Singapore legislation
Section 12
of Payment and Settlement Systems (Finality and Netting) Act 2002
Section 12
Transfer orders entered into designated system after insolvency
Amended by4/201840/2018
This Part does not apply in relation to any transfer order given by a participant which is entered into a designated system after the expiry of one business day after —
(a)
a court made an order for bankruptcy, judicial management or winding up in respect of the participant;
(b)
a resolution for the participant to be placed under the judicial management of a judicial manager was passed under section 94(11) of the Insolvency, Restructuring and Dissolution Act 2018; or
(c)
a resolution for the voluntary winding up of the participant was passed.