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← Insolvency, Restructuring and Dissolution Act 2018

Insolvency, Restructuring and Dissolution Act 2018 s 421

s 421 Costs

421.—(1) No payment may, without the approval of the Official Assignee, be allowed in the accounts of any trustee in bankruptcy or of any special manager in respect of the performance by any other person of the ordinary duties which are required by Parts 3 and 13 to 22 or the regulations to be performed by the trustee in bankruptcy or special manager, as the case may be. (2) Unless agreed to by the Official Assignee, all bills and charges of any solicitor, manager, accountant, auctioneer, broker and other person (each called in this section a billing person) must be assessed by the Court.[Act 25 of 2021 wef 01/04/2022] (3) Every billing person must, on request by the Official Assignee, which request the Official Assignee must make a sufficient time before declaring a dividend, deliver the billing person’s bill of costs or charges for assessment by the Court.[Act 25 of 2021 wef 01/04/2022] (4) If the billing person fails to deliver the bill of costs or charges for assessment by the Court within 7 days after receipt of the request mentioned in subsection (3), or such further time as the Court on application grants, the Official Assignee must declare and distribute the dividend without regard to any claim by the billing person, and after such declaration and distribution, any such claim is forfeited as against the Official Assignee personally and as against the estate.[Act 25 of 2021 wef 01/04/2022]

Read this section in the full act → · Open PART 21 →

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗

Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.

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