Singapore legislation

Regulation 6

of Insolvency, Restructuring and Dissolution (Proofs of Debt in Schemes of Arrangement) Regulations 2020

Regulation 6

Independent assessor

Subregulation 1

The chairperson must, as soon as practicable after the appointment of an independent assessor under section 68(9) of the Act, provide the relevant proof of debt to the independent assessor.

Subregulation 2

The independent assessor must, not later than 7 days after being provided with the relevant proof of debt under paragraph (1) —

(a)

make a decision on the dispute that the independent assessor was appointed to adjudicate; and

(b)

send a written notice of the decision, together with the reasons for the decision, to the chairperson, the company and any creditor who is a party to the dispute.

Subregulation 3

The remuneration of an independent assessor is to be —

(a)

fixed by —

(i)

the agreement of all the parties to the dispute to be adjudicated by the independent assessor (where the independent assessor is appointed by the agreement of those parties); or

(ii)

the Court (where the independent assessor is appointed by the Court); and

(b)

borne by the requesting creditor mentioned in regulation 4(4) or the opposing party mentioned in regulation 5(3) (whichever is applicable), unless the Court orders otherwise.

Read in full context — Insolvency, Restructuring and Dissolution (Proofs of Debt in Schemes of Arrangement) Regulations 2020 →