Singapore legislation
Section 28A
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 28A
Duties of liquidators in winding up of DI Scheme member
(1)
A person who —
is appointed as a liquidator under the Insolvency, Restructuring and Dissolution Act 2018 for the winding up of a DI Scheme member; and
has been approved by the Authority as such under section 54(4) of the Monetary Authority of Singapore Act 1970,(called in this section the liquidator) must, in carrying out its functions as a liquidator, work together with the Agency to ensure that any insured depositor who is entitled to receive compensation from the DI Fund receives payment from the Agency as soon as is reasonably practicable.
(2)
The Authority may, by written notice to the liquidator, require the liquidator to give the Agency such information and reasonable assistance as the Authority considers necessary —
to ensure that any insured depositor who is entitled to receive compensation from the DI Fund receives payment from the Agency as soon as is reasonably practicable; and
to enable the Agency to fulfil its objects and discharge its functions under this Act.
(3)
Despite any written law or rule of law but subject to subsection (4), the liquidator must not, without the prior written approval of the Authority, sell or transfer any assets of the DI Scheme member being wound up to —
any person who provides services in connection with the winding up of the DI Scheme member; or
any person working for or on behalf of —
the Agency;
the Authority; or
a person mentioned in paragraph (a).
(4)
Subsection (3) does not prevent the payment by the liquidator of any debt of the DI Scheme member being wound up in accordance with any written law or rule of law relating to the winding up of companies.
(5)
Any sale or transfer of assets by the liquidator in contravention of subsection (3) is void.
(6)
Any liquidator who —
without reasonable excuse, fails to comply with subsection (1), or any notice issued by the Authority under subsection (2); or
being required to provide information to the Agency under subsection (2), knowingly or recklessly provides any information or document that is false or misleading in a material particular,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.