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10
NO. 14 OF 2020
- (c) A has served a notification for relief in accordance with section 9(1) on—
- (i) the other party or parties to the contract;
- (ii) any guarantor or surety for A's obligation in the contract; and
- (iii) such other person as may be prescribed.
(2) Despite any law or anything in the contract, another party to the contract (called in this Division B) may not take any action described in subsection (3) in relation to the subject inability until after the earliest of the following:
- (a) the expiry of the prescribed period;
- (b) the withdrawal by A of A's notification for relief;
- (c) on an application under section 9(2), the assessor makes a determination that the case in question is not one to which this section applies.
(3) The actions mentioned in subsection (2) are—
- (a) the commencement or continuation of an action in a court against A or A's guarantor or surety;
- (b) the commencement or continuation of arbitral proceedings under the Arbitration Act (Cap. 10) against A or A's guarantor or surety;
- (c) the enforcement of any security over any immovable property;
- (d) the enforcement of any security over any movable property used for the purpose of a trade, business or profession;
Example
- Plant and machinery.
- (e) the making of an application under section 210(1) of the Companies Act (Cap. 50) for a meeting of creditors to be summoned to approve a compromise or an arrangement in relation to A or A's guarantor or surety;
