Finance Companies Act 1967 · 2020 Revised Edition · Part 8 · Miscellaneous
44. Priority of specified liabilities
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Where a finance company becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of the finance company are to be available to meet the liabilities in Singapore of the finance company specified in section 44A.
finance company
“finance company” means any company licensed under this Act to carry on financing business, and all branches and offices in Singapore of such a company are deemed to be one finance company for the purposes of this Act;
The liabilities in Singapore specified in section 44A have priority over all unsecured liabilities of the finance company other than the preferential debts specified in section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018.