Business Trusts Act 2004 · 2020 Revised Edition · Part 7 · Winding Up of Registered Business Trust
47. Winding up of registered business trust
Feedback & supportSubject to section 48(1), the trustee‑manager of a registered business trust must ensure that the registered business trust is wound up in accordance with the trust deed of the registered business trust or an order mentioned in section 48(2) in all cases of winding up, including but not limited to the following situations:
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
the trust deed provides that the registered business trust is to be wound up at a specified time, in specified circumstances or on the happening of a specified event and —
the specified time, circumstance or event has arisen; and
the winding up of the registered business trust has been approved by a majority of the number of votes of unitholders of the registered business trust who, being entitled to do so, vote in person or, where proxies are allowed, by proxy present at a general meeting convened in accordance with the requirements under Division 1 of Part 9;
the unitholders of the registered business trust pass a special resolution directing the trustee‑manager to wind up the registered business trust; or
the court makes an order directing the trustee‑manager to wind up the registered business trust.
Where a registered business trust is to be wound up, the trustee‑manager of the registered business trust must —
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
give written notice of the proposed winding up to the Authority within 7 days after the passing of the resolution referred to in subsection (1)(a) or (b); and
within 10 days after the passing of the resolution referred to in subsection (1)(a) or (b), give notice of the resolution in one or more newspapers circulating in Singapore.
Upon the completion of the winding up of a registered business trust in accordance with subsection (1), whether proposed by the trustee‑manager of the registered business trust or otherwise, the trustee‑manager must give written notice of the completed winding up to the Authority within 2 business days of the completion.
business
“business”, in relation to a registered business trust, means the business relating to the trust property of the registered business trust and managed and operated by the trustee‑manager of the registered business trust in its capacity as trustee‑manager of the registered business trust;
Any trustee‑manager of a registered business trust which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
Any trustee‑manager of a registered business trust which contravenes subsection (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.