Singapore legislation
Clause 249
Clause 249
Outstanding assets of defunct unregistered company
(1)
Where an unregistered company the place of incorporation or origin of which is in a designated country has been dissolved and there remains in Singapore any outstanding property, movable or immovable, including things in action —
which was vested in the company;
to which the company was entitled; or
over which the company had a disposing power,at the time the company was dissolved, but which was not got in, realised upon or otherwise disposed of or dealt with by the company or its liquidator before the dissolution, the property, except called and uncalled capital, by the operation of this section, vests and becomes vested, for all the estate and interest in such property legal or equitable of the company or its liquidator at the date the company was dissolved, in such person as is entitled to such property according to the law of the place of incorporation or origin of the company.
(2)
Where the place of origin of an unregistered company is Singapore, sections 212 to 216, with such adaptations as may be necessary, apply in respect of that company.
(3)
Where it appears to the Minister that any law in force in any other country contains provisions similar to this section, the Minister may, by notification in the Gazette, declare that other country to be a designated country for the purposes of this section.