Singapore legislation

Clause 14

of Insolvency, Restructuring and Dissolution (Amendment) Bill

Clause 14

New section 72KA

In the principal Act, after section 72K, insert —“Notification of simplified debt restructuring72KA.—

(1)

During the period in which a company is in the simplified debt restructuring programme —

(a)

every invoice, order for goods, business letter, order form or other correspondence (whether in hard copy, electronic or any other form) that is issued by or on behalf of the company, being a document on or in which the name of the company appears; and

(b)

every Internet website of the company on or in which the name of the company appears,must state, immediately after the name of the company where it first appears in that document or Internet website, that the company is in simplified debt restructuring.(2) If there is any default in complying with this section, each of the following shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and also to a default penalty:

(a)

the company;

(b)

any officer of the company (within the meaning of section 72K(5)) who knowingly and wilfully authorises or permits the default.”.

Read in full context — Insolvency, Restructuring and Dissolution (Amendment) Bill →