RES exam question on Torts, Mortgages & Co-ownership: A property owner is adjudged bankrupt while still holding a private condominium
A property owner is adjudged bankrupt while still holding a private condominium. Evaluate the statements: (i) On bankruptcy, the bankrupt's property generally vests in the Official Assignee (ii) The bankrupt faces restrictions on dealing with his property (iii) Creditors' interests are administered through the bankruptcy process (iv) Bankruptcy has no effect on the ownership or dealing of the person's property Which statements are CORRECT?
- A(i), (ii), (iii) and (iv)
- B(ii), (iii) and (iv) only
- C(i), (iii) and (iv) only
- D(i), (ii) and (iii) only
Show answer & explanation
Answer
D. (i), (ii) and (iii) only
Explanation
(i) is correct because on bankruptcy the bankrupt's property generally vests in the Official Assignee, (ii) the bankrupt faces restrictions on dealing with his property, and (iii) creditors' interests are administered through the bankruptcy process. That makes D correct.
Why the other options are wrong
- (iv) is wrong: bankruptcy plainly affects the ownership and dealing of the person's property.
Study the concept behind this question: Property Torts, Mortgages & Co-ownership (Singapore)
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