Singapore legislation
Clause 11
of Payment and Settlement Systems (Finality and Netting) Bill
Clause 11
Net sum payable on completion of action taken under default arrangements
(1)
This section shall apply with respect to any net sum owed by or to a defaulter on the completion of the action taken under default arrangements.
(2)
Notwithstanding section 87 or 88 of the Bankruptcy Act (Cap. 20) and section 327 of the Companies Act (Cap. 50), where a court has made an order for bankruptcy or winding up of a participant or a resolution for the voluntary winding up of a participant has been passed, the net sum referred to in subsection (1) 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.