Conventional surveys on the existence of singularities in fluid systems for vanishing dissipation have hitherto tried to infer some insight by searching for spatial features developing in asymptotic regimes. This approach has not yet produced a conclusive answer. One of the difficulties preventing us from getting a definitive answer is the limitations of direct numerical simulations which do not yet have a high enough resolution so far as to properly describe spatial fine structures in asymptotic regimes. In this paper, instead of searching for spatial details, we suggest seeking a principle, that would be able to discriminate between singular or not-singular behavior, among the integral and purely dynamical properties of a fluid system. We investigate the singularities developed by a hydromagnetic shell model during the magnetohydrodynamic turbulent cascade. Our results show that when the viscosity is equal to the magnetic diffusivity (unit magnetic Prandtl number) singularities appear in a finite time. A complex behavior is observed at extreme magnetic Prandtl numbers. In particular, the singularities persist in the limit of vanishing viscosity, while a complete regularization is observed in the limit of vanishing diffusivity. This dynamics is related to differences between the magnetic and the kinetic energy cascades towards small scales. Finally a comparison between the three-dimensional and the two-dimensional cases leads to conjecture that the existence of singularities may be related to the conservation of different ideal invariants.