Singapore legislation
Clause 149
Clause 149
As to orders for release or dissolution
(1)
Where an order is made that the company be dissolved, the company is from the date of the order dissolved.
(2)
The Court —
may cause a report on the accounts of a liquidator, not being the Official Receiver, to be prepared by the Official Receiver or by a public accountant appointed by the Court;
must take into consideration the report and any objection which is urged by the Official Receiver, auditor or any creditor or contributory or other person interested against the release of the liquidator; and
must either grant or withhold the release of the liquidator accordingly.
(3)
Where the release of a liquidator is withheld, the Court may, on the application of any creditor or contributory or person interested, make such order as the Court thinks just charging the liquidator with the consequences of any act or default which the liquidator may have done or made contrary to the liquidator’s duty.
(4)
An order of the Court releasing the liquidator discharges the liquidator from all liability in respect of any act done or default made by the liquidator in the administration of the affairs of the company or otherwise in relation to his or her conduct as liquidator, but any such order may be revoked on proof that the order was obtained by fraud or by suppression or concealment of any material fact.
(5)
Where the liquidator has not previously resigned or been removed, his or her release operates as a removal from office.
(6)
Where the Court has made an order —
that the liquidator be released; or
that the liquidator be released and that the company be dissolved,a copy of the order must, within 14 days after the making of the order, be lodged by the liquidator with the Registrar of Companies and with the Official Receiver, respectively, and a liquidator who defaults in complying with the requirements of this subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.