Comparison View

Formal Consolidation |  Amended Act 7 of 2018
Notification of certain events
11D.—(1)  If any of the events in subsection (3) occurs on or after the appointed day, the licensee in question must notify the Registrar in writing of the occurrence not later than 7 days after the licensee becomes aware of the event concerned.
(2)  A licensee must, within the period of 30 days after the appointed day, notify the Registrar in writing of the occurrence of any of the events in subsection (3), if the event occurred within the period of one year immediately preceding the appointed day and the licensee is aware of the occurrence.
(3)  The events mentioned in subsections (1) and (2) are the following:
(a)the making of an application to the High Court under the Bankruptcy Act (Cap. 20) for a bankruptcy order against the licensee, any partner, director or substantial shareholder of the licensee, or any manager of the licensee (where the licensee is a limited liability partnership);
(b)the making of an application to the High Court under the Companies Act (Cap. 50) to summon a meeting of the creditors or members of —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership;
(c)the making of an application to the High Court under the Companies Act for the court to approve a compromise or arrangement between —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership,
and the creditors of the licensee, partner, substantial shareholder or manager, as the case may be, or any class of those creditors, without any meeting of the creditors or class of creditors;
(d)the making of an application to the High Court under the Companies Act to place under judicial management —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership;
(e)the making of an order under the Companies Act or the Limited Liability Partnerships Act (Cap. 163A), appointing a receiver or manager, or a receiver and manager, of the property of —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership;
(f)the passing of a resolution under the Companies Act or the Limited Liability Partnerships Act, for the voluntary winding up of —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership;
(g)the making of an application to the High Court under the Companies Act or the Limited Liability Partnerships Act, for winding up by an order of the court of —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership;
(h)the making of a statutory declaration under the Companies Act or the Limited Liability Partnerships Act, in respect of —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership.
(4)  When a licensee notifies the Registrar of an event under subsection (1) or (2) —
(a)the Registrar may require the licensee to notify the Registrar of any further event in relation to that event; and
(b)the licensee must notify the Registrar of the further event no later than 7 days after the licensee becomes aware that the further event has occurred.
(5)  Any licensee who, without reasonable excuse, contravenes subsection (1), (2) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
(6)  In this section, “appointed day” means the date of commencement of section 10(1) of the Moneylenders (Amendment) Act 2018.
[Act 7 of 2018 wef 30/11/2018]
Informal Consolidation | Amended Act 40 of 2018
Notification of certain events
11D.—(1)  If any of the events in subsection (3) occurs on or after the appointed day, the licensee in question must notify the Registrar in writing of the occurrence not later than 7 days after the licensee becomes aware of the event concerned.
(2)  A licensee must, within the period of 30 days after the appointed day, notify the Registrar in writing of the occurrence of any of the events in subsection (3), if the event occurred within the period of one year immediately preceding the appointed day and the licensee is aware of the occurrence.
(3)  The events mentioned in subsections (1) and (2) are the following:
(a)the making of an application to the High Court for a bankruptcy order against any director or substantial shareholder of the licensee;
[Act 7 of 2018 wef 29/03/2019]
[Act 40 of 2018 wef 30/07/2020]
(b)the making of an application to the High Court under the Companies Act (Cap. 50) to summon a meeting of the creditors or members of —
(i)the licensee; or
[Act 7 of 2018 wef 29/03/2019]
(ii)any substantial shareholder of the licensee;
[Act 7 of 2018 wef 29/03/2019]
(iii)[Deleted by Act 7 of 2018 wef 29/03/2019]
(c)the making of an application to the High Court under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law for the court to approve a compromise or arrangement between —
(i)the licensee; or
[Act 7 of 2018 wef 29/03/2019]
(ii)any substantial shareholder of the licensee,
[Act 7 of 2018 wef 29/03/2019]
(iii)[Deleted by Act 7 of 2018 wef 29/03/2019]
and the creditors of the licensee or substantial holder, as the case may be, or any class of those creditors, without any meeting of the creditors or class of creditors;
[Act 7 of 2018 wef 29/03/2019]
[Act 40 of 2018 wef 30/07/2020]
(d)the making of an application to the High Court under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law to place under judicial management —
(i)the licensee; or
[Act 7 of 2018 wef 29/03/2019]
(ii)any substantial shareholder of the licensee;
[Act 7 of 2018 wef 29/03/2019]
(iii)[Deleted by Act 7 of 2018 wef 29/03/2019]
[Act 40 of 2018 wef 30/07/2020]
(da)the lodgment of a written notice of the appointment of an interim judicial manager under section 94(5)(a) of the Insolvency, Restructuring and Dissolution Act 2018 in respect of —
(i)the licensee;
(ii)any partner or substantial shareholder of the licensee; or
(iii)any manager of the licensee, where the licensee is a limited liability partnership;
[Act 40 of 2018 wef 30/07/2020]
(e)the making of an order under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law or the Limited Liability Partnerships Act (Cap. 163A), appointing a receiver or manager, or a receiver and manager, of the property of —
(i)the licensee; or
[Act 7 of 2018 wef 29/03/2019]
(ii)any substantial shareholder of the licensee;
[Act 7 of 2018 wef 29/03/2019]
(iii)[Deleted by Act 7 of 2018 wef 29/03/2019]
[Act 40 of 2018 wef 30/07/2020]
(f)the passing of a resolution under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law or the Limited Liability Partnerships Act, for the voluntary winding up of —
(i)the licensee; or
[Act 7 of 2018 wef 29/03/2019]
(ii)any substantial shareholder of the licensee;
[Act 7 of 2018 wef 29/03/2019]
(iii)[Deleted by Act 7 of 2018 wef 29/03/2019]
[Act 40 of 2018 wef 30/07/2020]
(g)the making of an application to the High Court under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law or the Limited Liability Partnerships Act, for winding up by an order of the court of —
(i)the licensee; or
[Act 7 of 2018 wef 29/03/2019]
(ii)any substantial shareholder of the licensee;
[Act 7 of 2018 wef 29/03/2019]
(iii)[Deleted by Act 7 of 2018 wef 29/03/2019]
[Act 40 of 2018 wef 30/07/2020]
(h)the making of a statutory declaration under the Companies Act or the Limited Liability Partnerships Act, in respect of —
(i)the licensee; or
[Act 7 of 2018 wef 29/03/2019]
(ii)any substantial shareholder of the licensee.
[Act 7 of 2018 wef 29/03/2019]
(iii)[Deleted by Act 7 of 2018 wef 29/03/2019]
(4)  When a licensee notifies the Registrar of an event under subsection (1) or (2) —
(a)the Registrar may require the licensee to notify the Registrar of any further event in relation to that event; and
(b)the licensee must notify the Registrar of the further event no later than 7 days after the licensee becomes aware that the further event has occurred.
(5)  Any licensee who, without reasonable excuse, contravenes subsection (1), (2) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
(6)  In this section, “appointed day” means the date of commencement of section 10(1) of the Moneylenders (Amendment) Act 2018.
[Act 7 of 2018 wef 30/11/2018]