Insolvency, Restructuring and Dissolution Act 2018 |
Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020 |
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Citation and commencement |
1. These Regulations are the Insolvency, Restructuring and Dissolution (Saving and Transitional Provisions) Regulations 2020 and come into operation on 30 July 2020. |
Definitions |
2. In these Regulations —
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Additional transitional provisions |
Additional saving and transitional provisions for repeal of Bankruptcy Act |
4.—(1) For the purposes of section 525(1) of the Act —
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Saving and transitional provision for amendment of Air Navigation Act |
5. Despite section 453 of the Act, section 29B(1) of the Air Navigation Act (Cap. 6) as in force immediately before 30 July 2020 continues to apply to or in relation to any financial penalty imposed by the Civil Aviation Authority of Singapore established by section 4 of the Civil Aviation Authority of Singapore Act (Cap. 41) on any person who is adjudged bankrupt pursuant to a bankruptcy application made before that date. |
Saving and transitional provisions for amendment of Banking Act |
6.—(1) Despite section 454(b) of the Act, section 61(2) of the Banking Act (Cap. 19) as in force immediately before 30 July 2020 continues to apply to or in relation to the liabilities in Singapore of a bank that is wound up pursuant to —
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Saving and transitional provisions for amendment of Bus Services Industry Act 2015 |
7.—(1) Despite section 455(a) of the Act, section 21(1)(b) of the Bus Services Industry Act 2015 (Act 30 of 2015) as in force immediately before 30 July 2020 continues to apply to or in relation to a public bus operator holding a Class 1 bus service licence, in respect of which an application for a judicial management order was made before that date under the Companies Act.
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Saving and transitional provision for amendment of Business Names Registration Act 2014 |
8. Despite section 456 of the Act, section 17(2)(b) of the Business Names Registration Act 2014 (Act 29 of 2014) as in force immediately before 30 July 2020 continues to apply to or in relation to a business that seeks to be registered under, or seeks to change its registered business name to, a business name that is identical to the name of a company that was dissolved following its winding up under Part X of the Companies Act. |
Saving and transitional provisions for amendment of Business Trusts Act |
9.—(1) Despite section 457(a) and (d) of the Act, section 48(1) of the Business Trusts Act (Cap. 31A) as in force immediately before 30 July 2020, read with the definition of “approved liquidator” in section 2 of the Business Trusts Act as in force immediately before that date, continues to apply to or in relation to any appointment before that date of an approved liquidator to take responsibility for winding up a registered business trust, and for this purpose section 526(2)(a) of the Act applies to or in relation to any approved liquidator who was appointed before that date to take responsibility for winding up the registered business trust.
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Saving and transitional provision for amendment of Child Development Co‑Savings Act |
10. Despite section 459 of the Act, section 5(b) of the Child Development Co‑Savings Act (Cap. 38A) as in force immediately before 30 July 2020 continues to apply to or in relation to any payment into a member’s bank account by a parent who is adjudged bankrupt arising from a bankruptcy application made before that date. |
Saving and transitional provisions for amendment of Chit Funds Act |
11.—(1) Despite section 460(a) of the Act, section 53(1) of the Chit Funds Act (Cap. 39) as in force immediately before 30 July 2020 continues to apply to or in relation to any chit fund company that is wound up pursuant to —
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Saving and transitional provisions for amendment of Civil Aviation Authority of Singapore Act |
12.—(1) Despite section 461(a) of the Act, section 72(6) of the Civil Aviation Authority of Singapore Act as in force immediately before 30 July 2020 continues to apply to or in relation to a company that is an airport licensee in respect of which an application under section 72(1) of the Civil Aviation Authority of Singapore Act was made before that date.
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Saving and transitional provision for amendment of Civil Law Act |
13. Despite section 462 of the Act, section 4(1) of the Civil Law Act (Cap. 43) as in force immediately before 30 July 2020 continues to apply to or in relation to a company that is wound up pursuant to —
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Saving and transitional provisions for amendment of Consumer Protection (Fair Trading) Act |
14.—(1) Despite section 451(16) of the Act, section 9(4)(d)(iv) of the Consumer Protection (Fair Trading) Act (Cap. 52A) as in force immediately before 30 July 2020, read with section 211I of the Companies Act, continues to apply to or in relation to a supplier that made an application under section 211I of the Companies Act for the approval of the Court in relation to a compromise or arrangement before that date, as if section 451(16) of the Act had not been enacted.
