Singapore legislation
Clause 46
Clause 46
Winding up ordered by court
(1)
A registered business trust may be wound up under an order of the court on the petition of —
the trustee-manager of the registered business trust;
a director of the trustee-manager of the registered business trust;
a unitholder of the registered business trust; or
a creditor of the registered business trust on the basis of subsection (2)(b).
(2)
The court may, on an application referred to in subsection (1), order the trustee-manager of a registered business trust to wind up the registered business trust if —
the court thinks it is just and equitable to make the order; or
within 3 months before the making of the application for the order, execution was issued on a judgment, a decree or an order obtained in court, whether in Singapore or elsewhere, in favour of a creditor of the registered business trust and the execution has been returned unsatisfied,and upon such order, the trustee-manager shall wind up the registered business trust.
(3)
The court may order the trustee-manager of a registered business trust to wind up the registered business trust on the petition of the Authority on any of the following grounds:
the registered business trust has carried on, promoted or participated in a pyramid selling scheme or arrangement within the meaning of section 2(1) of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act (Cap. 190) in contravention of that Act;
the registered business trust is being used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore or against national security or interest; or
a report has been made in respect of the registered business trust by an inspector appointed by the Minister under section 103,and upon such order, the trustee-manager shall wind up the registered business trust.
(4)
On the making of a winding up order by the court under subsection (2), the petitioner shall within 7 days —
lodge a copy of that order with the Authority; and
cause a copy of that order to be served upon the secretary of the trustee-manager of the registered business trust or upon such other person and in such manner as the court may direct.
(5)
Any person who contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.