Singapore legislation
Section 161
Section 161
Provisional liquidator and commencement of voluntary winding up
(1)
Where the directors of a company have made and lodged with the Official Receiver a statutory declaration in the prescribed form, and have lodged a declaration in the prescribed form with the Registrar of Companies —
that the company cannot by reason of its liabilities continue its business; and
that meetings of the company and of its creditors have been summoned for a date within 30 days after the date of the declaration,the directors must immediately appoint a licensed insolvency practitioner to be the provisional liquidator.
(2)
Subject to section 171, a provisional liquidator has and may exercise all the functions and powers of a liquidator in a creditors’ winding up, subject to such limitations and restrictions as may be prescribed by regulations.
(3)
The appointment of a provisional liquidator under this section continues for 30 days after the date of the appointment of the provisional liquidator, or for such further period as the Official Receiver may allow in any particular case, or until the appointment of a liquidator, whichever first occurs.
(4)
Notice of the appointment of a provisional liquidator under this section, together with a copy of the statutory declaration lodged with the Official Receiver under subsection (1), must be advertised, within 14 days after the appointment of the provisional liquidator, in the Gazette and at least one English local daily newspaper.
(5)
A provisional liquidator is entitled to receive such salary or remuneration by way of percentage or otherwise as is prescribed.
(6)
A voluntary winding up commences —
where a provisional liquidator has been appointed before the resolution for voluntary winding up was passed, at the time when the declaration mentioned in subsection (1) was lodged with the Registrar of Companies; or
in any other case, at the time of the passing of the resolution for voluntary winding up.