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Saving and transitional provision for amendment of Conveyancing and Law of Property Act |
15. Despite section 464 of the Act, section 73B of the Conveyancing and Law of Property Act (Cap. 61) as in force immediately before 30 July 2020 continues to apply to or in relation to any conveyance of property made before that date. |
Saving and transitional provisions for amendment of Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act |
16.—(1) Despite section 466(a) and (b) of the Act, section 12(6)(a) and (b) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A) as in force immediately before 30 July 2020 continues to apply to or in relation to a confiscation order made before that date.
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Saving provisions for amendment of Deposit Insurance and Policy Owners’ Protection Schemes Act |
17.—(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 —
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Saving and transitional provisions for amendment of District Cooling Act |
18.—(1) Despite section 469(b) of the Act, section 22(4)(b) of the District Cooling Act (Cap. 84A) as in force immediately before 30 July 2020 continues to apply to or in relation to a licensee in respect of which an application for a judicial management order was made before that date under the Companies Act.
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Saving and transitional provision for amendment of Early Childhood Development Centres Act 2017 |
19. Despite section 470 of the Act, section 16(12) of the Early Childhood Development Centres Act 2017 (Act 19 of 2017) as in force immediately before 30 July 2020 continues to apply to or in relation to a company that is a licensee in respect of which a written notice under section 16(3) of the Early Childhood Development Centres Act 2017 was given before that date. |
Saving and transitional provision for amendment of Education Endowment and Savings Schemes Act |
20. Despite section 471 of the Act, section 16G(3) of the Education Endowment and Savings Schemes Act (Cap. 87A) as in force immediately before 30 July 2020 continues to apply to or in relation to any parent who is adjudged bankrupt pursuant to a bankruptcy application made before that date. |
Saving and transitional provision for amendment of Education Service Incentive Payment Act |
21. Despite section 472 of the Act, section 7(2) of the Education Service Incentive Payment Act (Cap. 87B) as in force immediately before 30 July 2020 continues to apply to or in relation to any member of the CONNECT Plan who is adjudged bankrupt pursuant to a bankruptcy application made before that date. |
Saving and transitional provisions for amendment of Electricity Act |
22.—(1) Despite section 473(b) of the Act, section 29(6) of the Electricity Act (Cap. 89A) as in force immediately before 30 July 2020 continues to apply to or in relation to an electricity licensee in respect of which an application under section 29(1) of the Electricity Act was made before that date.
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Saving and transitional provisions for amendment of Employment Act |
23.—(1) Despite section 474(a) of the Act, section 47(1)(a) of the Employment Act (Cap. 91) as in force immediately before 30 July 2020 continues to apply to or in relation to any employer that is wound up pursuant to —
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Saving and transitional provisions for amendment of Environmental Public Health Act |
24.—(1) Despite section 475(a) of the Act, section 31A(6) of the Environmental Public Health Act (Cap. 95) as in force immediately before 30 July 2020 continues to apply to or in relation to a public waste collector licensee in respect of which an application under section 31A(1) of the Environmental Public Health Act was made before that date.
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Saving and transitional provisions for amendment of Finance Companies Act |
25.—(1) Despite section 477(a) of the Act, section 44(2) of the Finance Companies Act (Cap. 108) as in force immediately before 30 July 2020 continues to apply to or in relation to any finance company that is wound up pursuant to —
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Saving and transitional provisions for amendment of Financial Advisers Act |
26.—(1) Despite section 478(a) of the Act, section 66(1) of the Financial Advisers Act (Cap. 110) as in force immediately before 30 July 2020 continues to apply to or in relation to the winding up of the affairs of a licensed financial adviser pursuant to —
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Saving and transitional provisions for amendment of Gas Act |
27.—(1) Despite section 480(b) of the Act, section 34(5) of the Gas Act (Cap. 116A) as in force immediately before 30 July 2020 continues to apply to or in relation to a gas licensee in respect of which an application under section 34(1) of the Gas Act was made before that date.
