Section 20
Provisions as to bankruptcy proceedings for licensees’ loans
Where a debt due to a licensee in respect of a loan made by him after the commencement of this Act includes interest, that
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interest shall, for the purposes of the Bankruptcy Act 1967 [Act 360]
relating to the presentation of a bankruptcy petition, voting at meetings, compositions and schemes of arrangement and dividend, be calculated at a rate not exceeding eight per centum per annum, but nothing in the foregoing provision shall prejudice the right of the creditor to receive out of the estate, after all the debts proved in the estate have been paid in full, any higher rate of interest to which he may be entitled.
(2)
No proof of a debt due to a licensee in respect of a loan made by him shall be admitted for any of the purposes of the Bankruptcy
Act 1967 unless the affidavit verifying the debt has exhibited thereto a statement which complies with section 19 and shows, where the amount of interest included in the unpaid balance represents a rate per centum per annum exceeding eight per centum, the amount of interest which would be so included if it were calculated at the rate of eight per centum per annum.
(3)
General rules may be made under the Bankruptcy Act 1967
for the purpose of carrying into effect the objects of this section.