Clause 45

by deleting paragraph (c) of subsection (3) and substituting the following paragraph:“(c)must, unless otherwise ordered by the Court, only recover and realise the assets of the foreign company in Singapore and, subject to paragraph (b) and subsection (7) —

in a case where the foreign company is, or was prior to the liquidation or dissolution carrying on business as, a relevant company, pay the net amount so recovered and realised to the liquidator of that foreign company for the place where it was formed or incorporated after paying any debts and satisfying any liabilities incurred in Singapore by the foreign company; or

in any other case, pay the net amount so recovered and realised to the liquidator of that foreign company for the place where it was formed or incorporated.”;

by inserting, immediately after subsection (4), the following subsection:“(4A) A liquidator of a foreign company appointed for Singapore by the Court or a person exercising the powers and functions of such a liquidator must, before paying any amount so recovered and realised in Singapore to the liquidator of that foreign company for the place where it was formed or incorporated, be satisfied that the interests of creditors in Singapore are adequately protected.”; and

by inserting, immediately after subsection (13), the following subsection:“(14) In this section, “relevant company” means a foreign company that is any of the following:

a bank licensed under section 7 of the Banking Act (Cap. 19);

a merchant bank, or any other financial institution, approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186);

a finance company licensed under section 6 of the Finance Companies Act (Cap. 108);

a person licensed to carry on a remittance business under section 8 of the Money‑changing and Remittance Businesses Act (Cap. 187);

a licensed insurer licensed under section 8 of the Insurance Act (Cap. 142);

a recognised market operator as defined in section 2(1) of the Securities and Futures Act (Cap. 289);

a licensed foreign trade repository as defined in section 2(1) of the Securities and Futures Act;

a recognised clearing house as defined in section 2(1) of the Securities and Futures Act;

an approved holding company as defined in section 2(1) of the Securities and Futures Act;

a holder of a capital markets services licence granted under section 86 of the Securities and Futures Act that does not only carry on the business of providing credit rating services;

a Registered Fund Management Company as defined in the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10);

a financial adviser licensed under section 13 of the Financial Advisers Act (Cap. 110);

a licensed trust company licensed under section 5 of the Trust Companies Act (Cap. 336);

an operator of a designated payment system designated under section 7 of the Payment Systems (Oversight) Act (Cap. 222A); (o)an approved holder of a widely accepted stored value facility approved under section 35 of the Payment Systems (Oversight) Act.”.