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Saving and transitional provision for amendment of Home Affairs Uniformed Services Superannuation Act |
28. Despite section 481 of the Act, section 8(1) of the Home Affairs Uniformed Services Superannuation Act (Cap. 126B) as in force immediately before 30 July 2020 continues to apply to or in relation to any member of the INVEST Plan who is adjudged bankrupt pursuant to a bankruptcy application made before that date. |
Saving and transitional provision for amendment of Housing Developers (Control and Licensing) Act |
29. Despite section 482 of the Act, section 25(2)(a) of the Housing Developers (Control and Licensing) Act (Cap. 130) as in force immediately before 30 July 2020 continues to apply to or in relation to any licensed housing developer that is wound up pursuant to —
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Saving and transitional provisions for amendment of Insurance Act |
30.—(1) Despite section 483(b) of the Act —
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Saving and transitional provisions for amendment of International Interests in Aircraft Equipment Act |
31.—(1) Despite section 484(a) and (b) of the Act, section 4(3), (4), (14) and (15) of the International Interests in Aircraft Equipment Act (Cap. 144B) as in force immediately before 30 July 2020, read with the definitions of “commencement of insolvency proceedings” and “insolvency proceedings” in section 2(1) of the International Interests in Aircraft Equipment Act as in force immediately before that date, continues to apply to or in relation to any security agreement, title reservation agreement or leasing agreement creating or providing for an international interest in an aircraft object, or any contract of sale of an aircraft object, where insolvency proceedings were commenced against the debtor of the agreement pursuant to —
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Saving and transitional provision for amendment of Land Titles Act |
32. Despite section 485 of the Act, section 110(1A) of the Land Titles Act (Cap. 157) as in force immediately before 30 July 2020 continues to apply to or in relation to the property of —
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Saving and transitional provisions for amendment of Land Titles (Strata) Act |
33.—(1) Despite section 486 of the Act, section 83 of the Land Titles (Strata) Act (Cap. 158) as in force immediately before 30 July 2020 continues to apply to or in relation to any appointment made before that date under section 82 of the Land Titles (Strata) Act of a liquidator for the purpose of winding up the affairs and distributing the assets of a management corporation, and for this purpose section 526(2)(a) of the Act applies to or in relation to any liquidator who was appointed before that date under section 82 of the Land Titles (Strata) Act for the purpose of winding up the affairs and distributing the assets of the management corporation.
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Saving and transitional provision for amendment of Legal Aid and Advice Act |
34. Despite section 487 of the Act, section 12(4) of the Legal Aid and Advice Act (Cap. 160) as in force immediately before 30 July 2020 continues to apply to or in relation to an aided person to whom legal aid was granted to make a bankruptcy application against a debtor which was made before that date. |
Saving and transitional provisions for amendment of Legal Profession Act |
35.—(1) Despite section 488(a) of the Act —
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Saving and transitional provisions for amendment of Limited Liability Partnerships Act |
36.—(1) For the purpose of section 489(a) of the Act, any reference to the Official Receiver in —
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Saving and transitional provision for amendment of Limited Partnerships Act |
37. Despite section 490 of the Act, section 17A(2)(c) of the Limited Partnerships Act (Cap. 163B) as in force immediately before 30 July 2020 continues to apply to or in relation to a limited partnership that seeks to be registered under, or seeks to change its name to, a name that is identical to the name of a company that was dissolved following its winding up under Part X of the Companies Act. |
Saving and transitional provisions for amendment of Maritime and Port Authority of Singapore Act |
38.—(1) Despite section 491(a) of the Act, the definition of “indirect controller” in section 86A(1) of the Maritime and Port Authority of Singapore Act (Cap. 170A) as in force immediately before 30 July 2020, read with the definition of “officer” in section 86A(1) of the Maritime and Port Authority of Singapore Act as in force immediately before that date, continues to apply to or in relation to any designated public licensee, designated business trust or designated equity interest holder, in respect of which a judicial manager is appointed under Part VIIIA of the Companies Act pursuant to an application for a judicial management order made before that date.
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Saving and transitional provisions for amendment of Monetary Authority of Singapore Act |
39.—(1) Despite section 492(b) of the Act, section 53(2)(b) of the Monetary Authority of Singapore Act (Cap. 186) as in force immediately before 30 July 2020 continues to apply to or in relation to a specified financial institution in respect of which an application for an order under section 53(2)(b) of the Monetary Authority of Singapore Act is made before that date.
