Bankruptcy, Individual Voluntary Arrangement and Winding-up of Companies
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9. What can ABC Bank do after a bankruptcy order has been granted against Mr. T?

ABC Bank must complete a Proof of Debt Form with supporting documents to prove that Mr. T has contracted the $300,000 debt. The Proof of Debt Form should be submitted to the Official Receiver's Office.

The bank may request the Official Receiver to call a general meeting of all of Mr. T's creditors to appoint a Trustee for Mr. T's assets. If the total value of Mr. T's assets is less than $200,000, then the Official Receiver will usually act as the Trustee.

If necessary, the bank can request the Official Receiver to apply to the Court for a public examination of Mr. T in open court. Such an application must receive consent from the creditors with not less than 25% in gross value of the debt.

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