Clause 40

by deleting the full‑stop at the end of paragraph (c) of subsection (1) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraph:“(d)where the company is a foreign company, it may be wound up only if it has a substantial connection with Singapore.”;

by inserting, immediately after subsection (2), the following subsection:“(2A) For the purposes of subsection (1)(d), the Court may rely on the presence of one or more of the following matters to support a determination that a foreign company has a substantial connection with Singapore:

Singapore is the centre of main interests of the company;

the company is carrying on business in Singapore or has a place of business in Singapore;

the company is a foreign company that is registered under Division 2 of Part XI;

the company has substantial assets in Singapore;

the company has chosen Singapore law as the law governing a loan or other transaction, or the law governing the resolution of one or more disputes arising out of or in connection with a loan or other transaction;

the company has submitted to the jurisdiction of the Court for the resolution of one or more disputes relating to a loan or other transaction.”; and

by deleting subsection (4) and substituting the following subsection:“(4) In this section, “carrying on business” and “to carry on business” have the same meaning as in section 366.”.