Singapore legislation
Section 22
Section 22
Special administration order made on application by Authority
(1)
If an application is made to the Minister by the Authority and the Minister is satisfied that any one or more of the grounds specified in subsection (2) is satisfied in relation to a licensee, the Minister may make any one or both of the following orders:
a special administration order in relation to that licensee;
an order requiring the licensee 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.
(2)
The grounds mentioned in subsection (1) are that —
the licensee has failed to discharge or has not discharged to the Minister’s satisfaction the obligations imposed by the Authority on the licensee;
the licensee has had its licence suspended or cancelled under section 13; or
it is in the public interest.
(3)
Notice of any order under subsection (1) must be given forthwith by the Authority to such persons and in such manner as it thinks fit.
(4)
Where a licensee is a company —
the licensee may only be wound up voluntarily with 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 licensee;
no step may be taken by any person to enforce any security over the licensee’s property unless that person has served on the Authority not less than 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 licensee, unless that person has served 14 days’ written notice of that person’s intention to make the application on the Authority.
(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 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 licensee.
(6)
Any decision of the Minister under subsection (1) is final.