Singapore legislation

Clause 271

of Insolvency, Restructuring and Dissolution Bill

Clause 271

Composition of offences

(1)

The Official Receiver may, in his or her discretion, compound any offence under this Part or Parts 4 to 11 that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding the lower of the following:

(a)

one half of the amount of the maximum fine that is prescribed for the offence;

(b)

$5,000.

(2)

The Official Receiver may, in his or her discretion, compound any offence under this Part or Parts 4 to 11 (including an offence under a provision that has been repealed) that —

(a)

was compoundable under this Act at the time the offence was committed; but(b)has ceased to be so compoundable,by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding the lower of the following:

(c)

one half of the amount of the maximum fine that is prescribed for the offence at the time it was committed;

(d)

$5,000.

(3)

The Official Receiver may authorise either generally or specifically the Registrar of Companies to compound —

(a)

any offence under this Part or Parts 4 to 11 that is prescribed as a compoundable offence; and

(b)

any offence under this Part or Parts 4 to 11 (including an offence under a provision that has been repealed) that —

(i)

was compoundable under this Act at the time the offence was committed; but(ii)has ceased to be so compoundable.

(4)

If the Registrar of Companies is authorised by the Official Receiver under subsection (3), the Registrar of Companies may, in his or her discretion, compound an offence that he or she is authorised to compound by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding the lower of the following:

(a)

one half of the amount of the maximum fine that is prescribed for the offence at the time it was committed;

(b)

$5,000.

(5)

On payment of such sum of money mentioned in subsection (1), (2) or (4), no further proceedings may be taken against that person in respect of the offence.

(6)

All sums collected under this section must be paid into the Consolidated Fund.

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