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Saving and transitional provisions for amendment of Moneylenders Act |
40.—(1) Despite section 493(a) of the Act, section 11D(3)(a) of the Moneylenders Act (Cap. 188) as in force immediately before 30 July 2020 continues to apply to or in relation to a director or substantial shareholder of a licensee against whom a bankruptcy application under the Bankruptcy Act is made before that date.
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Saving and transitional provisions for amendment of Motor Vehicles (Third-Party Risks and Compensation) Act |
41.—(1) Despite section 494(a) and (b) of the Act, section 10(2) of the Motor Vehicles (Third-Party Risks and Compensation) Act (Cap. 189) as in force immediately before 30 July 2020 continues to apply to or in relation to any deceased person who was issued a policy for the purposes of the Motor Vehicles (Third-Party Risks and Compensation) Act and in respect of whose estate an order for the administration in bankruptcy of the estate of a deceased debtor is made pursuant to an application under section 148 of the Bankruptcy Act made before that date.
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Saving and transitional provisions for amendment of Mutual Assistance in Criminal Matters Act |
42.—(1) Despite section 495(a) of the Act, item 38A of the Second Schedule to the Mutual Assistance in Criminal Matters Act (Cap. 190A) as in force immediately before 30 July 2020 continues to apply to or in relation to an offence under section 340(5) of the Companies Act that is committed in relation to a company that is wound up pursuant to —
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Saving and transitional provisions for amendment of Mutual Benefit Organisations Act |
43.—(1) Despite section 496(a) of the Act, section 31(1)(e) of the Mutual Benefit Organisations Act (Cap. 191) as in force immediately before 30 July 2020, read with the Companies Act, continues to apply to or in relation to the winding up of the affairs of a mutual benefit organisation in respect of which registration is cancelled before that date.
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Saving and transitional provisions for amendment of Pawnbrokers Act 2015 |
44.—(1) Despite section 500(c) of the Act —
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Saving and transitional provisions for amendment of Payment and Settlement Systems (Finality and Netting) Act |
45.—(1) Despite section 501(a) and (b) of the Act, section 8(2) of the Payment and Settlement Systems (Finality and Netting) Act (Cap. 231) as in force immediately before 30 July 2020, read with the definition of “relevant office holder” in section 2(1), and sections 2(2) and 6(1), of the Payment and Settlement Systems (Finality and Netting) Act as in force immediately before that date, continues to apply to or in relation to the netting or settlement of any transfer order, or any other action taken under the Rules of a designated system with respect to any transfer order, by a participant of the designated system in respect of which —
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Saving and transitional provision for amendment of Prevention of Corruption Act |
46. Despite section 502 of the Act, section 4E(2) of the Prevention of Corruption Act (Cap. 241) as in force immediately before 30 July 2020 continues to apply to or in relation to any member of the Occupational Superannuation Scheme (established under section 4A of the Prevention of Corruption Act) who is adjudged bankrupt pursuant to a bankruptcy application made before that date. |
Saving and transitional provision for amendment of Private Education Act |
47. Despite section 503 of the Act, section 60(7) of the Private Education Act (Cap. 247A) as in force immediately before 30 July 2020 continues to apply to or in relation to the winding up of a private education institution that is wound up pursuant to —
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Saving and transitional provision for amendment of Public Utilities Act |
48. Despite section 504 of the Act, section 41(8) of the Public Utilities Act (Cap. 261) as in force immediately before 30 July 2020 continues to apply to or in relation to any financial penalty imposed by the Public Utilities Board under section 41(7) of the Public Utilities Act on a person who is adjudged bankrupt pursuant to a bankruptcy application made before that date, and any interest on such financial penalty. |
Saving and transitional provisions for amendment of Rapid Transit Systems Act |
49.—(1) Despite section 505(b) of the Act, section 27B(5) of the Rapid Transit Systems Act (Cap. 263A) as in force immediately before 30 July 2020 continues to apply to or in relation to a company that is a licensee and in respect of which an application under section 27B(1) of the Rapid Transit Systems Act was made before that date.
