Singapore legislation

Clause 492

of Insolvency, Restructuring and Dissolution Bill

Clause 492

Amendment of Monetary Authority of Singapore Act

The Monetary Authority of Singapore Act (Cap. 186, 1999 Ed.) is amended —

(a)

by inserting, immediately after section 40, the following section:“Provisions as to compromise or arrangement relating to certain financial institutions, etc.40A.—

(1)

This section applies despite any other written law.(2) In any proceedings under section 210 of the Companies Act or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a company that is a Type A financial institution, the Authority —

(a)

has the same powers and rights as a creditor of the company under the Companies Act or the Insolvency, Restructuring and Dissolution Act 2018 respectively (including the right to appear and be heard before the Court in any proceedings under those provisions); but(b)does not have the right to vote at any meeting summoned under section 210 of the Companies Act.(3) In the case of a company that is a Type B financial institution, the Court must not —

(a)

approve under section 210 of the Companies Act or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 any compromise or arrangement that has been proposed for the purposes of or in connection with any scheme mentioned in section 212(1) of the Companies Act under which the whole or any part of the undertaking or the property of the company is to be transferred; or

(b)

(a)

(b)

without affecting paragraph (a), make any order under section 212(1) of the Companies Act providing for the transfer of the whole or any part of the undertaking or the property of the company,unless the Authority has consented to such compromise or arrangement or such transfer (as the case may be) or has certified that the Authority’s consent is not required.(5) For the purposes of this section, the Authority may make regulations under section 41 to prescribe any financial institution or class of financial institutions as a Type A financial institution, Type B financial institution or Type C financial institution.(6) In this section, “company” means any corporation liable to be wound up under the Insolvency, Restructuring and Dissolution Act 2018.”;

(b)

by deleting paragraph (b) of section 53(2) and substituting the following paragraph:“(b)that no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the specified financial institution, or that the specified financial institution be discharged from judicial management;”;

(c)

by deleting the words “section 254(1) of the Companies Act (Cap. 50)” in section 54(1) and substituting the words “section 125(1) of the Insolvency, Restructuring and Dissolution Act 2018”;

(d)

by deleting the words “section 351(1) of the Companies Act” in section 54(2) and substituting the words “section 246(1) of the Insolvency, Restructuring and Dissolution Act 2018”;

(e)

by deleting the words “sections 254(2) and 351(2) of the Companies Act” in section 54(3) and substituting the words “sections 125(2) and 246(2) of the Insolvency, Restructuring and Dissolution Act 2018”;

(f)

by deleting the words “section 254(1)(e) or 351(1)(c)(ii) of the Companies Act” in section 54(3) and substituting the words “section 125(1)(e) or 246(1)(c)(ii) of that Act”;

(g)

by deleting the words “Companies Act” in section 54(4)(a), (7) and (8) and substituting in each case the words “Insolvency, Restructuring and Dissolution Act 2018”;

(h)

by deleting the words “section 263(a), (d), (da) or (e) of the Companies Act” in section 54(5) and substituting the words “section 134(a), (d) or (e) of the Insolvency, Restructuring and Dissolution Act 2018”;

(i)

by deleting the words “section 350 of the Companies Act” in the definition of “unregistered company” in section 54(9) and substituting the words “section 245 of the Insolvency, Restructuring and Dissolution Act 2018”;

(j)

by deleting the words “Section 259 of the Companies Act (Cap. 50) shall” in sections 58(11) and 67(8) and substituting in each case the words “Section 130(1) of the Insolvency, Restructuring and Dissolution Act 2018 does”;

(k)

by deleting the words “no judicial management order under Part VIIIA of the Companies Act (Cap. 50) shall be made” in section 59(1) and substituting the words “no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018”;

(l)

by deleting the words “no judicial management order under Part VIIIA of the Companies Act shall be made” in sections 67(13)(h) and 70(13)(b) and substituting in each case the words “no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018”;

(m)

by deleting the words “no judicial management order under Part VIIIA of the Companies Act (Cap. 50) may be made” in section 77(1)(b) and substituting the words “no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018”;

(n)

by inserting, immediately after the words “Companies Act” in section 78(10), the words “or the Insolvency, Restructuring and Dissolution Act 2018”;

(o)

by deleting the words “section 328(1) of the Companies Act (Cap. 50)” in section 110 and substituting the words “section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018”; and

(p)

by deleting the words “, the Bankruptcy Act (Cap. 20) and the Companies Act (Cap. 50)” in section 122 and substituting the words “, the Companies Act and the Insolvency, Restructuring and Dissolution Act 2018”.

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