Singapore legislation

Clause 78

of Securities and Futures Bill

Clause 78

Law of insolvency in other jurisdictions

(1)

Notwithstanding any written law or rule of law, a court shall not recognise or give effect to —

(a)

an order of a court exercising jurisdiction under the law of insolvency in a place outside Singapore; or

(b)

an act of a person appointed in a place outside Singapore to perform a function under the law of insolvency there,in so far as the making of the order or doing of the act would be prohibited under this Act for a court in Singapore or a relevant office holder.

(2)

For the purposes of this section, “law of insolvency”, in relation to a place outside Singapore, means any law of that place which is similar to, or serves the same purposes as, any part of the law of insolvency in Singapore.