Singapore legislation
Section 24
Section 24
Priority in case of bankruptcy or winding up
(1)
In the distribution of property of a bankrupt or a person dying insolvent, there is to be included among the debts that, under section 352 of the Insolvency, Restructuring and Dissolution Act 2018, are to be paid in priority to all other debts the amount of any levy due from the bankrupt at the date of the bankruptcy order, or from the person so dying at the date of the person’s death, and having become due within 12 months before that date.
(2)
In the winding up of a company, there is to be included among the taxes that, under section 203 of the Insolvency, Restructuring and Dissolution Act 2018, are to be paid in priority to all other unsecured debts the amount of any levy due from the company and having become due within 12 months before the date of commencement of the winding up.
(3)
In the winding up of a variable capital company, there is to be included among the taxes that, under —
section 328 of the Companies Act 1967 as in force before it was repealed by the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 130 of the VCC Act as in force before the operative date); or
section 203 of the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 130 of the VCC Act as in force on the operative date),are to be paid in priority to all other unsecured debts the amount of any levy due from that variable capital company and that has become due within 12 months before the date of commencement of the winding up.
(4)
In the winding up of a sub‑fund of an umbrella VCC, there is to be included among the taxes that, under —
section 328 of the Companies Act 1967 as in force before it was repealed by the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 33(2) of the VCC Act read with the First Schedule to the VCC Act as in force before the operative date); or
section 203 of the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 33(2) of the VCC Act read with the First Schedule to the VCC Act as in force on the operative date), are to be paid in priority to all other unsecured debts the amount of any levy due from the umbrella VCC —
that is allocated to the sub‑fund by the umbrella VCC under section 29(3) of the VCC Act; and
that has become due within 12 months before the date of commencement of the winding up of the sub‑fund.
(5)
In this section, “operative date” means the date of commencement of sections 17(b) to (i), 18 to 21, 29, 30, 43 to 48, 50 to 53, 56, 58, 59 and 62 of the Variable Capital Companies (Miscellaneous Amendments) Act 2019.