Singapore legislation
Section 62A
Section 62A
Priorities for set-off in winding up of bank
(1)
Despite any written law or rule of law relating to the winding up of companies, in the event of the winding up of a bank in Singapore, a liquidator must first set‑off a depositor’s liabilities to the bank against any deposit of the depositor placed with the bank that is accepted —
in Singapore dollars; or
on terms under which the deposit may be repaid by the bank in Singapore dollars.
(2)
In this section, “deposit” means —
a sum of money paid on terms —
under which it will be repaid, with or without interest or a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and
which are not referable to the provision of property or services or to the giving of security; and
any other prescribed product.