Singapore legislation
Section 72T
Section 72T
Application of section 440
(1)
Subject to the modifications in this section, section 440 applies after a company is accepted into the simplified debt restructuring programme.
(2)
The following provision applies in place of subsection (1) of section 440: “(1) No person may, during the specified period in respect of a company (in simplified debt restructuring) —
terminate or amend, or claim an accelerated payment or forfeiture of the term under, any agreement (including a security agreement) with the company; or (b)terminate or modify any right or obligation under any agreement (including a security agreement) with the company, by reason only that the company intends to enter, or has entered into, any compromise or arrangement with its creditors or any class of those creditors or that the company is insolvent.”.
(3)
A reference in section 440(2)(a) to the commencement of proceedings is to be read as a reference to the day that the notice of acceptance in respect of the company (in simplified debt restructuring) is published under section 72J(b).