Singapore legislation
Clause 6
of Insolvency, Restructuring and Dissolution (Amendment) Bill
Clause 6
Replacement of section 72E
In the principal Act, replace section 72E with —“Commencement of simplified debt restructuring programme72E.—
A company may, in accordance with this section, enter into the simplified debt restructuring programme.(2) For a company to enter into the simplified debt restructuring programme, the following conditions must be satisfied:
the company passes a special resolution in general meeting authorising its entry into the simplified debt restructuring programme;
the Restructuring Adviser of the company assesses that the company meets the requirements under section 72F(1), and lodges with the Registrar of Companies and the Official Receiver using the designated website within 7 days after the special resolution specified in paragraph (a) is passed, copies of the special resolution and the notice of its entry into the programme.(3) The simplified debt restructuring programme for the company is deemed to commence on the date of lodgment with the Registrar of Companies and the Official Receiver of the notice of its entry into the programme or, if the dates of lodgment are different for both of them, whichever is later.(4) If a company has, in connection with the company’s entry into the simplified debt restructuring programme, made any statement, or provided any information or document, to the Restructuring Adviser that is false or misleading in a material particular, any officer of the company who —
consented or connived, or conspired with others, to effect the making of the statement or provision of the information or document;
is in any other way, whether by act or omission, knowingly concerned in, or is party to, the making of the statement or the provision of the information or document; or
knew or ought reasonably to have known that the statement to be made or being made, or the information or document to be provided or being provided, by the company is false or misleading in a material particular, and failed to take all reasonable steps to prevent or stop the making of the statement or the provision of the information or document,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.(5) For the purposes of subsection (4), an officer of a company is a director or secretary of the company or a person employed in an executive capacity by the company.”.