Singapore legislation
Section 88
Section 88
Special administration order made on application by Authority
(1)
If, on an application made to the Minister by the Authority, the Minister is satisfied in relation to any company which is a relevant public licensee that any one or more of the grounds specified in subsection (2) are satisfied in relation to that company, the Minister may make any one or more of the following orders:
a special administration order in relation to that company;
an order requiring the company forthwith to take any action or to do or not to do any act or thing in relation to its business as the Minister may consider necessary;
an order appointing a person to advise the company in the proper conduct of its business.
(2)
The grounds mentioned in subsection (1) are, in relation to any company, that —
the company is or is likely to be unable to pay its debts;
the Minister considers it in the interest of the security and reliability of the provision of port services and facilities relating to container terminal services and facilities to the public; or
the Minister otherwise considers it in the public interest.
(3)
Notice of any application under subsection (1) must be given forthwith by the Authority to such persons and in such manner as may be prescribed.
(4)
Where a company is a relevant public licensee —
the company must not be wound up voluntarily without the consent of the Authority;
no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the company;
no step may be taken by any person to enforce any security over the company’s property unless that person has served on the Authority 14 days’ notice of that person’s intention to take that step; and
no application under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 may be made by any person in relation to the company, unless that person has served on the Authority 14 days’ written notice of that person’s intention to make the application.
(5)
The Authority must be a party to —
any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of a company that is a relevant public licensee; or
any proceedings relating to the making of an order under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a company that is a relevant public licensee.
(6)
Any decision of the Minister under subsection (1) is final.
(7)
For the purposes of this section, a company is unable to pay its debts if it is a company which is deemed to be so unable under section 125(2) of the Insolvency, Restructuring and Dissolution Act 2018.