Singapore legislation
Section 11
of Payment and Settlement Systems (Finality and Netting) Act 2002
Section 11
Net sum payable on completion of action taken under default arrangements
(1)
This section applies with respect to any net sum owed by or to a defaulter on the completion of the action taken under default arrangements.
(2)
Despite sections 218, 219, 345 and 346 of the Insolvency, Restructuring and Dissolution Act 2018, where a court has made an order for bankruptcy or winding up of a participant or a resolution for the voluntary winding up of a participant has been passed, the net sum referred to in subsection (1) is —
provable in the bankruptcy or winding up or (as the case may be) payable to the relevant office holder; and
taken into account, where appropriate, under section 219 or 346 of the Insolvency, Restructuring and Dissolution Act 2018.