Singapore legislation
Clause 6
of Payment and Settlement Systems (Finality and Netting) Bill
Clause 6
Modifications of law of insolvency
(1)
The general law of insolvency shall have effect in relation to —
transfer orders effected through a designated system; and
action taken under the rules of a designated system with respect to such orders,subject to the provisions of this Part.
(2)
This Part shall apply in relation to bankruptcy, judicial management and winding up proceedings only in respect of a participant.
(3)
Notwithstanding that rights or liabilities arising from transfer orders are or may be dealt with in bankruptcy, judicial management or winding up proceedings, this Part shall not apply to such proceedings if they are in respect of any person who is not a participant.