Singapore legislation
Clause 32
Clause 32
Moratorium
(1)
The Commissioner may, if he considers it to be in the interests of the depositors of a finance company, by order —
(a)
prohibit a finance company from carrying on its business; and
(b)
stay the commencement or continuance of any actions or proceedings against a finance company in regard to its business for a specified period of time on such terms and conditions as he deems reasonable, and may from time to time extend the period up to a total period of moratorium of not more than six months.
(2)
So long as an order under subsection (1) of this section remains in force, any licence granted to such finance company under this Act shall be suspended.