Singapore legislation
Regulation 32
of Presidential Elections (Certificate of Eligibility) Regulations 2017
Regulation 32
Insolvency event
Subregulation 1
This regulation prescribes what constitutes an insolvency event for the purposes of Article 19(4)(a)(iv).
Subregulation 2
A company incorporated under the Companies Act 1967 is subject to an insolvency event if —
the company is ordered to be wound up under section 254 of the Companies Act in force before 30 July 2020 or under section 125 of the Insolvency, Restructuring and Dissolution Act 2018 or wound up pursuant to a creditors’ voluntary winding up;
the company is wound up in any other way and the applicant is unable to satisfy the Committee that the company’s assets exceeded its liabilities at the time it was wound up;
the company is ordered to be placed under judicial management;
the company enters into a compromise or an arrangement with its creditors; or
a receiver or manager has been appointed in respect of the property of the company.
Subregulation 3
A foreign company registered under the Companies Act 1967 is subject to an insolvency event if —
the foreign company is wound up under the Companies Act in force before 30 July 2020 or under the Insolvency, Restructuring and Dissolution Act 2018, and the applicant is unable to satisfy the Committee that the foreign company’s assets exceeded its liabilities at the time it was wound up;
the foreign company is wound up, dissolved or otherwise ceases to exists under the law of the country where the foreign company is constituted and the applicant is unable to satisfy the Committee that the foreign company’s assets exceeded its liabilities at the time the foreign company was wound up, dissolved or ceased to exist; or
any event mentioned in paragraph (2)(c), (d) or (e), or any event analogous to any of those events, occurs in relation to the foreign company.