Insolvency, Restructuring and Dissolution (Prescribed Companies and Entities) Order 2020

No. S 619

Insolvency, Restructuring
and Dissolution Act 2018

(ACT 40 OF 2018)

Insolvency, Restructuring and Dissolution
(Prescribed Companies and Entities)
Order 2020

In exercise of the powers conferred by sections 63(3), 91(8)(d) and 94(13)(e) of the Insolvency, Restructuring and Dissolution Act 2018, and by Article 1(2) of the Third Schedule to, read with section 252(1) of, the Act, the Minister for Law makes the following Order:

Citation and commencement

1. This Order is the Insolvency, Restructuring and Dissolution (Prescribed Companies and Entities) Order 2020 and comes into operation on 30 July 2020.

Definitions

2. In this Order —

“company” means any corporation liable to be wound up under the Act;

“cover pool”, in relation to a covered bond, means a pool of assets that are owned legally or beneficially, or both legally and beneficially, by a banking corporation incorporated in Singapore or a covered bond special purpose vehicle, for the purpose of securing the payment of one or more of the following:

(a)	the liabilities of the holder of the covered bond;
(b)	any liabilities arising from the enforcement of the rights of a holder of the covered bond;
(c)	any liabilities to any third‑party service provider appointed for the purposes of the operation and administration of the programme under which the covered bond is issued;

“covered bond” means any bond, note or other debenture issued by a banking corporation incorporated in Singapore or by a covered bond special purpose vehicle established in connection with the programme introduced by a banking corporation incorporated in Singapore for the issue of the bond, note or other debenture, under which the liabilities to a holder of such bond, note or debenture, and any liabilities arising from the enforcement of the rights of the holder are —

(a)	secured by the assets in the cover pool; and
(b)	recoverable from the banking corporation regardless of whether the assets in the cover pool are sufficient to meet the liabilities;

“covered bond special purpose vehicle” means a company incorporated in Singapore for the primary purpose of one or both of the following:

(a)	issuing any covered bond;
(b)	holding the cover pool in relation to any covered bond issued by a banking corporation incorporated in Singapore or by the company;

“securitisation special purpose vehicle” means a company that is a special purpose vehicle as defined in section 262(3) of the Securities and Futures Act 2001.

[S 247/2023 wef 31/12/2021]

Prescribed companies under section 63(3) of Act

3. The following classes of companies are excluded from the definition of “company” for the purposes of section 63(3) of the Act:

(a)

a company that is a banking corporation;

(b)

a company that is an airport licensee licensed under section 36 of the Civil Aviation Authority of Singapore Act 2009;

[S 247/2023 wef 31/12/2021]

(c)

a company that is a finance company licensed under section 6 of the Finance Companies Act 1967;

[S 247/2023 wef 31/12/2021]

(d)

a company that is a securitisation special purpose vehicle;

(e)

a company that is a licensed insurer licensed under section 11 of the Insurance Act 1966;

[S 247/2023 wef 31/12/2021]

(f)

a company that —

(i)	is a financial institution approved under, or treated as approved, under section 4 of the Financial Services and Markets Act 2022; or [S 411/2021 wef 01/07/2021] [S 247/2023 wef 31/12/2021] [S 247/2023 wef 28/04/2023]
(ii)	holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970; [S 247/2023 wef 31/12/2021]

(g)

a company that is a specified telecommunication licensee declared under section 45 of the Telecommunications Act 1999;

[S 247/2023 wef 31/12/2021]

(h)

a company that is a covered bond special purpose vehicle.

Prescribed companies under sections 91(8)(d) and 94(13)(e) of Act

4. The following companies are prescribed for the purposes of sections 91(8)(d) and 94(13)(e) of the Act:

(a)

a company that is a securitisation special purpose vehicle;

(b)

a company that is a covered bond special purpose vehicle;

(c)

a company that —

(i)	is a financial institution approved under, or treated as approved, under section 4 of the Financial Services and Markets Act 2022; or [S 411/2021 wef 01/07/2021] [S 247/2023 wef 31/12/2021] [S 247/2023 wef 28/04/2023]
(ii)	holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970. [S 247/2023 wef 31/12/2021]

Prescribed entities under Article 1(2) of Third Schedule to Act

5.—(1) The following corporations are prescribed for the purposes of Article 1(2) of the Third Schedule to, read with section 252(1) of, the Act:

(a)

a banking corporation;

(b)

a corporation licensed under section 57B of the Banking Act 1970 to carry on the business of issuing credit cards or charge cards in Singapore;

[S 247/2023 wef 31/12/2021]

(c)

a corporation that —

(i)	is a financial institution approved under, or treated as approved, under section 4 of the Financial Services and Markets Act 2022; or [S 411/2021 wef 01/07/2021] [S 247/2023 wef 31/12/2021] [S 247/2023 wef 28/04/2023]
(ii)	holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970; [S 247/2023 wef 31/12/2021]

