Singapore legislation

Section 81G

of Securities and Futures Act 2001

Section 81G

Disclaimer of onerous property, rescission of contracts, etc.

Amended by34/201240/201834/201240/2018

(1)

Sections 230, 231, 373 and 374 of the Insolvency, Restructuring and Dissolution Act 2018 do not apply to —

(a)

a market contract;

(b)

a contract effected by an approved clearing house, or a recognised clearing house, for the purpose of realising property provided as market collateral;

(c)

a market charge; or

(d)

any default proceedings.

Amended by34/201240/2018

(2)

Sections 130(1), 170(1) and 328 of the Insolvency, Restructuring and Dissolution Act 2018 do not apply to any act, matter or thing which has been done under —

(a)

a market contract;

(b)

a disposition of property pursuant to a market contract;

(c)

the provision of market collateral;

(d)

a contract effected by an approved clearing house, or a recognised clearing house, for the purpose of realising property provided as market collateral, or any disposition of property pursuant to such a contract;

(e)

a disposition of property in accordance with the business rules of an approved clearing house, or a recognised clearing house, relating to the application of property provided as market collateral;

(f)

a disposition of property as a result of which the property becomes subject to a market charge, or any transaction pursuant to which that disposition is made;

(g)

a disposition of property for the purpose of enforcing a market charge;

(h)

a market charge; or

(i)

any default proceedings.

Amended by34/201240/2018

Read in full context — Securities and Futures Act 2001 →