Singapore legislation

Clause 10

of Insolvency, Restructuring and Dissolution (Amendment) Bill

Clause 10

Amendment of section 412

Section 412 of the principal Act is amended —

(a)

by deleting the word “or” at the end of subsection (1)(b);

(b)

by deleting the full‑stop at the end of paragraph (c) of subsection (1) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(d)the individual receives money or other consideration of at least $10,000 (or such higher amount as may be prescribed) from a person that is advance payment for the supply of goods or services, without informing that person, at the time the money or other consideration is received, that the individual is an undischarged bankrupt, regardless of —

(i)

whether the money or other consideration is received on the individual’s own account or on account of another person; and

(ii)

whether the money or other consideration received is full or partial payment for the supply of the goods or services.”; and

(c)

by inserting, immediately after subsection (2), the following subsection:“(3) The Minister may, by order in the Gazette, exempt any person or class of persons from subsection (1)(d).”.

Clause 10 — Insolvency, Restructuring and Dissolution (Amendment) Bill