Singapore legislation
Clause 7
Clause 7
Replacement of section 21
In the BSI Act, replace section 21 with —“Restrictions on voluntary winding up, etc., of bus operators holding Class 1 bus service licences21.—
Despite any other written law —
a bus operator holding a Class 1 bus service licence cannot be wound up voluntarily without the consent of the LTA;
a person must not make any application under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a bus operator holding a Class 1 bus service licence, unless that person has served 14 days’ notice in writing of that person’s intention to make that application on the LTA;
no judicial management order under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 may be made in relation to a bus operator holding a Class 1 bus service licence without the consent of the LTA;
no interim judicial manager or judicial manager may be appointed under section 94 of the Insolvency, Restructuring and Dissolution Act 2018 in respect of a bus operator holding a Class 1 bus service licence without the consent of the LTA;
a person must not take any step to enforce any security over the property of a bus operator holding a Class 1 bus service licence unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the LTA; and
a person must not take any step to execute or enforce any judgment or order of court obtained against a bus operator holding a Class 1 bus service licence unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the LTA.(2) The LTA must be a party to —
any proceedings relating to the making of an order under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a bus operator holding a Class 1 bus service licence;
any proceedings relating to the making of a judicial management order under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a bus operator holding a Class 1 bus service licence; and
any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of a bus operator holding a Class 1 bus service licence.(3) A court must, when deciding any proceedings mentioned in subsection (2), take into consideration any representations made by the LTA in those proceedings.(4) This section does not apply to or in relation to any bus operator holding a Class 1 bus service licence that has been designated as a designated operating entity, starting on its effective designation date and while it remains so designated.”.