Singapore legislation
Clause 72
Clause 72
Net sum payable on completion of default proceedings
(1)
This section shall apply to any net sum certified under section 71(1)(a) by a clearing house, upon the completion by it of any default proceedings, to be payable by or to a defaulter.
(2)
Notwithstanding section 87 or 88 of the Bankruptcy Act (Cap. 20), and section 327 of the Companies Act (Cap. 50), where a receiving or winding up order has been made, or a resolution for voluntary winding up has been passed, any net sum as certified under section 71(1)(a) shall be —
provable in the bankruptcy or winding up or, as the case may be, payable to the relevant office holder; and
taken into account, where appropriate, under section 88 of the Bankruptcy Act or section 327 of the Companies Act.