Singapore legislation
Clause 217
Clause 217
Application of winding up
(1)
A company (whether or not it is being wound up voluntarily) may be wound up under an order of the Court on the petition of —
the company;
any creditor, including a contingent or prospective creditor, of the company;
a contributory or any person who is the personal representative of a deceased contributory or the trustee in bankruptcy or the Official Assignee of the estate of a bankrupt contributory;
the liquidator;
the Minister pursuant to section 205 or on the ground specified in paragraph (d) of subsection (1) of section 218; or
in the case of a company which is carrying on or has carried on banking business, the Minister charged with the responsibility for finance;or of any two or more of those parties.[Aust.s. 221.]
(2)
Notwithstanding anything in subsection (1) of this section —
a person referred to in paragraph (c) of subsection section (1) of this section may not present a petition on any of the grounds specified in paragraph (a), (b), (c), (e) or (i) of section 218 unless —
the number of members of the company (not being a company the whole of the issued shares of which is held by a holding company) is reduced below two; or
the shares in respect of which the contributor was a contributory or some of them were originally allotted to the contributor, or have been held by him and registered in his name for at least six months during the eighteen months before the presentation of the petition or have devolved on him through the death or bankruptcy of a former holder;
a petition shall not, if the ground of the petition is default in lodging the statutory report or in holding the statutory meeting, be presented by any person except a contributory or the Minister nor before the expiration of fourteen days after the last day on which the meeting ought to have been held;
the Court shall not hear the petition if presented by a contingent or prospective creditor until such security for costs has been given as the Court thinks reasonable and a prima facie case for winding up has been established to the satisfaction of the Court; and
the Court shall not, where a company is being wound up voluntarily, make a winding up order unless it is satisfied that the voluntary winding up cannot be continued with due regard to the interests of the creditors or contributories.