Singapore legislation

Clause 501

of Insolvency, Restructuring and Dissolution Bill

Clause 501

Amendment of Payment and Settlement Systems (Finality and Netting) Act

The Payment and Settlement Systems (Finality and Netting) Act (Cap. 231, 2003 Ed.) is amended —

(a)

by deleting the words “Bankruptcy Act (Cap. 20)” in paragraph (a) of the definition of “relevant office holder” in section 2(1) and substituting the words “Insolvency, Restructuring and Dissolution Act 2018”;

(b)

by deleting paragraphs (a) and (b) of section 2(2) and substituting the following paragraph:“(a)the Insolvency, Restructuring and Dissolution Act 2018; and”;

(c)

by deleting the words “section 110 of the Bankruptcy Act (Cap. 20) and section 332 of the Companies Act (Cap. 50)” in section 9(a) and substituting the words “sections 230, 231, 373 and 374 of the Insolvency, Restructuring and Dissolution Act 2018”;

(d)

by deleting the words “section 77 of the Bankruptcy Act and section 259 of the Companies Act” in section 9(b) and substituting the words “sections 130(1) and 328 of the Insolvency, Restructuring and Dissolution Act 2018”;

(e)

by deleting the words “section 211D of the Companies Act” in section 9(c) and substituting the words “section 66 of the Insolvency, Restructuring and Dissolution Act 2018”;

(f)

by repealing section 10 and substituting the following section:“Adjustment of prior transactions

10. Without limiting section 8, no order may be made by a court under section 67, 101, 224, 225, 228, 361, 362, 366 or 438 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a transfer order or any disposition of property pursuant to such an order.”;

(g)

by deleting the words “section 87 or 88 of the Bankruptcy Act and section 327 of the Companies Act” in section 11(2) and substituting the words “sections 218, 219, 345 and 346 of the Insolvency, Restructuring and Dissolution Act 2018”;

(h)

by deleting the words “section 88 of the Bankruptcy Act or section 327 of the Companies Act” in section 11(2)(b) and substituting the words “section 219 or 346 of the Insolvency, Restructuring and Dissolution Act 2018”;

(i)

by deleting the word “or” at the end of paragraph (a) of section 12, and by inserting immediately thereafter the following paragraph:“(aa)a resolution for the participant to be placed under the judicial management of a judicial manager was passed under section 94(11) of the Insolvency, Restructuring and Dissolution Act 2018; or”;

(j)

by inserting, immediately after paragraph (a) of section 16(1), the following paragraph:“(aa)the passing of a resolution for the participant to be placed under the judicial management of a judicial manager under section 94(11) of the Insolvency, Restructuring and Dissolution Act 2018;”; and

(k)

by deleting the words “(1)(a) or (b)” in section 16(3)(b) and substituting the words “(1)(a), (aa) or (b)”.

Read in full context — Insolvency, Restructuring and Dissolution Bill →