Official Assignee.19. Duties of bankrupt.20. Change of name or address, etc.21. Examination of bankrupt and other persons.22. Admission of debt due to bankrupt.23. Arrest of bankrupt, etc.24. Committal to prison.25. Examination of persons in custody.26. Release of bankrupt from prison.27. Warrant of seizure.28. Search warrant.29. Indemnity for persons acting under warrant.Partnership Cases (ss. 30-37)30. Actions by Official Assignee and bankrupt's partners.31. Petition against one or more partners.32. Furnishing of partnership accounts to Official Assignee.33. Duty of bankrupt partner.34. Joint and separate properties.35. Actions on joint contracts.36. Proceedings in partnership name.37. Limited partnerships.Composition after Bankruptcy (ss. 38-41)38. Stay on realisation of estate.39. Offer of composition.40. Payment of composition.41. Discharge of adjudication order.Bankrupt Dying after Adjudication (s. 42)42. Bankrupt dying after adjudication.Subsequent Bankruptcy (s. 43)43. Subsequent bankruptcy.Part III Administration of Property (ss. 44-86)Effect of Adjudication on Bankrupt's Property (ss. 44-56)44. Vesting of property in Official Assignee.44A. Pensions in Bankruptcy.44B. Excessive pension contributions by bankrupt.45. Excepted articles.46. Certificate of vesting of property in Official Assignee.47. Vesting in Official Assignee of certain money and securities.48. Limitation of Official Assignee's powers in relation to copyright.49. Restrictive clause in agreement or lease.50. Execution against debtor's property before adjudication.51. Priority of judgment mortgage.52. Order to put purchaser in possession.53. Permission to mortgagee to bid at sale.54. Discharge of persons delivering property, etc., to Official Assignee.55. Title to property sold not to be invalidated.56. Disclaimer of onerous property.Fraudulent and Voluntary Conveyances (ss. 57-59)57. Avoidance of fraudulent preferences.58. Avoidance of certain transactions.59. Avoidance of certain settlements.Management Provisions (ss. 60-79)60. The Official Assignee.60A. Office of Official Assignee - Transfer of staff.60B. Delegation of functions of Official Assignee.60C. Deputy for Official Assignee.60D. Transfer of records to Insolvency Service.61. Functions of Official Assignee in bankruptcy and vesting arrangements.61A. Statement of affairs61B. Provision of information to Official Assignee62. Bankruptcy Inspector and assistants.63. Protection of Official Assignee.64. Power of Official Assignee to bar entail.65. Power of Official Assignee to appropriate part of bankrupt's income.65A. Cesser of section 65.66. Delivery of property to Official Assignee.67. Right of Official Assignee to transfer stocks or shares.68. Right of Official Assignee to inspect goods pawned or pledged.69. Receipt of property of bankrupt.70. Claim to property in possession of bankrupt.71. Allowances to bankrupt.72. Redirection of letters, etc., addressed to bankrupt.73. Appointment of receivers and managers.74. Joint and separate dividends.75. Debts provable in bankruptcy and arrangements.76. Proof of debts.77. Bankruptcy of mercantile agent.78. Proof for costs of judgment.79. Disallowance of debts already proved.Distribution of Estate (ss. 80-86)80. Priority of expenses, etc.81. Preferential payments.82. Distribution of estate.83. Accounts and audit.84. Official Assignee - Unclaimed Dividend Account.85. Automatic discharge from bankruptcy.85A. Objection to automatic discharge from bankruptcy.85B. Entitlement to discharge from bankruptcy.85C. Annulment of adjudication in bankruptcy.85D. Bankruptcy payment orders.86. Surplus.Part IV Arrangements under Control of Court (ss. 86A-109)86A. Prohibition on presentation of petition for arrangement under section 87.87. Petition for protection.88. Restriction on dealing with property.89. Effect of protection on execution orders.90. Procedure on grant of protection.91. Filing of statements.92. Acceptance of proposal.93. Vesting in Official Assignee.94. Distribution of property in vesting arrangement.95. Special private sitting.96. Carrying proposal into effect.97. Lodgment with Official Assignee.98. Certificate of arranging debtor.99. Publication in relation to arrangements.100. Taking possession of property by Official Assignee.101. Discharge of protection order.102. Surplus.103. Goods obtained on credit.104. Private sitting for enquiry.105. Adjudication of arranging debtor.106. Partners obtaining protection of the Court.107. Summoning witnesses.108. Registration of arrangements.109. Exclusion of Deeds of Arrangement Act, 1887.Part V Winding up by Trustee (ss. 110-114)110. Order for winding up.111. Vesting in trustee.112. Powers of trustee, etc.113. Order of discharge.114. Powers of Court.Part VI Estates of Persons Dying Insolvent (ss. 115-122)115. Petition to administer in bankruptcy estate of person dying insolvent.116. Effect on personal representative of service of notice of petition.117. Order for administration under Part VI.118. Vesting and distribution.119. Priority of funeral and testamentary expenses.120. Application of Act.121. Surplus.122. Right of retainer restricted.Part VII Offences (ss. 123-132)123. Punishment of fraudulent debtors.124. Absconding debtor.125. Corrupt agreement with creditors.126. False claim.127. Non-disclosure of after-acquired property.128. Obstructing officers.129. Obtaining credit or trading under other name.130. Arranging publication of notice without authority.131. Criminal liability after annulment.132. Punishment of offences.Part VIII Miscellaneous (ss. 133-144)133. Limitation of actions.134. Proceedings in private.135. Power of Court to review its orders.136. Effect of adjudication on creditors' remedies.137. Power to stay or restrain proceedings against bankrupt.138. Winding up of partnerships and deceased persons' estates.139. Prohibition on distress after adjudication or protection.140. Evidence of deceased person.140A. Registration of judgments given in insolvency proceedings.140B. Publication in relation to insolvency proceedings.140C. Provision of certain documents to Official Assignee.140D. Restriction of right of access to personal data in certain circumstances141. Publication of certain notices to be evidence.142. Acting in aid of other courts.143. Alteration of monetary limits.144. Regulations and orders.First Schedule Proof of DebtsSecond Schedule Repeals
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 1989 - onwards
Version 2 of 2

125. Corrupt agreement with creditors.

If any creditor of a bankrupt or an arranging debtor obtains or accepts any property from the bankrupt or arranging debtor or any other person as an inducement for forbearing to oppose or for accepting any offer of composition or proposal or any modification thereof made by or on behalf of the bankrupt or arranging debtor, the claim of the creditor shall be void and irrecoverable and the creditor and such other person (if any) shall each be guilty of an offence.

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