Singapore legislation
Regulation 5
Regulation 5
Consideration of reasonable effort
Subregulation 1
Without limiting the Society’s powers under any other law, where the requirement in rule 4(1)(c) applies to an applicant in an application under section 70K(1) of the Act, the Society may, in determining whether to approve the application, consider whether the applicant has made reasonable effort to pay the money to which the application relates to every client entitled to the money.
Subregulation 2
For the purposes of paragraph (1), the factors that the Society may take into account include (but are not limited to) the following:
the information mentioned in rule 4(1)(b) and the supporting documents, if any;
the length of time that the applicant has held the money;
the costs incurred by the applicant, and any other solicitor or Singapore law practice that previously held the money for or on account of the client (if any), in attempting to pay the money to the client;
where the money was held in the applicant’s client account immediately before 1 November 2019 — whether any transaction (other than an excluded transaction) occurred in respect of the money during the period of 6 years immediately before that date.