Singapore legislation
Section 59
Section 59
Moratorium, avoidance of disposition of property, etc.
(1)
Despite section 53(2) but subject to section 125, no resolution may be passed, and no order may be made, for the winding up of a transferor, and no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a transferor, during the period —
beginning on —
the date on which the Minister publishes the notice under section 57(8) in the Gazette on the transfer of the business (or any part thereof) of the transferor; or
where the notice is not published in the Gazette, the date on which the Authority publishes the certificate under section 58(5) in the Gazette on the transfer of the business (or any part thereof) of the transferor; and
ending on —
the date on which the certificate comes into effect; or
where the certificate specifies a different date for the coming into effect of the transfer of any specified business, the last day on which the transfer of every specified business has come into effect.
(2)
Despite section 53(2) but subject to section 125, during the period beginning on the date on which the Minister publishes the notice under section 57(8) in the Gazette on the transfer of a specified business of the transferor or, where the notice is not published in the Gazette, the date on which the Authority publishes the certificate under section 58(5) in the Gazette on the transfer of the specified business, and ending on the date on which the transfer of the specified business comes into effect —
no proceedings may be commenced or continued against the transferor in respect of the specified business;
no execution, distress or other legal process may be commenced, levied or continued against the specified business;
no steps may be taken to enforce any security over the specified business or to repossess from the transferor the specified business under any hire-purchase agreement, chattels leasing agreement or retention of title agreement; and
any sale, transfer, assignment or other disposition of the specified business is void, except for (where the transferor is an insurer licensed under the Insurance Act 1966) any payment of claims to policy owners or claimants, other than policy owners who are related corporations of the transferor.