Singapore legislation
Section 16
Section 16
Effect of revocation of licence
(1)
Where an order of revocation becomes effective under section 15 —
(a)
notice of the revocation must be published in the Gazette; and
(b)
the finance company must, from the date of the notice, cease to transact any financing business in Singapore except as may be approved by the Authority for the purpose of winding up its financing business.
(2)
Subsection (1)(b) does not affect the enforcement by any person of any right or claim against the finance company or by the finance company of any right or claim against any person.