Insolvency, Restructuring and Dissolution Act 2018

Status:

Not current version
(effective from 30 Jun 2022 to 31 Mar 2023)

Grant and renewal of licence

51.—(1) An application for the grant or renewal of a licence must be —

(a)	made to the licensing officer in such form and manner as may be prescribed;
(b)	accompanied by the prescribed fee (if any); and
(c)	in the case of an application for the renewal of a licence, made before the start of the renewal period.

(2) An applicant for the grant or renewal of a licence must, at the request of the licensing officer, provide such further information or evidence that the licensing officer may require to decide the application.

(3) Upon receipt of an application under subsection (1), the licensing officer may —

(a)	grant or renew the licence applied for; or
(b)	refuse the application.

(4) Subject to the provisions of this Division, a person who makes an application under subsection (1) is eligible for the grant or renewal of the licence if, and only if —

(a)	the person has paid the prescribed fee (if any); and
(b)	the person satisfies such other requirements as may be prescribed for the grant or renewal of the licence.

(5) Without affecting subsection (4), the licensing officer may refuse to grant a licence to a person, or to renew the licence of a person, if, in the opinion of the licensing officer —

(a)	the person is not a fit and proper person to hold or continue to hold the licence; or
(b)	it is not in the public interest to grant or renew the licence, or the grant or renewal of the licence may pose a threat to national security.

(6) Where a person submits an application for the renewal of the person’s licence before the start of the renewal period, the licence continues in force until the date on which the licence is renewed or the application for its renewal is refused, as the case may be.

(7) Any person who, in making an application for the grant or renewal of a licence —

(a)	makes any statement or furnishes any particulars, information or document that the person knows to be false or does not believe to be true; or
(b)	furnishes any information that the person knows or has reason to believe is misleading in a material particular,

shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.

(8) In deciding for the purposes of this section whether an individual is a fit and proper person to hold or continue to hold a licence, the licensing officer may take into account any matter the licensing officer considers relevant, including any of the following:

(a)	whether the individual has been convicted in Singapore or elsewhere of any offence involving fraud, dishonesty or moral turpitude;
(b)	whether the individual has had a judgment entered against the individual in civil proceedings that involves a finding of fraud, dishonesty or breach of fiduciary duty on the part of the individual;
(c)	whether the individual is or was suffering from a mental disorder;
(d)	whether the individual is an undischarged bankrupt or has entered into a composition or scheme of arrangement with the creditors of the individual;
(e)	whether the individual has had a licence revoked by the licensing officer previously.

(9) In this section, “renewal period”, in relation to an application for the renewal of a licence, means such period, immediately before the date of expiry of the licence, as may be prescribed.

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