Clause 18

Upon receiving notice of the completion of the winding up of a registered business trust (other than a registered business trust mentioned in section 52(3)) under section 47(3) or 48(5), the Authority —

may deregister the registered business trust; and

must publish a notice thereof in the Gazette.(2) On the publication in the Gazette of the notice mentioned in subsection (1), the registered business trust is deregistered.(3) To avoid doubt, the trustee‑manager of a registered business trust mentioned in subsection (1) need not apply to the Authority for deregistration of the registered business trust under section 51.(4) The Authority must ensure that the substance of the notice mentioned in subsection (1) to be published in the Gazette is also published on the Authority’s website.Objections to appointment of liquidator and deregistration of defunct business trust52B.—

Where a notice is given or published by the Authority under section 52(2) of the Authority’s intention to apply to the court to appoint a liquidator with respect to the registered business trust, any person may deliver, not later than the date specified in the notice, an objection to the appointment of a liquidator and deregistration of the registered business trust on the ground that there is reasonable cause why the registered business trust should not be deregistered, including that the business trust does not satisfy the grounds for deregistration referred to in section 52(1).(2) An objection to the appointment of a liquidator and deregistration of the registered business trust mentioned in subsection (1) must be given to the Authority by notice in the prescribed form and manner.(3) On receipt of a notice of objection, which is made in the prescribed form and manner, within the time mentioned in subsection (1), the Authority must, in deciding whether to allow the objection, take into account any considerations that may be prescribed.Authority may reinstate registration of business trust deregistered by mistake52C.—

The Authority may, on its own initiative, reinstate the registration of a business trust if the Authority is satisfied that the deregistration under section 51, 52 or 52A was the result of a mistake of the Authority.(2) In subsection (1), a reference to a mistake of the Authority excludes a mistake that is made on the basis of wrong, false or misleading information given by the applicant in connection with the application for deregistration of the registered business trust under section 51.(3) The Authority may reinstate the registration of the business trust by publishing in the Gazette and on the Authority’s website a notice declaring the reinstatement, and the reinstatement takes effect on the date of publication of the notice.Effect of reinstatement of registration52D.—

If the registration of the business trust is reinstated under section 52C, the business trust is to be regarded as having continued to be registered as if it had never been deregistered.(2) The trustee‑manager of the registered business trust and its directors are not liable to a penalty under section 76 or 80 for a financial year in relation to which the period for providing its financial statements ended —

after the date of deregistration; and

before the reinstatement of the registration of the business trust.(3) On the application by any person, the court may give such directions and make such orders as it seems just for placing the trustee‑manager and all other persons in the same position (as nearly as may be) as if the business trust had not been deregistered.(4) An application to the court for such directions or orders may be made any time within 3 years after the date of reinstatement of the registration of the business trust.Retention of books and papers upon deregistration52E.—

Where a business trust is deregistered under section 51, 52 or 52A on or after the date of commencement of section 18 of the Business Trusts (Amendment) Act 2022, the following persons must ensure that all books and papers of the business trust are retained for a period of at least 5 years after the date on which the business trust is deregistered:

in the case where no liquidator has been appointed under section 48(1), the trustee‑manager of the registered business trust;

in the case where a liquidator has been appointed under section 48(1), the liquidator.(2) Any trustee‑manager or liquidator that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.”.