Singapore legislation

Clause 39

of Insolvency, Restructuring and Dissolution (Amendment) Bill

Clause 39

Replacement of section 250M

In the principal Act, replace section 250M with —“Qualification and conduct of liquidator250M.—

(1)

The liquidator appointed to administer the simplified winding up programme for a company must be a qualified person.(2) Without limiting the powers of the Official Receiver, the Official Receiver is to take cognisance of the conduct of a liquidator appointed to administer the simplified winding up programme for a company under this Part, and may inquire into any matter and take such action on the matter as the Official Receiver thinks expedient.(3) In this section, “qualified person” means any person —

(a)

who —

(i)

is a public accountant;

(ii)

is a chartered accountant within the meaning of section 2(1) of the Accounting and Corporate Regulatory Authority Act 2004; or

(iii)

possesses any other qualification or any relevant experience as the Minister may prescribe by regulations made under section 72V; and

(b)

who is a licensed insolvency practitioner.”.

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