Singapore legislation
Regulation 45
of Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020
Regulation 45
Saving and transitional provisions for amendment of Payment and Settlement Systems (Finality and Netting) Act
Subregulation 1
Despite section 501(a) and (b) of the Act, section 8(2) of the Payment and Settlement Systems (Finality and Netting) Act (Cap. 231) as in force immediately before 30 July 2020, read with the definition of “relevant office holder” in section 2(1), and sections 2(2) and 6(1), of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before that date, continues to apply to or in relation to the netting or settlement of any transfer order, or any other action taken under the Rules of a designated system with respect to any transfer order, by a participant of the designated system in respect of which —
a bankruptcy application was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act 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;
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;
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 the participant’s 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 2
Despite section 501(a), (b), (g) and (h) of the Act, section 11(2) of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020, read with the definition of “relevant office holder” in section 2(1), and section 6(1), of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before that date, continues to apply to or in relation to any net sum owed, on the completion of the action taken under default arrangements, by or to a participant of a designated system in respect of which —
a bankruptcy order is made pursuant to a bankruptcy application made before that date;
an order for winding up of a company was made under section 216(2)(f) of the Companies Act before that date;
an order for winding up was made pursuant to an application for winding up made under section 253 of the Companies Act before that date;
an order for winding up was made pursuant to 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 was commenced within the meaning of section 291(6) of the Companies Act before that date;
an order for winding up was made arising from a notice of commencement of liquidation or dissolution proceedings in the participant’s place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date; or
an order 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 3
Despite section 501(a) and (b) of the Act, section 14 of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020, read with the definition of “relevant office holder” in section 2(1), and sections 2(2) and 6(1), of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before that date, continues to apply to or in relation to the netting or settlement of any transfer order, or any other action taken under the Rules of a designated system with respect to any transfer order, by a participant of the designated system in respect of which —
a bankruptcy application was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act 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;
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;
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 the participant’s 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 4
For the purpose of section 501(a) of the Act, the reference to the Official Assignee in the definition of “relevant office holder” in section 2(1) of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020, as applied in sections 8(2), 11(2)(a) and 14 of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before that date, is to be read as a reference to the Official Assignee appointed under section 16(1) of the Act.
Subregulation 5
Despite section 501(b) of the Act, section 13 of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020, read with section 2(2) of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before that date, continues to apply to or in relation to any obligation owed to or by a participant of a designated system in respect of which —
a bankruptcy order is made pursuant to a bankruptcy application made before that date;
an order for winding up of a company was made under section 216(2)(f) of the Companies Act before that date;
an order for winding up was made pursuant to an application for winding up made under section 253 of the Companies Act before that date;
an order for winding up was made pursuant to 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 was commenced within the meaning of section 291(6) of the Companies Act before that date;
an order for winding up was made arising from a notice of commencement of liquidation or dissolution proceedings in the participant’s place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date; or
an order 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 501(c) of the Act, section 9(a) of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020 continues to apply to or in relation to any transfer order by a participant of a designated system in respect of which —
a bankruptcy application was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act 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;
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;
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 the participant’s 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 7
Despite section 501(d) of the Act, section 9(b) of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020 continues to apply to or in relation to any transfer order, or any disposition of property pursuant to a transfer order, by a participant of a designated system in respect of which —
a bankruptcy application was made before that date;
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;
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 the participant’s 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 501(e) of the Act, section 9(c) of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020 continues to apply to or in relation to any disposition of property pursuant to a transfer order by a participant of a designated system —
that made an application for an order under section 211B of the Companies Act before that date; or
in relation to which an order under section 211C(1) of the Companies Act is made arising from an order under section 211B(1) of the Companies Act made pursuant to an application made before that date.
Subregulation 9
Despite section 501(f) of the Act, section 10 of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before 30 July 2020 continues to apply to or in relation to any transfer order, or any disposition of property pursuant to a transfer order, by a participant of a designated system in respect of which —
a bankruptcy application was made before that date;
an application for an order under section 211B of the Companies Act was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act was made before that date;
an application for a judicial management order under section 227B(1) of the Companies Act 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;
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;
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 the participant’s place of incorporation or origin that was lodged under section 377(2)(a) of the Companies Act before that date;
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; or
an application was made under section 73B of the Conveyancing and Law of Property Act before that date.