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Saving provisions for amendment of Deposit Insurance and Policy Owners’ Protection Schemes Act

Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020

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—(1) Despite section 468(a) of the Act, the definition of “liquidator” in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B) as in force immediately before 30 July 2020 continues to apply to or in relation to —(a)sections 10(1)(a)(v), 27(5)(a)(ii), 28(4)(a) to (d), 28A(1)(a) and 29(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act, in a case where a DI scheme member is wound up pursuant to —(i)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(ii)an application for winding up made under section 253 of the Companies Act before that date;(iii)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(iv)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(v)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; or(b)sections 52(5)(a)(ii), 53(4)(a), (b), (c) and (d), 54A(1)(a) and 55(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act, in a case where a PPF Scheme member is wound up pursuant to —(i)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(ii)an application for winding up made under section 253 of the Companies Act before that date;(iii)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(iv)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(v)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.(2) Despite section 468(b) and (c) of the Act, the definition of “quantification date” in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continues to apply wherever the words “quantification date” are used in the Deposit Insurance and Policy Owners’ Protection Schemes Act in relation to any of the following:(a)a DI Scheme member that is wound up pursuant to —(i)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(ii)an application for winding up made under section 253 of the Companies Act before that date;(iii)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(iv)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(v)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;(b)a PPF Scheme member that is wound up pursuant to —(i)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(ii)an application for winding up made under section 253 of the Companies Act before that date;(iii)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(iv)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(v)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.(3) Despite section 468(d) of the Act, section 21(1)(aa) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continues to apply to or in relation to a DI Scheme member in respect of which a voluntary winding up was commenced in Singapore before that date.(4) Despite section 468(e) of the Act, section 27(5) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continues to apply to or in relation to a DI Scheme member —(a)that is wound up pursuant to —(i)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(ii)an application for winding up made under section 253 of the Companies Act before that date;(iii)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(iv)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(v)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; or(b)in respect of which a provisional liquidator is appointed pursuant to a winding up application made, or in connection with a voluntary winding up that is commenced, before that date.(5) Despite section 468(f) of the Act, sections 28(5) and 53(5) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continue to apply to or in relation to a DI Scheme member or PPF Scheme member —(a)that is wound up pursuant to —(i)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(ii)an application for winding up made under section 253 of the Companies Act before that date;(iii)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(iv)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(v)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; or(b)in respect of which a provisional liquidator is appointed pursuant to a winding up application made, or in connection with a voluntary winding up that is commenced, before that date.(6) Despite section 468(g) of the Act, section 28A(1)(a) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continues to apply to or in relation to a DI Scheme member that is wound up pursuant to —(a)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(b)an application for winding up made under section 253 of the Companies Act before that date;(c)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(d)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(e)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.(7) Despite section 468(h) of the Act, section 46(1)(b) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continues to apply to or in relation to a PPF Scheme member in respect of which voluntary winding up was commenced in Singapore before that date.(8) Despite section 468(i) of the Act, section 52(5) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continues to apply to or in relation to a PPF Scheme member —(a)that is wound up pursuant to —(i)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(ii)an application for winding up made under section 253 of the Companies Act before that date;(iii)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(iv)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(v)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; or(b)in respect of which a provisional liquidator is appointed pursuant to a winding up application made, or in connection with a voluntary winding up that is commenced, before that date.(9) Despite section 468(j) of the Act, section 54A(1)(a) of the Deposit Insurance and Policy Owners’ Protection Schemes Act as in force immediately before 30 July 2020 continues to apply to or in relation to a PPF Scheme member that is wound up pursuant to —(a)an order for winding up of a company made under section 216(2)(f) of the Companies Act before that date;(b)an application for winding up made under section 253 of the Companies Act before that date;(c)an application made before that date for the winding up of an unregistered company under section 351 of the Companies Act;(d)a voluntary winding up that commenced within the meaning of section 291(6) of the Companies Act before that date; or(e)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.(10) In this regulation, a reference to the commencement of voluntary winding up is a reference to the commencement of voluntary winding up within the meaning of section 291(6) of the Companies Act.

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