Singapore legislation
Clause 40
Clause 40
Winding up provisions
(1)
Without prejudice to the provisions of the Companies Act, 1967 —
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 Minister; 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the company has held a licence under this Act and that licence has expired or has been revoked; or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 shall be 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.