Singapore legislation
Section 240
Section 240
Power of Court to assess damages against delinquent officers, etc.
(1)
If, in the course of the judicial management or winding up of a company, it appears that any person who has taken part in the formation or promotion of the company or any past or present judicial manager, liquidator or officer of the company has misapplied or retained or become liable or accountable for any money or property of the company or been guilty of any misfeasance or breach of trust or duty in relation to the company, the Court may, on the application of the judicial manager or liquidator or of any creditor or contributory —
examine into the conduct of such person, judicial manager, liquidator or officer; and
compel such person, judicial manager, liquidator or officer to —
repay or restore the money or property or any part of such money or property with interest at such rate as the Court thinks just; or
contribute such sum to the property of the company by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust or duty as the Court thinks just.
(2)
This section extends and applies to and in respect of the receipt of any money or property by any officer of the company during the 2 years preceding the commencement of the judicial management or winding up (as the case may be) whether by way of salary or otherwise, appearing to the Court to be unfair or unjust to other members of the company.
(3)
This section has effect even if the offence is one for which the offender is criminally liable.