Singapore Bar Examinations Part A - Company Law Practice Questions - Singapore Bar Examinations Part A - Company Law Exam

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Under Section 340(1) of the Singapore Companies Act 1967, in the course of winding up or in any proceedings against a company, when can a person be made personally liable for the debts of the company?

When the business of the company has been carried on with intent to defraud creditors or for any fraudulent purpose. When the company has paid dividends out of capital instead of profits. When the company has failed to keep proper accounting records for a period of two years. When the directors have approved a reduction of capital without a solvency statement.

Correct Answer:

When the business of the company has been carried on with intent to defraud creditors or for any fraudulent purpose.

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