Singapore legislation
Section 16
of Payment and Settlement Systems (Finality and Netting) Act 2002
Section 16
Obligation to notify operator of designated system of insolvency
(1)
A participant must notify the operator of a designated system as soon as practicable after the occurrence of any of the following events:
the making of an order for bankruptcy, judicial management or winding up of the participant;
the passing of a resolution for the participant to be placed under the judicial management of a judicial manager under section 94(11) of the Insolvency, Restructuring and Dissolution Act 2018;
the passing of a resolution for the voluntary winding up of the participant.
(2)
Any participant who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
(3)
A participant does not contravene subsection (1) if —
the participant took reasonable steps to comply with that subsection; or
the operator of the designated system was already aware of the relevant event referred to in subsection (1)(a), (b) or (c) by the time the participant was required to notify the operator under that subsection.