Insolvency, Restructuring and Dissolution (Late Lodgment Penalties) Regulations 2020

Status:

Current version
as at 19 Dec 2024

No. S 609

Insolvency, Restructuring
and Dissolution Act 2018

(ACT 40 OF 2018)

Insolvency, Restructuring and Dissolution
(Late Lodgment Penalties)
Regulations 2020

In exercise of the powers conferred by section 449 of the Insolvency, Restructuring and Dissolution Act 2018, the Minister for Law makes the following Regulations:

Citation and commencement

1. These Regulations are the Insolvency, Restructuring and Dissolution (Late Lodgment Penalties) Regulations 2020 and come into operation on 30 July 2020.

Definition

2. In these Regulations, “specified document” means any document specified in the Schedule.

Late lodgment penalty

3.—(1) Where a person fails to comply with the time delimited by the Act for the filing or lodgment of a specified document specified in Part 1 of the Schedule with the Official Receiver, the appropriate penalty mentioned in paragraph (3) for late filing or lodgment must be paid in addition to the fee payable by the person for the filing or lodgment of the specified document with the Official Receiver under the Act.

(2) Where a person fails to comply with the time delimited by the Act for the filing or lodgment of a specified document specified in Part 2 of the Schedule with the Registrar of Companies, the appropriate penalty mentioned in paragraph (3) for late filing or lodgment must be paid, whether or not any fee is payable for the filing or lodgment of the specified document with the Registrar of Companies under the Act.

(3) For the purposes of paragraphs (1) and (2), the appropriate penalty for late filing or lodgment is the amount set out in the second column of the following table corresponding to the length of default (calculated in terms of months after the date on which the specified document was required to be filed or lodged) set out in the first column of the table:

First column

Second column

Up to 3 months

$50

Exceeding 3 months

$200

[S 957/2024 wef 09/12/2024]

Manner of payment

4. Payment of any penalty under these Regulations must be made in any manner directed by the person (whether the Official Receiver or the Registrar of Companies) with whom the specified document is required to be filed or lodged.

Waiver

5.—(1) The Permanent Secretary of the Ministry of Law may, in his or her discretion, waive, refund or remit wholly or in part any penalty payable for the late filing or lodgment of any specified document specified in Part 1 of the Schedule.

(2) The Registrar of Companies may, in his or her discretion, waive, refund or remit wholly or in part any penalty payable for the late filing or lodgment of any specified document specified in Part 2 of the Schedule.

Made on 21 July 2020.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 06/011/004; AG/LEGIS/SL/142B/2020/1 Vol. 1]

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