s 16 Notification of certain events
16.—(1) If any event in subsection (3) occurs, the licensee in question must notify the Registrar in writing of the occurrence not later than 7 business days after the licensee becomes aware of the event.[Act 38 of 2023 wef 01/03/2024] (2) [Deleted by Act 38 of 2023 wef 01/03/2024] (3) The events mentioned in subsection (1) are the following:(a) the making of an application to the General Division of the High Court for a bankruptcy order against any director or substantial shareholder of the licensee; (b) the making of an application to the General Division of the High Court under the Companies Act 1967 to summon a meeting of the creditors or members of —(i) the licensee; or (ii) any substantial shareholder of the licensee; (c) the making of an application to the General Division of 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 (ii) any substantial shareholder of the licensee, 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; (d) the making of an application to the General Division of 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 (ii) any substantial shareholder of the licensee; (e) 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; or [Act 38 of 2023 wef 01/03/2024] (ii) any substantial shareholder of the licensee;[Act 38 of 2023 wef 01/03/2024] (iii) [Deleted by Act 38 of 2023 wef 01/03/2024] (f) the making of an order under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law or the Limited Liability Partnerships Act 2005, appointing a receiver or manager, or a receiver and manager, of the property of —(i) the licensee; or (ii) any substantial shareholder of the licensee; (g) the passing of a resolution under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law or the Limited Liability Partnerships Act 2005, for the voluntary winding up of —(i) the licensee; or (ii) any substantial shareholder of the licensee; (h) the making of an application to the General Division of the High Court under the Insolvency, Restructuring and Dissolution Act 2018 or any previous written law or the Limited Liability Partnerships Act 2005, for winding up by an order of the court of —(i) the licensee; or (ii) any substantial shareholder of the licensee; (i) the making of a statutory declaration under the Companies Act 1967 or the Limited Liability Partnerships Act 2005, in respect of —(i) the licensee; or (ii) any substantial shareholder of the licensee.[7/2018; 40/2018; 40/2019] [Act 38 of 2023 wef 01/03/2024] (4) When a licensee notifies the Registrar of an event under subsection (1) —(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 business days after the licensee becomes aware that the further event has occurred.[7/2018] [Act 38 of 2023 wef 01/03/2024] [Act 38 of 2023 wef 01/03/2024] (5) Any licensee who, without reasonable excuse, contravenes subsection (1) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.[11D [7/2018] [Act 38 of 2023 wef 01/03/2024]