Singapore legislation
Section 128
Section 128
Enforcement of duty of receiver, etc., to make returns
(1)
This section applies in place of section 227 of the Companies Act.
(2)
If a receiver or manager of the property of a VCC that is a non‑umbrella VCC fails to make good any default by him or her in making or lodging any return, account or other document or in giving any notice required by law, within 14 days after the service on him or her of a notice requiring him or her to do so by —
a member of the VCC;
a creditor of the VCC; or
a trustee for holders of debentures of the VCC,the Court may, on an application by the person who gave the notice, make an order directing the receiver or manager to make good the default within the time specified in the order.
(3)
If a receiver or manager of the property of an umbrella VCC fails to make good any default by him or her in making or lodging any return, account or other document or in giving any notice required by law, within 14 days after the service on him or her of a notice requiring him or her to do so by —
a creditor of the umbrella VCC; or
a trustee for holders of debentures of the umbrella VCC,the Court may, on an application by the person who gave the notice, make an order directing the receiver or manager to make good the default within the time specified in the order.
(4)
If a receiver or manager of the property of a particular sub‑fund of an umbrella VCC fails to make good any default by him or her in making or lodging any return, account or other document or in giving any notice required by law, within 14 days after the service on him or her of a notice requiring him or her to do so by —
a member of the umbrella VCC holding shares issued in respect of the sub‑fund;
a creditor of the sub-fund; or
a trustee for holders of debentures of the sub‑fund,the Court may, on an application by the person who gave the notice, make an order directing the receiver or manager to make good the default within the time specified in the order.
(5)
If it appears that a receiver or manager of the property of a VCC —
has misapplied, retained or become liable or accountable for any money or property of the VCC; or
has been guilty of any misfeasance or breach of trust or duty in relation to the VCC,the Court may, on an application by a creditor or contributory or the liquidator of the VCC, examine the conduct of the receiver or manager and compel him or her to —
repay or restore the money or property or part of it with interest at such rate as the Court thinks just; or
contribute such sum to the assets of the VCC by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust or duty, as the Court thinks just.
(6)
If it appears that a receiver or manager of the property of a particular sub‑fund of an umbrella VCC —
has misapplied, retained or become liable or accountable for any money or property of the sub‑fund; or
has been guilty of any misfeasance or breach of trust or duty in relation to the property of the sub‑fund,the Court may, on an application by a creditor or contributory or the liquidator of the sub‑fund, examine the conduct of the receiver or manager and compel him or her to —
repay or restore the money or property or part of it with interest at such rate as the Court thinks just; or
contribute such sum to the assets of the sub‑fund by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust or duty, as the Court thinks just.
(7)
This section has effect whether or not the act in question is one for which the receiver or manager is criminally liable.