Singapore legislation
Section 53
Section 53
Winding up provisions
(1)
Without affecting the provisions of the Insolvency, Restructuring and Dissolution Act 2018 —
a chit fund 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 Minister; and
the court may order the winding up of a chit fund company if that company —
has held a licence under this Act and that licence has expired or has been revoked;
has been declared insolvent; or
has carried on chit fund business in Singapore in contravention of the provisions of this Act.
(2)
In the winding up of a chit fund company that has been carrying on chit fund business, every subscriber who has not purchased a chit fund amount is entitled to recover that subscriber’s contribution in the manner set out in section 40(2).