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Saving and transitional provisions for amendment of Securities and Futures Act |
50.—(1) Despite section 507(b) of the Act, the definition of “relevant office holder” in section 48(1) of the Securities and Futures Act (Cap. 289) as in force immediately before 30 July 2020 continues to apply to sections 81C(2) and (3), 81D(1) and (2), 81E(2)(b) and (c) and (4), 81F(2)(a), 81I(1), 81L(1) and 81O(2) of the Securities and Futures Act as in force immediately before that date, in relation to —
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Saving and transitional provision for amendment of Singapore Armed Forces Act |
51. Despite section 508 of the Act, section 205A(2)(b) of Singapore Armed Forces Act (Cap. 295) as in force immediately before 30 July 2020 continues to apply to or in relation to any serviceman who is adjudged bankrupt pursuant to a bankruptcy application made before that date. |
Saving and transitional provisions for amendment of Singapore Tourism (Cess Collection) Act |
52.—(1) Despite section 511(a) of the Act, section 24(1) of the Singapore Tourism (Cess Collection) Act (Cap. 305C) as in force immediately before 30 July 2020 continues to apply to or in relation to —
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Saving and transitional provisions for amendment of Skills Development Levy Act |
53.—(1) Despite section 514(a) of the Act, section 24(1) of the Skills Development Levy Act (Cap. 306) as in force immediately before 30 July 2020 continues to apply to or in relation to —
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Saving and transitional provisions for amendment of Societies Act |
54.—(1) Despite section 515 of the Act, section 25(1A) of the Societies Act (Cap. 311) as in force immediately before 30 July 2020, read with the Companies Act, continues to apply to or in relation to the winding up of the affairs of a society against which an order of dissolution is made under section 24 of the Societies Act before that date.
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Saving and transitional provision for amendment of Stamp Duties Act |
55. Despite section 516 of the Act, section 36(h) of the Stamp Duties Act (Cap. 312) as in force immediately before 30 July 2020 continues to apply to or in relation to —
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Saving and transitional provisions for amendment of Telecommunications Act |
56.—(1) Despite section 517(b) of the Act, sections 32J(3)(a) and 32L(1)(b) of the Telecommunications Act (Cap. 323) as in force immediately before 30 July 2020 continue to apply to or in relation to any specified telecommunication licensee that made an application under section 211I of the Companies Act before that date.
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Saving and transitional provision for amendment of Third Parties (Rights against Insurers) Act |
57. Despite section 518(a) of the Act —
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Saving and transitional provision for amendment of Third-Party Taxi Booking Service Providers Act 2015 |
58. Despite section 519 of the Act, section 28(b) of the Third‑Party Taxi Booking Service Providers Act 2015 (Act 17 of 2015) as in force immediately before 30 July 2020 continues to apply to or in relation to any financial penalty imposed by the Land Transport Authority of Singapore under the Third‑Party Taxi Booking Services Providers Act 2015 on a person who is adjudged bankrupt pursuant to a bankruptcy application made before that date, and any interest on such financial penalty. |
Saving and transitional provisions for amendment of Trade Unions Act |
59.—(1) Despite section 520 of the Act, section 20(3) of the Trade Unions Act (Cap. 333) as in force immediately before 30 July 2020, read with the Companies Act, continues to apply to or in relation to the winding up of the affairs of a trade union that is dissolved under section 19 of the Trade Unions Act before that date.
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Saving and transitional provisions for amendment of Trust Companies Act |
60.—(1) Despite section 521(a) of the Act, section 12(1) of the Trust Companies Act (Cap. 336) as in force immediately before 30 July 2020 continues to apply to or in relation to the winding up of the affairs of a licensed trust company pursuant to —
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Saving and transitional provision for amendment of Women’s Charter |
61. Despite section 523 of the Act, section 57(1) of the Women’s Charter (Cap. 353) as in force immediately before 30 July 2020 continues to apply to or in relation to any sums for which a woman is liable as a contributory of a company that is wound up pursuant to —
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Saving and transitional provisions for amendment of Work Injury Compensation Act |
62.—(1) Despite section 524(a) of the Act, section 19(4)(a) read with section 19(4)(i) of the Work Injury Compensation Act (Cap. 354) as in force immediately before 30 July 2020 continues to apply to or in relation to any employer who is adjudged bankrupt pursuant to a bankruptcy application made before that date.
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Permanent Secretary, Ministry of Law, Singapore. |
[LAW 06/011/004; AG/LEGIS/SL/142B/2015/18 Vol. 1] |