Singapore legislation
Clause 21
Clause 21
Restrictions on voluntary winding up
(1)
Despite the provisions of any other written law, where a company is a public bus operator holding a Class 1 bus service licence —
the company cannot be wound up voluntarily without the consent of the LTA;
a judicial management order under the Companies Act (Cap. 50) cannot be made in relation to the company; and
no step may be taken by any person to enforce any security over the company’s property except where that person has served 14 days’ notice of the person’s intention to take that step on the LTA.
(2)
The LTA must be a party to any proceedings under the Companies Act relating to the winding up of the affairs of a company which is a public bus operator holding a Class 1 bus service licence.