Singapore legislation

Section 110

of Monetary Authority of Singapore Act 1970

Section 110

Priority of debt of financial institution to trustee

Amended by31/201740/2018

Despite any written law or rule of law relating to the winding up of companies, in the event of a winding up of a financial institution (other than one that is a bank, a finance company or a licensed insurer) —

(a)

any sum claimed by the trustee of a resolution fund from the financial institution under section 103; and

(b)

any levy and late payment imposed on the financial institution under section 104, 105 or 106 and due from the institution, and any levy which the financial institution is liable to collect under section 106(2) and due from the institution,have priority over all unsecured liabilities of the financial institution other than preferential debts specified in section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018.

Read in full context — Monetary Authority of Singapore Act 1970 →