s 44I Restrictions on voluntary winding up, etc.
44I.—(1) Despite any other written law —(a) a designated entity that is a corporation or a limited liability partnership cannot be wound up voluntarily without the consent of the Board; (b) a designated entity that is a partnership cannot be dissolved —(i) by a partner giving notice to the other partner or other 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 Board; (c) a designated business trust cannot be wound up voluntarily without the consent of the Board; (d) a designated trust cannot be wound up or terminated voluntarily without the consent of the Board; (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 Board; (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 Board; (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 Board; (h) a person must not take any step to enforce any security over a designated entity, the trust property of a designated business trust or the trust property of a designated trust, unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Board; and (i) a person must not take any step to enforce any judgment or order of court obtained against a designated entity, designated business trust or designated trust, unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Board.[13/2020] [Act 25 of 2021 wef 01/04/2022] (2) The Board 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 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 not mentioned in paragraph (c) or (d), or of any designated business trust or designated trust.[13/2020] (3) A court must, when deciding any proceedings mentioned in subsection (2), take into consideration any representations made by the Board in those proceedings.[13/2020]