Comparison View

Formal Consolidation |  2012 RevEd
Priority in case of bankruptcy or winding up
24.—(1)  There shall be included among the debts which, under section 90 of the Bankruptcy Act (Cap. 20), are to be paid in priority to all other debts in the distribution of property of a bankrupt or a person dying insolvent the amount of any levy due from the bankrupt at the date of the bankruptcy order, or from the person so dying at the date of his death, and having become due within 12 months before that date.
[35/96]
(2)  There shall be included among the taxes which, under section 328 of the Companies Act (Cap. 50), are to be paid in priority to all other unsecured debts in the winding up of a company the amount of any levy due from the company and having become due within 12 months before the date of commencement of the winding up.
[35/96]
Informal Consolidation | Amended Act 40 of 2018
Priority in case of bankruptcy or winding up
24.—(1)  There shall be included among the debts which, under section 352 of the Insolvency, Restructuring and Dissolution Act 2018, are to be paid in priority to all other debts in the distribution of property of a bankrupt or a person dying insolvent the amount of any levy due from the bankrupt at the date of the bankruptcy order, or from the person so dying at the date of his death, and having become due within 12 months before that date.
[35/96]
[Act 40 of 2018 wef 30/07/2020]
(2)  There shall be included among the taxes which, under section 203 of the Insolvency, Restructuring and Dissolution Act 2018, are to be paid in priority to all other unsecured debts in the winding up of a company the amount of any levy due from the company and having become due within 12 months before the date of commencement of the winding up.
[35/96]
[Act 40 of 2018 wef 30/07/2020]
(3)  There is to be included among the taxes that, under —
(a)section 328 of the Companies Act as in force before it is repealed by the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) (as applied by section 130 of the VCC Act as in force before the operative date); or
(b)section 203 of the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 130 of the VCC Act as in force on the operative date),
are to be paid in priority to all other unsecured debts in the winding up of a variable capital company, the amount of any levy due from that variable capital company and that has become due within 12 months before the date of commencement of the winding up.
[S 461/2020 wef 15/06/2020]
(4)  There is to be included among the taxes that, under —
(a)section 328 of the Companies Act as in force before it is repealed by the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 33(2) of the VCC Act read with the First Schedule to the VCC Act as in force before the operative date); or
(b)section 203 of the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 33(2) of the VCC Act read with the First Schedule of the VCC Act as in force on the operative date),
are to be paid in priority to all other unsecured debts in the winding up of a sub-fund of an umbrella VCC, the amount of any levy due from the umbrella VCC —
(c)that is allocated to the sub‑fund by the umbrella VCC under section 29(3) of the VCC Act; and
(d)that has become due within 12 months before the date of commencement of the winding up of the sub‑fund.
[S 461/2020 wef 15/06/2020]
(5)  In this section, “operative date” means the date of commencement of sections 17(b) to (i), 18 to 21, 29, 30, 43 to 48, 50 to 53, 56, 58, 59 and 62 of the Variable Capital Companies (Miscellaneous Amendments) Act 2019 (Act 28 of 2019).
[S 461/2020 wef 15/06/2020]