Singapore legislation
Clause 218
Clause 218
Description of debts provable in judicial management or winding up
(1)
Subject to this section, the following are provable where a company other than an insolvent company is being wound up:
any debt or liability to which the company —
is subject at the commencement of the winding up; or
may become subject after the commencement of the winding up;
any interest payable by the company on any debt or liability mentioned in paragraph (a).
(2)
Subject to this section and section 203, the following are provable where a company is in judicial management or an insolvent company is being wound up:
any debt or liability to which the company —
is subject at the commencement of the judicial management or winding up, as the case may be; or
may become subject after the commencement of the judicial management or winding up (as the case may be) by reason of any obligation incurred before the commencement of the judicial management or winding up, as the case may be;
any interest, on any debt or liability mentioned in paragraph (a), that is payable by the company in respect of any period before the commencement of the judicial management or winding up, as the case may be.
(3)
Demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise, breach of trust, tort or bailment, or an obligation to make restitution, are not provable in the judicial management or insolvent winding up of a company.
(4)
An estimate is to be made by the judicial manager or liquidator of the value of any debt or liability provable under this section that, by reason of its being subject to any contingency or contingencies, or for any other reason, does not bear a certain value.
(5)
Any person aggrieved by any such estimate by the judicial manager or liquidator may appeal to the Court.
(6)
If in the opinion of the Court the value of the debt or liability cannot be fairly estimated, the Court may make an order to that effect, and upon the making of that order the debt or liability is, for the purposes of this Act, deemed to be a debt not provable in the judicial management or winding up of the company.
(7)
If in the opinion of the Court the value of the debt or liability can be fairly estimated, the Court may assess the value of the debt or liability and may give all necessary directions for the purpose of valuing the debt or liability, and the amount of the value when assessed is deemed to be a debt provable in the judicial management or winding up of the company.
(8)
An amount payable under any order made by a court under any written law relating to the confiscation of the proceeds of crime is provable in the judicial management or winding up of a company.