Singapore legislation
Clause 88
Clause 88
Special administration order made on application by Authority
(1)
If, on an application made to the Minister by the Authority, the Minister is satisfied in relation to any company which is a relevant public licensee that any one or more of the grounds specified in subsection (2) is satisfied in relation to that company, the Minister may make any one or more of the following orders:
a special administration order in relation to that company;
an order requiring the company forthwith to take any action or to do or not to do any act or thing in relation to its business as the Minister may consider necessary;
an order appointing a person to advise the company in the proper conduct of its business.
(2)
The grounds mentioned in subsection (1) are, in relation to any company —
that the company is or is likely to be unable to pay its debts;
that the Minister considers it in the interest of the security and reliability of the provision of port services and facilities relating to container terminal services and facilities to the public; or
that the Minister otherwise considers it in the public interest.
(3)
Notice of any application under subsection (1) shall be given forthwith by the Authority to such persons and in such manner as may be prescribed.
(4)
Where a company is a relevant public licensee —
the company shall not be wound up voluntarily without the consent of the Authority;
no judicial management order under Part VIIIA of the Companies Act [Cap. 50] shall be made in relation to the company; and
no step shall be taken by any person to enforce any security over the company’s property except where that person has served 14 days’ notice of his intention to take that step on the Authority.
(5)
The Authority shall be a party to any proceedings under the Companies Act relating to the winding up of the affairs of a company which is a relevant public licensee.
(6)
Any decision of the Minister under subsection (1) shall be final.
(7)
For the purposes of this section, a company is unable to pay its debts if it is a company which is deemed to be so unable under section 254(2) of the Companies Act.