Singapore legislation
Regulation 6
of Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020
Regulation 6
Saving and transitional provisions for amendment of Banking Act
Subregulation 1
Despite section 454(b) of the Act, section 61(2) of the Banking Act (Cap. 19) as in force immediately before 30 July 2020 continues to apply to or in relation to the liabilities in Singapore of a bank 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; or
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.
Subregulation 2
Despite section 454(c) of the Act, section 63(1)(b) of the Banking Act as in force immediately before 30 July 2020 continues to apply to or in relation to a bank 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; or
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.