Singapore legislation
Section 85
Section 85
Lodging of accounts of receivers or managers
(1)
Every receiver or manager of the property of a company, or of the property in Singapore of a corporation, must —
within 30 days after the expiry of the period of 6 months starting on the date of the appointment of the receiver or manager and of every subsequent period of 6 months, and within 30 days after the receiver or manager ceases to act as receiver or manager, lodge with the Official Receiver and the Registrar of Companies a detailed account in the prescribed form showing —
the receipts and the payments of the receiver or manager during each applicable period of 6 months or, where the receiver or manager ceases to act as receiver or manager, during the period starting on the day immediately after the end of the last period of 6 months for which an account was lodged or was required to be lodged under this paragraph or starting on the date of the appointment (as the case may be) and ending on the date of the cessation;
the aggregate amount of those receipts and payments during all preceding periods of 6 months since the appointment; and
where the receiver or manager has been appointed pursuant to the powers contained in any instrument —
the amount owing under that instrument at the time of the appointment, in the case of the first account, and at the expiry of every 6 months after the appointment and, where the receiver or manager has ceased to act as receiver or manager at the date of the cessation; and
the estimate by the receiver or manager of the total value of all property of the company or corporation that are subject to that instrument; and
before lodging any such account, verify by affidavit all accounts and statements contained in that account.
(2)
The Official Receiver may, on the Official Receiver’s own motion or on the application of the company or corporation or a creditor of the company or corporation, cause the accounts to be audited by a public accountant appointed by the Official Receiver.
(3)
For the purpose of the audit mentioned in subsection (2), the receiver or manager must furnish the auditor with such vouchers and information as the auditor requires, and the auditor may at any time require the production of and inspect any books of account kept by the receiver or manager or any document or other records relating to the accounts.
(4)
Where the Official Receiver causes the accounts to be audited upon the request of the company or corporation or a creditor of the company or corporation, the Official Receiver may require the requesting company, corporation or creditor to give security for the payment of the cost of the audit.
(5)
The costs of an audit under subsection (2) must be fixed by the Official Receiver and be paid by the receiver or manager, unless the Official Receiver otherwise determines.
(6)
Every receiver or manager who defaults in complying with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty.
(7)
For the purposes of this section, where a person is appointed outside Singapore as receiver or manager of the property in Singapore of a corporation, the date of lodgment of the notice of appointment mentioned in section 73(2) is deemed to be the date of appointment of that person.