Singapore legislation
Clause 522
Clause 522
Amendment of Trustees Act
The Trustees Act (Cap. 337, 2005 Ed.) is amended —
by repealing section 86 and substituting the following section:“Dispositions and trusts created to defraud creditors
86. To avoid doubt, every settlement or disposition of property made or caused to be made on trust, before, on or after the date of commencement of section 438 of the Insolvency, Restructuring and Dissolution Act 2018, that is a transaction at an undervalue within the meaning in that section, is subject to that section.”; and
by repealing section 87 and substituting the following section:“Effect of Insolvency, Restructuring and Dissolution Act 2018 on transactions at undervalue and unfair preferences87.—
To avoid doubt, every settlement or disposition of property made or caused to be made on trust, before, on or after the date of commencement of section 522(b) of the Insolvency, Restructuring and Dissolution Act 2018, that is —
a transaction at an undervalue as defined in section 361 (read with sections 363 and 364) of the Insolvency, Restructuring and Dissolution Act 2018; or
an unfair preference as defined in section 362 (read with sections 363 and 364) of the Insolvency, Restructuring and Dissolution Act 2018,is subject to the respective sections, as the case may be.(2) Where the person making the settlement or disposition is a body corporate, the provisions of sections 224 to 227 of the Insolvency, Restructuring and Dissolution Act 2018 are to apply.”.