In forceAmended2020 Revised EditionCurrent version · 2020 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
Banking Act 1970 · 2020 Revised Edition · Part 9 · Miscellaneous
61. Priority of specified liabilities
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Last amended by an amending law of 2018.
(1)
Where a bank becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of that bank in Singapore are available to meet all liabilities in Singapore of the bank specified in section 62(1).
bank
Defined · s 2
“bank” means any company which holds a valid bank licence under section 7 or 79;
(2)
The liabilities in Singapore of the bank specified in section 62(1) have priority over all unsecured liabilities of the bank other than the preferential debts specified in section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018.