§ 53 — Notice of revision of repayment schedule

53.—(1) Where A seeks a revision of the repayment schedule pursuant to section 43(5), A must serve a notice of revision on all the persons in subsection (2), in accordance with subsections (3) and (4).(2) The persons for the purpose of subsection (1) are all of the following:(a)

B and B’s assignees;

(b)

any person who is A’s guarantor or surety, or who has issued any performance bond or equivalent, in relation to any of A’s obligations under the specified contract.

(3) A must serve the notice of revision on all the persons in subsection (2) —(a)

within 6 weeks, or such longer period as the Minister may determine by order in the Gazette, after —(i)

the date of commencement of section 9 of the COVID‑19 (Temporary Measures) (Amendment No. 3) Act 2020; or

(ii)

where A seeks to revise the repayment schedule under subsection (1) pursuant to a change in the substance of Part 1 or 2 of the Fourth Schedule, the date of commencement of the amendment effecting the change; and

(b)

within the service period for that notice.

(4) The notice of revision must set out the revised repayment schedule proposed by A that satisfies the following requirements:(a)

the amount covered by A’s revised repayment schedule must include, and only include —(i)

moneys that became payable under the specified contract on or after 1 February 2020 and before the date of the notice of revision, and that remain unpaid on that date;

(ii)

any interest imposed on any late payment of the moneys in sub‑paragraph (i) (determined in accordance with section 7A, where section 7A applies), accruing before the date of the notice of revision; and

(iii)

interest on the amounts in sub‑paragraphs (i) and (ii) at the prescribed rate;

(b)

the period of repayment must not exceed 18 months;

(c)

the amount covered by A’s revised repayment schedule must be payable in equal instalments, on a monthly basis;

(d)

the first instalment must be payable within one month after the period of 6 weeks, or such longer period as the Minister may determine by order in the Gazette, after the date of commencement of section 9 of the COVID‑19 (Temporary Measures) (Amendment No. 3) Act 2020.

(5) To avoid doubt —(a)

the period of repayment in subsection (4)(b) may extend beyond the period provided in the specified contract for repayment; and

(b)

upon service of the notice of revision, A cannot be required to pay any other interest or charge (however described) on the moneys mentioned in subsection (4)(a)(i) and (ii), that might be payable under the specified contract after the date of the notice of revision.[Act 37 of 2020 wef 14/01/2021]

—(1) Where A seeks a revision of the repayment schedule pursuant to section 43(5), A must serve a notice of revision on all the persons in subsection (2), in accordance with subsections (3) and (4).

(2) The persons for the purpose of subsection (1) are all of the following:(a)

B and B’s assignees;

(b)

any person who is A’s guarantor or surety, or who has issued any performance bond or equivalent, in relation to any of A’s obligations under the specified contract.

(3) A must serve the notice of revision on all the persons in subsection (2) —(a)

within 6 weeks, or such longer period as the Minister may determine by order in the Gazette, after —(i)

the date of commencement of section 9 of the COVID‑19 (Temporary Measures) (Amendment No. 3) Act 2020; or

(ii)

where A seeks to revise the repayment schedule under subsection (1) pursuant to a change in the substance of Part 1 or 2 of the Fourth Schedule, the date of commencement of the amendment effecting the change; and

(b)

within the service period for that notice.

(4) The notice of revision must set out the revised repayment schedule proposed by A that satisfies the following requirements:(a)

the amount covered by A’s revised repayment schedule must include, and only include —(i)

moneys that became payable under the specified contract on or after 1 February 2020 and before the date of the notice of revision, and that remain unpaid on that date;

(ii)

any interest imposed on any late payment of the moneys in sub‑paragraph (i) (determined in accordance with section 7A, where section 7A applies), accruing before the date of the notice of revision; and

(iii)

interest on the amounts in sub‑paragraphs (i) and (ii) at the prescribed rate;

(b)

the period of repayment must not exceed 18 months;

(c)

the amount covered by A’s revised repayment schedule must be payable in equal instalments, on a monthly basis;

(d)

the first instalment must be payable within one month after the period of 6 weeks, or such longer period as the Minister may determine by order in the Gazette, after the date of commencement of section 9 of the COVID‑19 (Temporary Measures) (Amendment No. 3) Act 2020.

(5) To avoid doubt —(a)

the period of repayment in subsection (4)(b) may extend beyond the period provided in the specified contract for repayment; and

(b)

upon service of the notice of revision, A cannot be required to pay any other interest or charge (however described) on the moneys mentioned in subsection (4)(a)(i) and (ii), that might be payable under the specified contract after the date of the notice of revision.[Act 37 of 2020 wef 14/01/2021]