2.3.3 Specific Penalty Sum
1) Subject to (2) and (3) below, the amount of the Specific Penalty Sum in respect of a case in which the insolvency practitioner acts, shall be equal to at least the value of the insolvent's assets as reasonably and properly estimated by the Insolvency Practitioner as at the date of the appointment but ignoring the value of any assets:
(A) charged to a third party to the extent of any amount which would be payable to that third party; or
(B) held on trust by the insolvent to the extent that any beneficial interest in those assets does not belong to the insolvent.
2) Where the value of the insolvent's assets is less than USD5,000, the Specific Penalty Sum shall be USD5,000.
3) Where the value of the insolvent's assets is more than USD5,000,000 the Specific Penalty Sum shall be USD5,000,000.
|Amended (as from 6th June 2017).|