Singapore legislation

Clause 205

of Insolvency, Restructuring and Dissolution Bill

Clause 205

Transfer or assignment of company’s property to trustees

(1)

Any transfer or assignment by a company of all its property to trustees for the benefit of all its creditors made before the commencement of the winding up is void.

(2)

Subsection (1) does not apply to any transfer or assignment of a company’s property —

(a)

pursuant to the terms of a compromise or an arrangement proposed by the company under section 210 of the Companies Act or section 71, that is approved by the creditors; or

(b)

by a judicial manager while the company is under judicial management.

Read in full context — Insolvency, Restructuring and Dissolution Bill →