Singapore legislation
Section 53
Section 53
Moratorium
(1)
The Authority may, if it considers it to be in the interests of the affected persons of a specified financial institution, make an order prohibiting that specified financial institution from carrying on its significant business or from doing or performing any act or function connected with its significant business or any aspect thereof that may be specified in the order.
(2)
The Authority may, if it considers it to be in the interests of the affected persons of a specified financial institution, apply to the General Division of the High Court for, and the General Division of the High Court may make, one or more of the following orders:
that no resolution may be passed, and no order may be made, for the winding up of the specified financial institution;
that no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the specified financial institution, or that the specified financial institution be discharged from judicial management;
that no proceedings may be commenced or continued by or against the specified financial institution in respect of any business of the specified financial institution;
that no execution, distress or other legal process may be commenced, levied or continued against any property of the specified financial institution;
that no steps may be taken to enforce any security over any property of the specified financial institution or to repossess from the specified financial institution any goods under any hire-purchase agreement, chattels leasing agreement or retention of title agreement;
that no steps may be taken by any person, other than a person specified in the order, to sell, transfer, assign or otherwise dispose of any property of the specified financial institution.
(3)
Any sale, transfer, assignment or other disposition of any property of the specified financial institution in contravention of any order made under subsection (2)(f) is void.
(4)
Any order made under subsection (2) is valid for a period not exceeding 6 months.
(5)
So long as an order under subsection (1) remains in force, the Authority may, by written notice to that specified financial institution, suspend the approval, authorisation, designation, recognition, registration or licence of that specified financial institution under the relevant Act.
(6)
A specified financial institution that contravenes an order under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
(7)
It is not necessary to publish any order under subsection (1) in the Gazette.