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laws.sgby aturio
In forceAmended2020 Revised Edition
Contents

Part 8 · Miscellaneous

44A. Priority of specified liabilities inter se

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Amended

Last amended by an amending law of 2022. 2 amendments in all.

(1)

Despite any written law or rule of law relating to the winding up of companies, in the event of a winding up of a finance company, the following liabilities in Singapore of the finance company, among themselves, rank in the following order of priority:

(a)

firstly, any premium contributions due and payable by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;

(b)

secondly, liabilities incurred by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits;

(c)

thirdly, any sum claimed by the trustee of a resolution fund within the meaning of section 107 of the Financial Services and Markets Act 2022 from the finance company under section 112, 113, 114 or 115 of that Act.

(2)

The liabilities in each class specified in subsection (1) —

(a)

rank in the order specified but as between liabilities of the same class, such liabilities rank equally between themselves; and

(b)

must be paid in full unless the assets of the finance company are insufficient to meet them in which case they are to abate in equal proportions between themselves.

(3)

In this section, “Agency” and “DI Fund” have the same respective meanings as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.

Report

Read on from s 45