(d)

a finance company licensed under section 6 of the Finance Companies Act 1967;

[S 247/2023 wef 31/12/2021]

(e)

a corporation that holds a licence under section 6 of the Payment Services Act 2019 to carry on a business of providing any type of payment service;

[S 247/2023 wef 31/12/2021]

(f)

a corporation that is the operator of a payment system that is designated as a designated payment system under section 42 of the Payment Services Act 2019;

(g)

an authorised reinsurer as defined in section 2 of the Insurance Act 1966;

[S 247/2023 wef 31/12/2021]

(h)

a licensed insurer licensed under section 11 of the Insurance Act 1966;

[S 247/2023 wef 31/12/2021]

(i)

an insurance broker registered under section 76 of the Insurance Act 1966;

[S 247/2023 wef 31/12/2021]

(j)

an approved insurance broker as defined in regulation 2(1) of the Insurance (Approved Marine, Aviation and Transit Insurance Brokers and Approved Reinsurance Brokers) Regulations (Rg 14);

[S 247/2023 wef 31/12/2021]

(k)

the administrator as defined in regulation 2 of the Insurance (Lloyd’s Scheme) Regulations (Rg 8);

[S 247/2023 wef 31/12/2021]

(l)

a member of Lloyd’s that is permitted to carry on general class of insurance business in accordance with regulation 3 of the Insurance (Lloyd’s Scheme) Regulations, or any insurance business specified in the First Schedule to the Insurance (Lloyd’s Asia Scheme) Regulations (Rg 9) in accordance with regulation 3 of the Insurance (Lloyd’s Asia Scheme) Regulations;

[S 247/2023 wef 31/12/2021]

(m)

a Service Company as defined in regulation 2 of the Insurance (Lloyd’s Asia Scheme) Regulations;

(n)

an approved MAT insurer as defined in regulation 2(1) of the Insurance (Approved Marine, Aviation and Transit Insurers) Regulations (Rg 15);

[S 247/2023 wef 31/12/2021]

(o)

an approved clearing house as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(p)

an approved exchange as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(q)

an approved holding company as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(r)

an authorised benchmark administrator as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(s)

an authorised benchmark submitter as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(t)

a licensed foreign trade repository as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(u)

a licensed trade repository as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(v)

a recognised clearing house as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(w)

a recognised market operator as defined in section 2(1) of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(x)

the Depository as defined in section 81SF of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(y)

a holder of a capital markets services licence granted under section 86 of the Securities and Futures Act 2001;

[S 247/2023 wef 31/12/2021]

(z)

a trustee for a collective investment scheme authorised under section 286 of the Securities and Futures Act 2001, that is approved under section 289 of that Act;

[S 247/2023 wef 31/12/2021]

(za)

[Deleted by S 634/2024 wef 01/08/2024]

(zb)

a financial adviser licensed under section 10 of the Financial Advisers Act 2001;

[S 247/2023 wef 31/12/2021]

(zc)

a licensed trust company licensed under section 5 of the Trust Companies Act 2005;

[S 247/2023 wef 31/12/2021]

(zd)

a corporation that is the operator of a designated system designated under section 3 of the Payment and Settlement Systems (Finality and Netting) Act 2002;

[S 247/2023 wef 31/12/2021]

(ze)

a trustee‑manager of a business trust registered under the Business Trusts Act 2004;

[S 247/2023 wef 31/12/2021]

(zf)

any other corporation that is licensed, approved, authorised, designated, recognised or registered, or treated as licensed, approved, authorised, designated, recognised or registered, under the provisions of any of the following written laws:

(i)	the Banking Act 1970; [S 247/2023 wef 31/12/2021]
(ii)	the Business Trusts Act 2004; [S 247/2023 wef 31/12/2021]
(iii)	the Finance Companies Act 1967; [S 247/2023 wef 31/12/2021]
(iv)	the Financial Advisers Act 2001; [S 247/2023 wef 31/12/2021]
(iva)	the Financial Services and Markets Act 2022; [S 247/2023 wef 28/04/2023]
(v)	the Insurance Act 1966; [S 247/2023 wef 31/12/2021]
(vi)	[Deleted by S 247/2023 wef 28/04/2023]
(vii)	the Payment and Settlement Systems (Finality and Netting) Act 2002; [S 247/2023 wef 31/12/2021]
(viii)	the Payment Services Act 2019;
(ix)	the Securities and Futures Act 2001; [S 247/2023 wef 31/12/2021]
(x)	the Trust Companies Act 2005. [S 247/2023 wef 31/12/2021] [S 247/2023 wef 28/04/2023]

(2) In this paragraph, “member of Lloyd’s” has the meaning given by regulation 2 of the Insurance (Lloyd’s Scheme) Regulations.

Made on 21 July 2020.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 06/011/004; AG/LEGIS/SL/142B/2015/26 Vol. 1]

Search within Legislation