44.—(1) Where a finance company becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of the finance company are to be available to meet the liabilities in Singapore of the finance company specified in section 44A.
(2) The liabilities in Singapore specified in section 44A have priority over all unsecured liabilities of the finance company other than the preferential debts specified in section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018.[40/2018]
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