Singapore legislation
Clause 17
of Money-changing and Remittance Businesses (Amendment) Bill
Clause 17
Amendment of section 21
Section 21 of the principal Act is amended by inserting, immediately after subsection (3), the following subsections:“(3A) Where it is proved to the satisfaction of the court that any business of the licensee has been carried out with the intention of defrauding any creditor or customer of the licensee or any other person, or for any fraudulent purpose, the court may, on the application of any person who has suffered any loss as a result of the carrying on of the business in the above-mentioned manner, declare that —
in the case where the licensee is a company —
any of its directors, whether past or present, who were knowingly parties to the carrying on of the business in the above-mentioned manner; or
any of its directors, secretaries, managers or other officers, whether past or present, who have caused the business of the licensee to be carried on in the above-mentioned manner; or
in the case where the licensee is a limited liability partnership —
any of its partners or managers, whether past or present, who were knowingly parties to the carrying on of the business in the above-mentioned manner; or
any of its partners or managers, whether past or present, who have caused the business of the licensee to be carried on in the above-mentioned manner,shall be personally responsible, without any limitation of liability, for all or any of the losses suffered by the applicant.(3B) Where the court makes a declaration under subsection (3A) against any person, the amount which such person is liable to pay to any other person pursuant to the declaration shall be enforceable by the second-mentioned person as a judgment debt.”.