Singapore legislation
Clause 47
Clause 47
Acting as insolvency practitioner
(1)
For the purposes of this Division, a person —
acts as an insolvency practitioner in relation to a corporation, if the person acts as —
the liquidator or provisional liquidator of the corporation;
the judicial manager or interim judicial manager of the corporation; or
a receiver or manager of the property of the corporation (being a company), or a receiver or manager of the property in Singapore of the corporation (not being a company); and
acts as an insolvency practitioner in relation to an individual, if the person acts as —
the trustee of a bankrupt’s estate; or
where a voluntary arrangement is proposed or approved under Part 14, the nominee under such voluntary arrangement.
(2)
Subsection (1) does not apply to anything done by —
the Official Receiver or Official Assignee;
a liquidator appointed in a members’ voluntary winding up under Division 3 of Part 8; or
a scheme manager appointed in relation to a scheme of arrangement under Part 5 of this Act or Part VII of the Companies Act.
(3)
A person who is appointed as a liquidator in a members’ voluntary winding up under Division 3 of Part 8, or as a scheme manager in relation to a scheme of arrangement under Part 5 of this Act or Part VII of the Companies Act, must give to the Official Receiver written notice in the prescribed form of the person’s appointment.
(4)
In this section, “scheme manager” and “scheme of arrangement” have the meanings given by section 61(1).