Singapore legislation
Section 44A
Section 44A
Priority of specified liabilities inter se
(1)
Despite any written law or rule of law relating to the winding up of companies, in the event of a winding up of a finance company, the following liabilities in Singapore of the finance company, among themselves, rank in the following order of priority:
firstly, any premium contributions due and payable by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
secondly, liabilities incurred by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits;
thirdly, any sum claimed by the trustee of a resolution fund (within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the finance company under section 103, 104, 105 or 106 of that Act.
(2)
The liabilities in each class specified in subsection (1) —
rank in the order specified but as between liabilities of the same class, such liabilities rank equally between themselves; and
must be paid in full unless the assets of the finance company are insufficient to meet them in which case they are to abate in equal proportions between themselves.
(3)
In this section, “Agency” and “DI Fund” have the same respective meanings as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.