Singapore legislation
Section 21
Section 21
Restrictions on voluntary winding up
(1)
Despite any other written law, where a company is a public bus operator holding a Class 1 bus service licence —
the company cannot be wound up voluntarily without the consent of the LTA;
no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the company;
no step may be taken by any person to enforce any security over the company’s property except where that person has served on the LTA 14 days’ notice of the person’s intention to take that step; and
no application under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 may be made by any person in relation to the company, unless that person has served on the LTA 14 days’ written notice of that person’s intention to make the application.
(2)
The LTA must be a party to —
any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of a company that is a public bus operator holding a Class 1 bus service licence; or
any proceedings relating to the making of an order under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a company that is a public bus operator holding a Class 1 bus service licence.