Application by company
72E.—(1)  A company may, at any time during the prescribed period, make an application to the Official Receiver in accordance with this section to be accepted into the simplified debt restructuring programme.
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(2)  An application under subsection (1) must —
(a)be accompanied by —
(i)a special resolution of the company in general meeting authorising the making of the application;
(ii)a list containing the name and address of each creditor of the company and the amounts owed to each creditor; and
(iii)any document or documents as may be prescribed by regulations made under section 72V;
(b)state that the company seeks to enter into a compromise or an arrangement with its creditors or any class of its creditors, and that it is not aware of any circumstances under section 72F(3) that would make the company unsuitable for acceptance into the simplified debt restructuring programme;
(c)be in the relevant form specified on the designated website;
(d)contain the prescribed information and be made in the prescribed manner; and
(e)be accompanied by the prescribed fee, if any.
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(3)  The Official Receiver may, upon the receipt of an application of a company under subsection (1), request the company to submit to the Official Receiver, within the period specified by the Official Receiver (which must be at least 7 days after the date of the request), any additional information or document that the Official Receiver thinks necessary to determine the application.
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(4)  The Official Receiver may refuse to consider an application if —
(a)the application is incomplete or not made in accordance with subsection (2); or
(b)any additional information or document requested by the Official Receiver under subsection (3) is not received by the Official Receiver within the period specified by the Official Receiver.
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(5)  If a company has, in connection with the company’s application under this section, made any statement, or provided any information or document, to the Official Receiver that is false or misleading in a material particular, any officer of the company who —
(a)consented or connived, or conspired with others, to effect the making of the statement or provision of the information or document;
(b)is in any other way, whether by act or omission, knowingly concerned in, or party to, the making of the statement or the provision of the information or document; or
(c)knew or ought reasonably to have known that the statement to be made or being made, or the information or document to be given or being given, by the company is false or misleading in a material particular, and failed to take all reasonable steps to prevent or stop the making of the statement or the provision of the information or document,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
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(6)  For the purposes of subsection (5), an officer of a company is a director or secretary of the company or a person employed in an executive capacity by the company.
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