Singapore legislation
Section 48
Section 48
Person not to act as insolvency practitioner without licence
(1)
Except under and in accordance with an insolvency practitioner’s licence granted or renewed under section 51, a person must not —
act as an insolvency practitioner in relation to a corporation or an individual; or
advertise, or in any way hold out, that the person is willing to act as an insolvency practitioner in relation to a corporation or an individual.
(2)
Any person who contravenes 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.
(3)
No fee, commission or reward is recoverable in any action, suit or matter by any person for anything done by a person that gives rise to an offence under this section.