Singapore legislation

Clause 20

Restrictions on voluntary winding up, etc.

(1)

Despite the provisions of any other written law, where a concessionaire is a company and financial assistance has been provided under section 17 to the concessionaire for the purpose of constructing, maintaining, operating and improving the railway infrastructure of a cross‑border railway —

(a)

the company must not be wound up voluntarily without the consent of the Minister;

(b)

no application for a judicial management order under the Companies Act (Cap. 50) may be made by any person in relation to the company, unless that person has served on the Minister 14 days’ notice in writing of the person’s intention to make the application;

(c)

no application under section 210 or 211I of the Companies Act may be made by any person in relation to the company, unless that person has served on the Minister 14 days’ notice in writing of the person’s intention to make that application; and

(d)

no step may be taken by any person to enforce any security over the company’s property unless that person has served on the Minister 14 days’ notice in writing of the person’s intention to take that step.

(2)

The Minister must be a party to —

(a)

any proceeding under the Companies Act relating to the winding up of the affairs of a company which is a concessionaire;

(b)

any proceeding relating to the making of a judicial management order under the Companies Act in relation to a company which is a concessionaire; or

(c)

any proceeding relating to the making of an order under section 210 or 211I of the Companies Act in relation to a company which is a concessionaire.

(3)

A court must, when deciding any proceeding mentioned in subsection (2), take into consideration any representation made by the Minister in that proceeding.

Read in full context — Cross-Border Railways Bill →