Singapore legislation
Section 119
Section 119
Winding up of VCC
(1)
An application to the Court for the winding up of a declared VCC may be made by the Minister at any time after a report has been made by an inspector in respect of the VCC (but not one mentioned in subsection (2)), whereupon the provisions of this Act as to the winding up of a VCC apply with the necessary modifications, as if an application for such winding up had been made by the VCC to the Court.
(2)
An application to the Court for the winding up of a sub-fund of an umbrella VCC that is a declared VCC may be made by the Minister at any time after a report has been made by an inspector in respect of the sub‑fund, whereupon the provisions of this Act as to the winding up of a sub‑fund of a VCC apply with the necessary modifications, as if an application for such winding up had been made by the VCC to the Court.