s 29ZB Meaning and effect of special administration order
29ZB.—(1) A special administration order is an order of the Minister made in accordance with section 29ZC in relation to a cruise terminal licensee that is an entity, a trustee-manager of a business trust or a trustee of a trust and directing that, during the period for which the order is in force, the affairs, business and property of the cruise terminal licensee, and of the business trust or the trust (as the case may be), are to be managed by the Board —(a) for the achievement of all or any of the purposes of such an order; and (b) in a manner which protects the respective interests of the shareholders, unitholders or beneficiaries (as the case may be), and the creditors and customers of the cruise terminal licensee. (2) The purposes of a special administration order made in relation to any cruise terminal licensee are —(a) the availability and reliability of the provision of cruise port services and facilities to the public; (b) the survival of the cruise terminal licensee, and of the business trust or the trust (as the case may be), or the whole or part of its undertaking as a going concern; (c) the transfer, as a going concern —(i) to another entity or the Board; or (ii) (as respects different parts of the area to which the cruise terminal licence relates, or different parts of its undertaking) to 2 or more entities, or to one or more entities and the Board, of so much of the cruise terminal licensee’s undertaking as is necessary to transfer in order to ensure that the functions which have been vested in the cruise terminal licensee by virtue of its cruise terminal licence may be properly carried out; and (d) the carrying out of those functions pending the making of the transfer and the vesting of those functions in the other entity or entities or the Board (whether by virtue of the transfer or of an authorisation or a variation which replaces the former cruise terminal licensee as a cruise terminal licensee). (3) The Minister may make regulations for giving effect to this Division, including —(a) regulations governing the transfer of a business or an undertaking mentioned in subsection (2)(c); and (b) where a special administration order is made in respect of a cruise terminal licensee that is a corporation, regulations applying, omitting or modifying provisions of Parts 7 and 9 of the Insolvency, Restructuring and Dissolution Act 2018. (4) In this section, “entity” means a sole proprietorship, partnership, corporation or other body of persons, whether corporate or unincorporate.[Act 28 of 2022 wef 01/04/2023]