Singapore legislation

Section 40

of Insolvency, Restructuring and Dissolution Act 2018

Section 40

Trustee in bankruptcy to pay moneys received into prescribed bank account

(1)

Every trustee in bankruptcy must, in the manner and at the times prescribed by regulations, pay all moneys received as trustee into such bank account as is prescribed by those regulations or as may be specified by the Court.

(2)

Any trustee in bankruptcy who pays any moneys received as trustee into any bank account other than the bank account prescribed or specified under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.

Read in full context — Insolvency, Restructuring and Dissolution Act 2018 →