Singapore legislation

Section 29

of Pawnbrokers Act 2015

Section 29

Licensee to inform Registrar of proceedings, etc.

Amended by40/2018

(1)

A licensee must notify the Registrar in writing of the occurrence of any of the following events, no later than 14 days after the licensee becomes aware that the event has occurred:

(a)

a receiver or a manager is or will be appointed in respect of the property of the licensee;

(b)

a meeting of the creditors or shareholders of the licensee has been summoned for the purpose of winding up the licensee;

(c)

an application has been made to the court for an order summoning all or any class of the creditors or shareholders of the licensee to meet for the purpose of a proposed compromise or arrangement between the licensee and those creditors or shareholders;

(d)

an application has been made to the court for an order under section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in respect of the licensee;

(e)

an application has been made to the court for a judicial management order under the Insolvency, Restructuring and Dissolution Act 2018 in respect of the licensee;

(f)

a written notice of the appointment of an interim judicial manager has been lodged under section 94(5)(a) of the Insolvency, Restructuring and Dissolution Act 2018 in respect of the licensee;

(g)

an application has been made to the court for the licensee to be wound up or otherwise dissolved under the Insolvency, Restructuring and Dissolution Act 2018;

(h)

legal proceedings have been commenced against the licensee;

(i)

any event in paragraphs (a) to (h) occurs in relation to a company that is a substantial shareholder of the licensee (instead of the licensee);

(j)

an entity that is a substantial shareholder of the licensee is dissolved under the law applicable to the entity;

(k)

any other event that may be prescribed.

Amended by40/2018

(2)

When a licensee notifies the Registrar of an event under subsection (1) —

(a)

the Registrar may require the licensee to notify the Registrar of any further event in relation to that event; and

(b)

the licensee must notify the Registrar of the further event no later than 14 days after the licensee becomes aware that the further event has occurred.