Singapore legislation

Section 74

of Insolvency, Restructuring and Dissolution Act 2018

Section 74

Disqualification from appointment as receiver or manager

(1)

The following are not qualified to be appointed, and must not act, as a receiver or manager of the property of a company (called in this subsection the relevant company), or of the property in Singapore of a corporation (called in this subsection the relevant corporation):

(a)

a company or corporation;

(b)

an undischarged bankrupt;

(c)

a chargee or other security holder of any property of the relevant company or relevant corporation;

(d)

an auditor of the relevant company or relevant corporation;

(e)

a director, secretary or employee of the relevant company or relevant corporation, or of any company or corporation that is a chargee or other security holder of the property of the relevant company or relevant corporation;

(f)

any individual (other than the Official Receiver) who is not a licensed insolvency practitioner.

(2)

Subsection (1)(a) does not apply to any company or corporation authorised by any written law to act as a receiver or manager of the property of a company, or of the property in Singapore of a corporation.

(3)

Subsection (1) does not apply to a person acting as a receiver or manager of the property of a company, or of the property in Singapore of a corporation, under an appointment validly made before 30 July 2020.

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