s 20 Restrictions on voluntary winding up, etc., of licensees
20.—(1) Despite any other written law —(a) a licensee cannot be wound up without the consent of the Authority; (b) a person must not make an application under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a licensee without the consent of the Authority; (c) no judicial management order under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 may be made in relation to a licensee without the consent of the Authority; (d) 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 licensee without the consent of the Authority; (e) a person must not take any step to enforce any security over the property of a licensee unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Authority; and (f) a person must not take any step to execute or enforce any judgment or order of court against a licensee unless that person has served 14 days’ notice in writing of that person’s intention to take that step on the Authority. (2) The Authority 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 licensee; (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 licensee; and (c) any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 for the winding up of the affairs of a licensee. (3) A court must, when deciding any proceedings mentioned in subsection (2), take into consideration any representations made by the Authority in those proceedings. (4) This section does not apply to or in relation to any licensee that has been designated as a designated operating entity, starting on its effective designation date and while it remains so designated.[Act 20 of 2024 wef 01/04/2025]