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544.   Acts of bankruptcy

Revised Laws of Saint Lucia (2021)

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PART 1
PROCEEDINGS FROM ACT OF BANKRUPTCY TO DISCHARGE

CHAPTER 1
ACTS OF BANKRUPTCY

544.   Acts of bankruptcy

A debtor commits an act of bankruptcy in each of the following cases—

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    (a)      if he or she assigns all or substantially all his or her property for the benefit of his or her creditors generally;

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    (b)      if he or she files in the Registrar's office a declaration of his or her inability to pay his or her debts or presents a bankruptcy petition against himself or herself;

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    (c)     if he or she gives notice to any of his or her creditors that he or she has suspended, or that he or she is about to suspend, payment of his or her debts;

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    (d)     if he or she deals with his or her property or any part thereof in such manner as to defraud his or her creditors or unduly to prefer one creditor to another;

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    (e)     if with intent to defeat or delay his or her creditors he or she does any of the following things, namely, departs out of Saint Lucia, or being out of Saint Lucia remains away, or conceals himself or herself, or secretes his or her property;

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    (f)     if execution or other process issued on a judgment, decree, or order of any Court in favour of a creditor is returned unsatisfied in whole or in part;

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    (g)     if a creditor has obtained a final judgment or order against him or her for any amount, and, execution thereon not having been stayed, has served on him or her a notice requiring him or her, within 8 days after service, to satisfy, secure, or compound for the amount adjudged to be paid, and he or she fails to comply with the requirements of the notice, or to satisfy the Court that he or she has a set off or cross demand which equals the amount adjudged to be paid, and which could not have been set up in the proceedings resulting in the judgment or order.

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