- (a) the reference in paragraph 3(2)(a) of the Fifth Schedule to that Act to "$10,000" were a reference to "$100,000"; and
- (b) the reference in paragraph 3(2)(a) of the Fifth Schedule to that Act to "3 weeks" were a reference to "6 months".
(2) For the purpose of paragraph 93(3) of the Fifth Schedule to the Limited Liability Partnerships Act, an officer of the limited liability partnership is not to be treated as having no reasonable or probable ground of expectation of the limited liability partnership being able to pay a debt if the debt is incurred—
- (a) in the ordinary course of the business of the limited liability partnership;
- (b) during the prescribed period; and
- (c) before the appointment of a liquidator of the limited liability partnership.
Modifications to Business Trusts Act
25. For the purpose of section 50(1) of the Business Trusts Act (Cap. 31A), an officer of the trustee-manager is not to be treated as having no reasonable or probable ground of expectation of the trustee-manager being able to pay a debt from the trust property of the registered business trust if the debt is incurred—
- (a) in the ordinary course of the business of the registered business trust;
- (b) during the prescribed period; and
- (c) before the passing of a resolution approving or directing the winding up, or the making of a court order directing the winding up, of the registered business trust.
Saving and transitional provisions
26.—(1) Despite section 20(1)(a), section 56B(2)(a) of the Bankruptcy Act as in force immediately before the date of commencement of section 20(1)(a) continues to apply to or in relation to a bankruptcy application made before that date.
