Singapore legislation
Regulation 34A
of Insolvency, Restructuring and Dissolution (Court-Ordered Winding Up) Regulations 2020
Regulation 34A
Mode of payments out of authorised bank account
Subregulation 1
Every payment by the liquidator out of the authorised bank account must be made —
by cheque in accordance with paragraph (2); or
by electronic fund transfer in accordance with an arrangement with the bank under which no payment instructed by the liquidator may be made unless the payment is authorised by a member of the committee of inspection and any other person as the committee of inspection may appoint.
Subregulation 2
Every payment by the liquidator out of the authorised bank account by cheque must be made payable to order, and the cheque —
must have marked or written on the face of it the name of the company, and must be signed by the liquidator; and
must be countersigned by at least one member of the committee of inspection in question and any other person as the committee of inspection may appoint.
Subregulation 3
In this regulation, “electronic fund transfer”, in relation to an authorised bank account, means an electronic transfer of funds from the authorised bank account to another bank account.