Singapore legislation

Clause 449

of Insolvency, Restructuring and Dissolution Bill

Clause 449

Regulations

(1)

The Minister may make regulations for the purposes of carrying into effect the objects of this Act.

(2)

Without limiting subsection (1), the Minister may make regulations with respect to —

(a)

the duties and functions of the Official Assignee and the Official Receiver and other persons appointed to assist with the administration of this Act;

(b)

all matters connected with or arising out of a compromise or an arrangement between a company and its creditors or any class of those creditors;

(c)

the releasing of a debtor from any obligation under Part 15;

(d)

the circumstances to be taken into account in the approval or modification of a debt repayment plan;

(e)

the powers and procedures of the Appeal Panel under section 304;

(f)

the procedures of an Appeal Panel Committee under section 304;

(g)

the information and documents to be furnished by a debtor to the Official Assignee relating to the debtor’s property, debts and other financial affairs;

(h)

the convening and conduct of, and the participation of a debtor and the debtor’s creditors in and their respective obligations at, meetings held under Parts 14 and 15;

(i)

the inspection of documents submitted to the Official Assignee under Part 15;

(j)

the circumstances in which a creditor may claim interest in the creditor’s proof of debt despite the absence of any previous agreement or reservation as to interest, and the rate of interest that may be claimed in such circumstances;

(k)

meetings of creditors, the functions, membership and proceedings of a creditors’ committee in a bankruptcy;

(l)

the proof of debts, the manner and conditions of proving a debt and the manner and expenses of establishing the value of any debt or security;

(m)

the scale of appropriation of salary under section 372;

(n)

all matters connected with or arising out of the judicial management of a company by a judicial manager, including the appointment of the judicial manager;

(o)

the grant and renewal of licences of licensed insolvency practitioners;

(p)

the requirements applicable to licensed insolvency practitioners;

(q)

the electronic submission of documents and forms to the Official Assignee or the Official Receiver;

(r)

the lodging or registration of documents and the time and manner of submission of documents for lodging or registration;

(s)

prescribing forms for the purposes of this Act;

(t)

prescribing any fees payable under this Act;

(u)

prescribing the penalties payable for the late lodgment of any document;

(v)

prescribing the manner in which prescribed fees and penalties are to be paid;

(w)

the waiver, refund or remission, whether wholly or in part, of any fee or penalty chargeable under this Act;

(x)

providing for the service of documents, and the giving of notices, required or allowed under this Act, except documents and notices for proceedings in a court;

(y)

prescribing offences which may be compounded; and

(z)

all matters or things which by this Act are required or permitted to be prescribed otherwise than by rules or which are necessary or expedient to be prescribed for giving effect to this Act.

(3)

The powers conferred by this section do not extend to any matter for which Rules of Court may be made under section 448.