§ 26 — Restrictions on voluntary winding up, etc.

26.—(1) Despite any other written law —(a)

a designated entity that is a corporation or limited liability partnership cannot be wound up voluntarily without the consent of the Minister;

(b)

a designated entity that is a partnership cannot be dissolved —(i)

by a partner giving notice to the other partner or partners (as the case may be) of the partner’s intention to dissolve the partnership; or

(ii)

by the partners agreeing to dissolve the partnership,

without the consent of the Minister;

(c)

a designated entity that is a business trust cannot be wound up voluntarily without the consent of the Minister;

(d)

a designated entity that is a trust (other than a business trust) cannot be wound up or terminated voluntarily without the consent of the Minister;

(e)

a person must not make any application under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a designated entity that is a corporation, unless that person has served 14 days’ notice in writing of that person’s intention to make that application on the Minister;

(f)

no judicial management order under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 may be made in relation to a designated entity that is a corporation without the consent of the Minister;

(g)

no interim judicial manager or judicial manager may be appointed under section 94 of the Insolvency, Restructuring and Dissolution Act 2018 in respect of a designated entity that is a corporation without the consent of the Minister;

(h)

a person must not take any step to enforce any security over —(i)

the property of a designated entity; or

(ii)

in the case of a designated entity that is a trust (including a business trust) — the trust property of the trust,

unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Minister; and

(i)

a person must not take any step to execute or enforce any judgment or order of court obtained against a designated entity unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Minister.

(2) The Minister must be a party to —(a)

any proceedings relating to the making of an order under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a designated entity that is a corporation;

(b)

any proceedings relating to the making of a judicial management order under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a designated entity that is a corporation;

(c)

any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of a designated entity that is a company or an unregistered company;

(d)

any proceedings under the Limited Liability Partnerships Act 2005 relating to the winding up of the affairs of a designated entity that is a limited liability partnership; and

(e)

any proceedings before any court for the dissolution, winding up or termination (as the case may be) of any designated entity that is an entity not mentioned in paragraph (c) or (d).

(3) A court must, when deciding any proceedings mentioned in subsection (2), take into consideration any representations made by the Minister in those proceedings.

—(1) Despite any other written law —(a)

a designated entity that is a corporation or limited liability partnership cannot be wound up voluntarily without the consent of the Minister;

(b)

a designated entity that is a partnership cannot be dissolved —(i)

by a partner giving notice to the other partner or partners (as the case may be) of the partner’s intention to dissolve the partnership; or

(ii)

by the partners agreeing to dissolve the partnership,

without the consent of the Minister;

(c)

a designated entity that is a business trust cannot be wound up voluntarily without the consent of the Minister;

(d)

a designated entity that is a trust (other than a business trust) cannot be wound up or terminated voluntarily without the consent of the Minister;

(e)

a person must not make any application under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a designated entity that is a corporation, unless that person has served 14 days’ notice in writing of that person’s intention to make that application on the Minister;

(f)

no judicial management order under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 may be made in relation to a designated entity that is a corporation without the consent of the Minister;

(g)

no interim judicial manager or judicial manager may be appointed under section 94 of the Insolvency, Restructuring and Dissolution Act 2018 in respect of a designated entity that is a corporation without the consent of the Minister;

(h)

a person must not take any step to enforce any security over —(i)

the property of a designated entity; or

(ii)

in the case of a designated entity that is a trust (including a business trust) — the trust property of the trust,

unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Minister; and

(i)

a person must not take any step to execute or enforce any judgment or order of court obtained against a designated entity unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Minister.

(2) The Minister must be a party to —(a)

any proceedings relating to the making of an order under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a designated entity that is a corporation;

(b)

any proceedings relating to the making of a judicial management order under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a designated entity that is a corporation;

(c)

any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of a designated entity that is a company or an unregistered company;

(d)

any proceedings under the Limited Liability Partnerships Act 2005 relating to the winding up of the affairs of a designated entity that is a limited liability partnership; and

(e)

any proceedings before any court for the dissolution, winding up or termination (as the case may be) of any designated entity that is an entity not mentioned in paragraph (c) or (d).

(3) A court must, when deciding any proceedings mentioned in subsection (2), take into consideration any representations made by the Minister in those proceedings.