Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management
88. Interpretation of this Part
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“chattels leasing agreement” means an agreement, which is capable of subsisting for more than 3 months, for the bailment of goods;
chattels leasing agreement
“chattels leasing agreement”, “hire-purchase agreement” and “retention of title agreement” have the meanings given by section 88(1);
“company” means any corporation liable to be wound up under this Act;
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
“hire-purchase agreement” has the meaning given by section 2(1) of the Hire‑Purchase Act 1969;
hire-purchase agreement
“chattels leasing agreement”, “hire-purchase agreement” and “retention of title agreement” have the meanings given by section 88(1);
“judicial manager”, in relation to a company, means a person appointed under this Part to manage the company and its affairs, business and property, but does not, unless a contrary intention appears, include an interim judicial manager;
property
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
“property”, in relation to a company, includes money, goods, things in action and every description of property, whether real or personal, and whether in Singapore or elsewhere, and also obligations and every description of interest whether present or future or vested or contingent arising out of, or incidental to, property;
“retention of title agreement” means an agreement for the sale of goods to a company, being an agreement —
retention of title agreement
“chattels leasing agreement”, “hire-purchase agreement” and “retention of title agreement” have the meanings given by section 88(1);
that does not constitute a charge on the goods; but(b)under which, if the seller is not paid and the company is wound up, the seller will have priority over all other creditors of the company as respects the goods or any property representing the goods.
charge
“charge” has the meaning given by section 4(1) of the Companies Act 1967;
For the purposes of this Part —
a company is “in judicial management” while the appointment of a judicial manager of the company has effect;
a company “enters judicial management” when the appointment of a judicial manager takes effect;
a company ceases to be in judicial management when the company is discharged from judicial management in accordance with this Part;
a company does not cease to be in judicial management merely because a judicial manager vacates office (by reason of resignation, death or otherwise) or is removed from office;
where successive persons are appointed as judicial manager of a company, the company is deemed to “enter judicial management” as at the time the first appointment of a judicial manager takes effect, unless the Court orders otherwise; and
a company is deemed to be unable to pay its debts if any of the paragraphs in section 125(2) is satisfied.
A person may be appointed as judicial manager of a company —
by a judicial management order made by the Court under section 91; or
by the creditors of the company under section 94(11)(e).