In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 6 · Corporate Insolvency — Receivership

83. Provisions as to information where receiver or manager is appointed

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(1)

Where a receiver or manager of the property of a company, or of the property in Singapore of a corporation, is appointed —

(a)

the receiver or manager must immediately send notice to the company or corporation of the appointment;

(b)

there must, within 14 days after the company or corporation receives the notice, or such longer period as may be allowed by the Court or by the receiver or manager, be made out and submitted to the receiver or manager in accordance with section 84 a statement in the prescribed form as to the affairs of the company or corporation; and

(c)

the receiver or manager must within 30 days after receipt of the statement —

(i)

lodge, with the Official Receiver and the Registrar of Companies, a copy of the statement and of any comments the receiver or manager sees fit to make in respect of the statement;

(ii)

send to the company or corporation a copy of any comments mentioned in sub‑paragraph (i) or, if the receiver or manager does not see fit to make any such comment, a notice to that effect; and

(iii)

where the receiver or manager is appointed by or on behalf of the holders of debentures of the company or corporation, send to the trustees, if any, for those holders, a copy of the statement and any comments mentioned in sub‑paragraph (i).

(2)

Subsection (1) does not apply in relation to the appointment of a receiver or manager to act with an existing receiver or manager or in place of a receiver or manager who is dying or ceasing to act, except that, where that subsection applies to a receiver or manager who dies or ceases to act before that subsection has been fully complied with, the references in paragraphs (b) and (c) of that subsection to the receiver or manager (subject to subsection (3)) include references to the successor of the receiver or manager and to any continuing receiver or manager.

(3)

Where the company or corporation is being wound up, this section and section 84 apply even if the receiver or manager and the liquidator are the same person, but with any necessary modifications arising from that fact.

(4)

Any person who defaults in complying with any of the requirements of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.