Singapore legislation
Regulation 50
of Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020
Regulation 50
Saving and transitional provisions for amendment of Securities and Futures Act
Subregulation 1
Despite section 507(b) of the Act, the definition of “relevant office holder” in section 48(1) of the Securities and Futures Act (Cap. 289) as in force immediately before 30 July 2020 continues to apply to sections 81C(2) and (3), 81D(1) and (2), 81E(2)(b) and (c) and (4), 81F(2)(a), 81I(1), 81L(1) and 81O(2) of the Securities and Futures Act as in force immediately before that date, in relation to —
any person operating an approved clearing house or a recognised clearing house, where a bankruptcy application or an application for an order for the administration in bankruptcy was made in respect of the person before that date; or
any participant of an approved clearing house or a recognised clearing house in respect of transactions cleared through the approved clearing house or recognised clearing house, where a bankruptcy application was made in respect of the participant before that date.
Subregulation 2
For the purpose of section 507(b) of the Act, the reference to the Official Assignee in the definition of “relevant office holder” in section 48(1) of the Securities and Futures Act as in force immediately before 30 July 2020, as applied in sections 81C(2) and (3), 81D(1) and (2), 81E(2)(b) and (c) and (4), 81F(2)(a), 81I(1), 81L(1) and 81O(2) of the Securities and Futures 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 3
Despite section 507(c) of the Act, sections 81C and 81L of the Securities and Futures Act as in force immediately before 30 July 2020, read with section 48(4) of the Securities and Futures Act as in force immediately before that date, continue to apply to or in relation to the clearing of any transaction with an approved clearing house or a recognised clearing house entered by a participant 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
Despite section 507(d) of the Act, section 81D of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to any default proceedings relating to a person in respect of which —
an application for an interim order was made under section 45 of the Bankruptcy Act before that date;
a bankruptcy application was made before that date;
an application was made before that date under section 210(1) of the Companies Act for the approval of the Court in relation to any compromise or arrangement;
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 5
Despite section 507(e) and (f) of the Act, section 81F(2) of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to any net sum certified under section 81E(1)(a)(i) of the Securities and Futures Act to be payable by or to a defaulter 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 507(g) of the Act, section 81G(1) of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to any of the matters set out in section 81G(1) of the Securities and Futures Act relating to a participant —
who is adjudged bankrupt pursuant to a bankruptcy application made before that date;
that is placed under judicial management pursuant to —
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; or
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 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 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 507(h) of the Act, section 81G(2) of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to any of the matters set out in section 81G(2) of the Securities and Futures Act relating to a participant 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 507(i) of the Act, section 81H of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to any of the matters set out in section 81H(2) of the Securities and Futures Act relating to a participant in respect of which —
a bankruptcy application was made before that date;
an application was made before that date for a judicial management order under section 227B(1) of the Companies Act;
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.
Subregulation 9
Despite section 507(j) and (k) of the Act, paragraphs (b) and (c) of the definition of “specified event” in section 81I(4) of the Securities and Futures Act as in force immediately before 30 July 2020 continue to apply to or in relation to a participant that is wound up pursuant to a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date.
Subregulation 10
Despite section 507(l) of the Act, paragraph (e) of the definition of “specified event” in section 81I(4) of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to a participant that is placed under judicial management pursuant to —
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 under section 227B(1) of the Companies Act 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 507(m) of the Act, section 186(2) of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to a member of an approved exchange who was adjudged bankrupt pursuant to a bankruptcy application made before that date, and for this purpose the reference to the Official Assignee in section 186(2) of the Securities and Futures 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 12
Despite section 507(n) of the Act, section 186(3) of the Securities and Futures Act as in force immediately before 30 July 2020, read with section 186(4)(a), (b) and (c) of the Securities and Futures Act as in force immediately before that date, continues to apply to or in relation to a member of an approved exchange who has made a voluntary arrangement with the member’s creditors pursuant to an application for an interim order made under section 45 of the Bankruptcy Act before that date.
Subregulation 13
Despite section 507(o) of the Act, section 273(1)(ci) of the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to a company that is wound up pursuant to a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date.
Subregulation 14
For the purposes of section 507(p) of the Act, any reference to the Official Receiver in sections 295A(8) and (9) and 295B(1), (3) and (4) read with section 295A(14) of the Securities and Futures Act as in force immediately before 30 July 2020 is to be read as a reference to the Official Receiver appointed under section 17(1) of the Act.
Subregulation 15
Despite section 507(q) of the Act, paragraph 4 of the Third Schedule to the Securities and Futures Act as in force immediately before 30 July 2020 continues to apply to or in relation to the Official Assignee exercising his or her powers in relation to a person who is adjudged bankrupt pursuant to a bankruptcy application made before that date, and for this purpose the reference to the Official Assignee in paragraph 4 of the Third Schedule to the Securities and Futures 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.