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Contents

Long Title

Part I PRELIMINARY

Part II LICENSING OF FINANCE COMPANIES

Part III RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION

Part IV REGULATION OF BUSINESS

Part V MINIMUM LIQUID ASSETS

Part VI INSPECTION AND CONTROL OF FINANCE COMPANIES

Part VII SUBMISSION OF ACCOUNTS AND DUTIES OF AUDITORS

Part VIII MISCELLANEOUS

Legislative History

Comparative Table

 
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On 20/12/2014, you requested the version as published on or before 20/12/2014.
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Priority of specified liabilities inter se
44A.
—(1)  Notwithstanding the provisions of any written law or rule of law relating to the winding up of companies, in the event of a winding up of a finance company, the following liabilities in Singapore of the finance company shall, amongst themselves, rank in the following order of priority:
(a)
firstly, any premium contributions due and payable by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 (Act 15 of 2011);
(b)
secondly, liabilities incurred by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits.
[31/2005; 15/2011]
(2)  The liabilities in each class specified in subsection (1) shall —
(a)
rank in the order specified but as between liabilities of the same class, such liabilities shall rank equally between themselves; and
(b)
be paid in full unless the assets of the finance company are insufficient to meet them in which case they shall abate in equal proportions between themselves.
[31/2005]
(3)  In this section, “Agency” and “DI Fund” have the same respective meanings as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.
[15/2011]