Singapore legislation
Regulation 40
of Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020
Regulation 40
Saving and transitional provisions for amendment of Moneylenders Act
Subregulation 1
Despite section 493(a) of the Act, section 11D(3)(a) of the Moneylenders Act (Cap. 188) as in force immediately before 30 July 2020 continues to apply to or in relation to a director or substantial shareholder of a licensee against whom a bankruptcy application under the Bankruptcy Act is made before that date.
Subregulation 2
Despite section 493(b) of the Act —
section 11D(3)(c) of the Moneylenders Act as in force immediately before 30 July 2020 continues to apply to or in relation to a licensee where any application is made before that date under section 210(1) or 211I of the Companies Act for the approval of a compromise or an arrangement between the licensee or a substantial shareholder of the licensee and the creditors of the licensee or substantial shareholder, as the case may be;
section 11D(3)(d) of the Moneylenders Act as in force immediately before 30 July 2020 continues to apply to or in relation to a licensee where the licensee or a substantial shareholder of the licensee is the subject of —
an application 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 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;
section 11D(3)(e) of the Moneylenders Act as in force immediately before 30 July 2020 continues to apply to or in relation to a licensee where any order appointing a receiver or manager, or a receiver and manager, of the property of the licensee or a substantial shareholder of the licensee is made before that date;
section 11D(3)(f) of the Moneylenders Act as in force immediately before 30 July 2020 continues to apply to or in relation to a licensee where any resolution is passed before that date for the voluntary winding up of the licensee or a substantial shareholder of the licensee; and
section 11D(3)(g) of the Moneylenders Act as in force immediately before 30 July 2020 continues to apply to or in relation to a licensee where —
an application for winding up of the licensee or a substantial shareholder of the licensee was made under section 253 of the Companies Act before that date;
an application was made before that date for the winding up of a substantial shareholder of the licensee under section 351 of the Companies Act;
an application for winding up of a substantial shareholder of the licensee is 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 of a substantial shareholder of the licensee 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.