41. The Companies Act is amended by inserting, immediately after section 354, the following Division:
“Division 6 — Adoption of UNCITRAL Model Law on Cross‑Border Insolvency
Interpretation of this Division
354A. In this Division, “Model Law” means the UNCITRAL Model Law on Cross‑Border Insolvency adopted by the United Nations Commission on International Trade Law on 30 May 1997.
Model Law to have force of law
354B.—(1) The Model Law (with certain modifications to adapt it for application in Singapore) as set out in the Tenth Schedule has the force of law in Singapore.
(2) In the interpretation of any provision of the Tenth Schedule, the following documents are relevant documents for the purposes of section 9A(3)(f) of the Interpretation Act (Cap. 1):
(a)
any document relating to the Model Law that is issued by, or that forms part of the record on the preparation of the Model Law maintained by, the United Nations Commission on International Trade Law and its working group for the preparation of the Model Law;
(b)
the Guide to Enactment of the UNCITRAL Model Law on Cross‑Border Insolvency (UN document A/CN.9/442).
(3) The Minister may, by notification in the Gazette, add to, vary or amend the Tenth Schedule.
Interaction with Singapore insolvency law
354C.—(1) Singapore insolvency law applies with such modifications as the context requires for the purpose of giving effect to this Division and the Tenth Schedule.
(2) This Division and the Tenth Schedule do not derogate from the operation of section 377(2), (3), (4), (4A) and (7).
(3) In this section, “Singapore insolvency law” has the same meaning as in Article 2(k) of the Tenth Schedule.”.
