In force2020 Revised Edition

Contents

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

87. Enforcement of duty of receiver or manager, etc., to make returns

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(1)

If any receiver or manager of the property of a company, or of the property in Singapore of a corporation, who has defaulted in making or lodging any return, account or other document, or in giving any notice required by law, fails to make good the default within 14 days after the service, on the receiver or manager by any member or creditor of the company or corporation or trustee for debenture holders, of a notice requiring the receiver or manager to do so, the Court may, on an application made for the purpose by the person who has given the notice, make an order directing the receiver or manager to make good the default within such time as is specified in the order.

(2)

If it appears that any receiver or manager of the property of a company, or of the property in Singapore of a corporation —

(a)

has misapplied, retained or become liable or accountable for any money or property of the company or corporation; or

(b)

has been guilty of any misfeasance or breach of trust or duty in relation to the company or corporation,the Court may, on the application of any creditor or contributory, or of the liquidator, of the company or corporation, examine the conduct of the receiver or manager, and compel the receiver or manager to repay or restore the money or property, or any part of the money or property, with interest at such rate as the Court thinks just, or to contribute such sum to the property of the company or corporation by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust or duty as the Court thinks just.

(3)

This section has effect even though the offence is one for which the offender is criminally liable.