On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 18/04/2013.
49FH.
—(1) Notwithstanding section 41E and subject to section 49FQ, no resolution shall be passed, and no order shall be made, for the winding up of a transferor during the period —
(a)
beginning on —
(i)
the date on which the Minister publishes the notice under section 49FF(9) in the Gazette on the transfer of the business (or any part thereof) of the transferor; or
(ii)
where the notice is not published in the Gazette, the date on which the Authority publishes the certificate under section 49FG(5) in the Gazette on the transfer of the business (or any part thereof) of the transferor; and
(b)
ending on —
(i)
the date on which the certificate comes into effect; or
(ii)
where the certificate specifies a different date for the coming into effect of the transfer of any specified business, the last date on which the transfer of every specified business has come into effect.
[16/2011 wef 01/05/2011]
(2) Notwithstanding section 41E and subject to section 49FU, during the period beginning with the date on which the Minister publishes the notice under section 49FF(9) in the Gazette on the transfer of a specified business of the transferor or, where the notice is not published in the Gazette, the date on which the Authority publishes the certificate under section 49FG(5) in the Gazette on the transfer of the specified business and ending with the date on which the transfer of the specified business comes into effect —
(a)
no proceedings shall be commenced or continued against the transferor in respect of the specified business;
(b)
no execution, distress or other legal process shall be commenced, levied or continued against the specified business;
(c)
no steps shall be taken to enforce any security over the specified business or repossess from the transferor the specified business under any hire-purchase agreement, chattels leasing agreement or retention of title agreement; and
(d)
any sale, transfer, assignment or other disposition of the specified business shall be void, except for any payment of claims to policy owners or claimants (other than policy owners who are related corporations of the transferor).
[16/2011 wef 01/05/2011]