Singapore legislation

Clause 32

of Insolvency, Restructuring and Dissolution (Amendment) Bill

Clause 32

Amendment of section 250F

In the principal Act, in section 250F —

(a)

in the section heading, replace “Requirements for acceptance” with “Entry”;

(b)

in subsection (1), replace “The Official Receiver may, on the application of a company (called in this Division the applicant company) under section 250D, accept the applicant company” with “A company may enter”;

(c)

in subsection (1), replace “both” with “all of”;

(d)

in subsections (1)(a) and (b), (2)(d), (3)(a) to (f) and (h) to (l) and (5), delete “applicant” wherever it appears;

(e)

in subsection (1)(b), replace “, known to the Official Receiver,” with “known to the nominated liquidator”;

(f)

in subsection (1)(b), replace “acceptance” with “entry”;

(g)

in subsection (1)(b), replace the full‑stop at the end with a semi‑colon;

(h)

in subsection (1), after paragraph (b), insert —“(c)during the period mentioned in section 250D(3)(b), no objection is received or, if an objection is received —

(i)

where the objection is that the company does not satisfy any requirement for entry — the liquidator is satisfied on reasonable grounds that the company satisfies that requirement; or

(ii)

where the objection is to the nominated liquidator — the conditions in section 250G(3) are met.”;

(i)

in subsection (2), delete paragraphs (a), (b), (c) and (e);

(j)

in subsection (2)(d), after “including contingent and prospective liabilities”, insert “, and any liabilities to any related party of the company”;

(k)

in subsection (3), replace “an applicant company” with “a company”;

(l)

in subsection (3), replace “acceptance” with “entry”;

(m)

in subsection (3), replace paragraph (g) with —“(g)the company has entered into the simplified debt restructuring programme under section 72E;”;

(n)

in subsection (3)(i), after “Official Receiver”, insert “or a nominated liquidator”;

(o)

in subsection (4), replace “subsection (2)(a), (b), (c), (d), (e) or (f)” with “subsection (2)(d) or (f)”;

(p)

in subsection (6), delete the definitions of “annual sales turnover”, “business commencement period”, “business year”, “relevant period” and “sales turnover”;

(q)

in subsection (6), in the definitions of “employee” and “relevant person”, replace “an applicant company” with “a company”;

(r)

in subsection (6), in the definitions of “employee” and “relevant person”, replace “the applicant company” with “the company”; and

(s)

in subsection (6), in the definition of “relevant person”, replace the semi‑colon at the end with a full‑stop.

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