Singapore legislation

Clause 154

of Insolvency, Restructuring and Dissolution Bill

Clause 154

Appointment of special manager

(1)

The liquidator may apply to the Court to appoint a special manager of the estate or business of a company (called in this section a special manager), if the liquidator is satisfied that the nature of the estate or business of the company, or the interests of the creditors or contributories generally, require the appointment of a special manager other than the liquidator.

(2)

The Court may appoint a special manager to act during such time as the Court directs with such powers, including any of the powers of a receiver or manager, as are entrusted to the special manager by the Court.

(3)

A special manager —

(a)

must give such security and account in such manner as the Court directs;

(b)

is to receive such remuneration as is fixed by the Court;

(c)

may at any time resign after giving not less than one month’s notice in writing to the liquidator of the special manager’s intention to resign; and

(d)

may on cause shown be removed by the Court.

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