Singapore legislation
Section 54
Section 54
Winding up provisions
(1)
Without affecting the provisions of the Insolvency, Restructuring and Dissolution Act 2018 and Part 4B of the Monetary Authority of Singapore Act 1970 —
a company (whether or not it is being wound up voluntarily) may be wound up under an order of the court on the application of the Authority; and
the court may order the winding up of a company if —
the company has held a licence under this Act and that licence has expired or has been revoked; or
the company has carried on financing business in Singapore in contravention of the provisions of this Act.
(2)
In the winding up of a company that has been carrying on financing business, the depositors are deemed to be holders of debentures issued to them by the company and secured by a floating charge over all the property and undertaking of the company.