Singapore legislation
Regulation 39
of Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020
Regulation 39
Saving and transitional provisions for amendment of Monetary Authority of Singapore Act
Subregulation 1
Despite section 492(b) of the Act, section 53(2)(b) of the Monetary Authority of Singapore Act (Cap. 186) as in force immediately before 30 July 2020 continues to apply to or in relation to a specified financial institution in respect of which an application for an order under section 53(2)(b) of the Monetary Authority of Singapore Act is made before that date.
Subregulation 2
Despite section 492(c) of the Act, section 54(1) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a company incorporated in Singapore which is carrying on or has carried on the significant business of a specified financial institution in Singapore, being a company in respect of which a winding up application is made before that date.
Subregulation 3
Despite section 492(d) of the Act, section 54(2) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to an unregistered company which is carrying on or has carried on the significant business of a specified financial institution in Singapore, being an unregistered company in respect of which a winding up application is made before that date.
Subregulation 4
Despite section 492(e) and (f) of the Act, section 54(3) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a company which is carrying on or has carried on the significant business of a specified financial institution in Singapore, being a company in respect of which a winding up application is made before that date.
Subregulation 5
Despite section 492(g) and (h) of the Act, section 54(4)(a), (5), (7) and (8) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a company which is carrying on or has carried on the significant business in Singapore of a specified financial institution, being a company in respect of which —
an order for winding up of the company was made under section 216(2)(f) of the Companies Act before that date;
an application for winding up was made under section 253 of the Companies Act before that date;
an application was made before that date for the winding up of an unregistered company under section 351 of the Companies Act;
a voluntary winding up was commenced within the meaning of section 291(6) of the Companies Act before that date;
an application for winding up was made arising from a notice of commencement of liquidation or dissolution proceedings in its place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date; or
an application for winding up was made arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act.
Subregulation 6
Despite section 492(i) of the Act, the definition of “unregistered company” in section 54(9) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to any application made before that date for the winding up of an unregistered company under section 351 of the Companies Act.
Subregulation 7
Despite section 492(j) of the Act —
section 58(11) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to the transfer under a certificate of transfer of any property of a pertinent financial institution in respect of which —
an order for winding up of a company was made under section 216(2)(f) of the Companies Act before that date;
an application for winding up was made under section 253 of the Companies Act before that date;
an application was made before that date for the winding up of an unregistered company under section 351 of the Companies Act;
an application for winding up was made arising from a notice of commencement of liquidation or dissolution proceedings in its place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date; or
an application for winding up was made arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act; and
section 67(8) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to the transfer under a certificate of transfer of any share in a pertinent financial institution in respect of which —
an order for winding up of a company was made under section 216(2)(f) of the Companies Act before that date;
an application for winding up was made under section 253 of the Companies Act before that date;
an application was made before that date for the winding up of an unregistered company under section 351 of the Companies Act;
an application for winding up was made arising from a notice of commencement of liquidation or dissolution proceedings in its place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date; or
an application for winding up was made arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act.
Subregulation 8
Despite section 492(k) of the Act, section 59(1) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a pertinent financial institution in respect of which —
an application is made before that date for a judicial management order under section 227B(1) of the Companies Act; or
an application for a judicial management order under section 227B(1) of the Companies Act is made arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act.
Subregulation 9
Despite section 492(l) of the Act —
section 67(13)(h) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a pertinent financial institution in respect of which a certificate of transfer under section 67(1) of the Monetary Authority of Singapore Act is issued and —
an application for a judicial management order is made before that date under section 227B(1) of the Companies Act; or
an application for a judicial management order under section 227B(1) of the Companies Act is made arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act; and
section 70(13)(b) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a pertinent financial institution in respect of which a certificate of restructuring of share capital under section 70(1) of the Monetary Authority of Singapore Act is issued and —
an application for a judicial management order is made before that date under section 227B(1) of the Companies Act; or
an application for a judicial management order under section 227B(1) of the Companies Act is made arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act.
Subregulation 10
Despite section 492(m) of the Act, section 77(1)(b) of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a Division 4A FI in respect of which a bail‑in certificate under section 75(1) of the Monetary Authority of Singapore Act is issued and —
an application for a judicial management order is made before that date under section 227B(1) of the Companies Act; or
an application for a judicial management order under section 227B(1) of the Companies Act is made arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act.
Subregulation 11
Despite section 492(o) of the Act, section 110 of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a financial institution (other than one that is a bank, a finance company or a licensed insurer) that is wound up pursuant to —
an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;
an application for winding up made under section 253 of the Companies Act before that date;
an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;
a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date;
an application for winding up arising from a notice of commencement of liquidation or dissolution proceedings in its place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date; or
an application for winding up arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act.
Subregulation 12
Despite section 492(p) of the Act, section 122 of the Monetary Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to —
a pertinent financial institution (being a transferor as defined in section 56 of the Monetary Authority of Singapore Act), a transferee (as defined in section 56 or 60 of the Monetary Authority of Singapore Act) or a 2nd transferee (as defined in section 60 of the Monetary Authority of Singapore Act) that is —
wound up pursuant to —
an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;
an application for winding up made under section 253 of the Companies Act before that date;
an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;
a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date;
an application for winding up arising from a notice of commencement of liquidation or dissolution proceedings in its place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date; or
an application for winding up arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act; or
placed under judicial management —
pursuant to an application made before that date under section 227B(1) of the Companies Act; or
arising from an application made before that date for recognition of a foreign proceeding under Article 15(1) of the Tenth Schedule to the Companies Act; or
a transferee (as defined in section 56 or 60 of the Monetary Authority of Singapore Act) or a 2nd transferee (as defined in section 60 of the Monetary Authority of Singapore Act) —
who is adjudged bankrupt pursuant to a bankruptcy application made before that date; or
who dies insolvent at the date of his or her death, and in respect of whose estate an application for an order for the administration in bankruptcy was made before that date.