Singapore legislation

Clause 526

of Insolvency, Restructuring and Dissolution Bill

Clause 526

Saving and transitional provisions relating to amendments to Companies Act

(1)

Parts 3 to 12 and 22 do not apply to or in relation to the following, and despite section 451, the Companies Act as in force immediately before the appointed day continues to apply to or in relation to the following, as if Parts 3 to 12 and 22 and section 451 had not been enacted:

(a)

any application made before the appointed day under section 210(1) or 211I of the Companies Act for the approval of the Court in relation to any compromise or arrangement;

(b)

any application for an order under section 211B of the Companies Act made before the appointed day;

(c)

any order for a winding up of a company made under section 216(2)(f) of the Companies Act before the appointed day;

(d)

any appointment made before the appointed day of a receiver or manager of the property of a company or of the property in Singapore of any other corporation;

(e)

any application made before the appointed day for a judicial management order under section 227B(1) of the Companies Act;

(f)

any application made before the appointed day for the winding up of a company under section 253 of the Companies Act;

(g)

any application made before the appointed day for the winding up of an unregistered company under section 351 of the Companies Act;

(h)

any voluntary winding up that commences within the meaning of section 291(6) of the Companies Act before the appointed day;

(i)

any liquidation or dissolution of a foreign company in its place of incorporation or origin in respect of which a notice under section 377(2)(a) of the Companies Act was lodged before the appointed day;

(j)

any application made before the appointed day for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act.

(2)

For the purposes of subsection (1) —

(a)

any person who was an approved liquidator immediately before the appointed day by virtue of section 9(1) or (2) of the Companies Act as in force immediately before the appointed day continues as an approved liquidator despite section 451(3) of this Act, and section 9 of the Companies Act as in force immediately before that date continues to apply to such person as if section 451(3) of this Act had not been enacted; and

(b)

any reference in the Companies Act, as in force immediately before the appointed day, to “Official Receiver” is to be read as a reference to the Official Receiver appointed under section 17(1) of this Act.

(3)

Section 237 does not apply to any default in the keeping of proper books of account by a company where any part of the period mentioned in that section, for which proper books of account are not kept by the company, falls before the appointed day, and despite section 451(29) and (41), section 339 of the Companies Act as in force immediately before the appointed day continues to apply to and in relation to such default as if sections 237 and 451(29) and (41) of this Act had not been enacted.

(4)

Despite section 451(29), the Companies Liquidation Account mentioned in section 322 of the Companies Act as in force immediately before the appointed day continues and is deemed to be the Companies Liquidation Account mentioned in section 197 of this Act.

(5)

Any application for an order under section 343 of the Companies Act made before the appointed day is deemed to be an application made under section 208 of this Act.

(6)

Any outstanding property, of a company that is dissolved, that is vested in the Official Receiver under section 346 of the Companies Act as in force immediately before the appointed day is deemed to be vested in the Official Receiver under section 213 of this Act.

(7)

Section 440 does not apply to or in relation to a company in respect of which proceedings mentioned in that section are commenced before the appointed day.

(8)

In this section, “appointed day” means the date Parts 3 to 12 and 22 and section 451 come into operation.

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