Singapore legislation
Clause 15
Clause 15
Special provisions for enforcement of claims by the Board
(1)
Where by reason of the breach of any condition of an agreement between the Board and an industrial enterprise, the Board becomes entitled to call for the immediate payment of any loan or advance granted by it before the due date or where the due date has expired, and the industrial enterprise fails to repay such loan or advance, any officer of the Board generally or especially authorized by the Board in that behalf may apply to the High Court for one or more of the following reliefs, namely: —
for an order for the sale of the property pledged, mortgaged, hypothecated or assigned to the Board as security for the loan or advance; or
for transferring the management of the industrial enterprise to the Board; or
for an interim injunction where there is apprehension of the machinery or the equipment being removed from the premises of the industrial enterprise without the permission of the Board.
(2)
An application under subsection (1) of this section shall state the nature and extent of the liability of the industrial enterprise to the Board, the ground on which it is made and such other particulars as may be prescribed.
(3)
Where the application is for the reliefs mentioned in paragraphs (a) and (c) of subsection (1) of this section, the judge shall make an interim order attaching the security or so much of the property of the industrial enterprise as would on being sold realise in his estimation an amount equivalent in value to the outstanding liability of the industrial enterprise to the Board, together with the costs of the proceedings taken under this section with or without an interim injunction restraining the industrial enterprise from transferring or removing its machinery or equipment.
(4)
Where the application is for the relief mentioned in paragraph (b) of subsection (1) of this section, the judge shall grant an interim injunction restraining the industrial enterprise from transferring or removing its machinery or equipment and issue a notice calling upon the industrial enterprise to show cause on a date to be specified in the notice as to why the management of the industrial enterprise should not be transferred to the Board.
(5)
Before making any order under subsection (3) or subsection (4) of this section, the judge may, if he thinks fit, examine the officer making the application.
(6)
At the same time as he makes an order under subsection (3) of this section, the judge shall issue to the industrial enterprise a notice accompanied by copies of the order, the application and the evidence, if any, recorded by him, calling upon it to show cause on a date to be specified in the notice as to why the interim order of attachment should not be made absolute or the injunction confirmed.
(7)
If no cause is shown on or before the date specified in the notice under subsections (4) and (6) of this section, the judge shall forthwith make the interim order absolute and direct the sale of the attached property or transfer the management of the industrial enterprise to the Board or confirm the injunction.
(8)
If cause is shown, the judge shall proceed to investigate the claim of the Board and the provisions of the Rules of the Supreme Court, 1934, shall as far as practicable apply to such proceedings. [G.N. No. 2941/34.]
(9)
On an investigation made under subsection (8) of this section, the judge shall make an order —
confirming the order of attachment and directing the sale of the attached property; or
varying the order of attachment so as to release a portion of the property from attachment and directing the sale of the remainder of the attached property; or
releasing the property from attachment, if he is satisfied that it is not necessary in the interests of the Board; or
confirming or dissolving the injunction; or
transferring the management of the industrial enterprise to the Board or rejecting the claim made in this behalf:Provided that when making any order under paragraph (c) of this subsection, the judge may make such further orders as he thinks necessary to protect the interests of the Board, and may apportion the costs of the proceedings in such manner as he thinks fit:Provided further that unless the Board intimates to the judge that it will not appeal against any order releasing any property from attachment, such order shall not be given effect to until the expiry of the period fixed under subsection (11) of this section within which an appeal may be lodged, or if an appeal is lodged unless the Court of Appeal otherwise directs, until the appeal is disposed of.
(10)
An order of attachment or sale of property under this section shall be carried into effect as far as may be practicable in the manner provided in the Rules of the Supreme Court, 1934, for the seizure and sale of property in execution of a judgment or order, as if the Board were the judgment creditor.
(11)
Any party aggrieved by an order under subsection (7) or subsection (9) of this section may, within thirty days from the date of the order, appeal to the Court of Appeal, and upon such appeal, the Court of Appeal may after hearing the parties make such orders as it thinks proper.