Singapore legislation
Regulation 9
of Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020
Regulation 9
Saving and transitional provisions for amendment of Business Trusts Act
Subregulation 1
Despite section 457(a) and (d) of the Act, section 48(1) of the Business Trusts Act (Cap. 31A) as in force immediately before 30 July 2020, read with the definition of “approved liquidator” in section 2 of the Business Trusts Act as in force immediately before that date, continues to apply to or in relation to any appointment before that date of an approved liquidator to take responsibility for winding up a registered business trust, and for this purpose section 526(2)(a) of the Act applies to or in relation to any approved liquidator who was appointed before that date to take responsibility for winding up the registered business trust.
Subregulation 2
For the purposes of section 457(b) and (d) of the Act, section 527(1) and (3) of the Act applies as if —
the definition of “appointed day” in section 527(3) of the Act were amended by deleting the words “Division 3 of Part 3 comes” and substituting the words “Division 3 of Part 3 and section 457 come”; and
paragraph (a) of the definition of “relevant work” in section 527(3) of the Act were amended by inserting, immediately after the words “this Act”, the words “or acting as a liquidator of a registered business trust under section 48 of the Business Trusts Act”.
Subregulation 3
For the purpose of section 457(c) of the Act, any reference in section 2 (definition of “liquidator”) and sections 40A(8) and (9) and 49(1), (2), (6) and (7) of the Business Trusts Act, as in force immediately before 30 July 2020, to the Official Receiver is to be read as a reference to the Official Receiver within the meaning given by section 2(1) of the Act.