Section 54
Winding up provisions
(1)
Without affecting the provisions of the Insolvency, Restructuring and Dissolution Act 2018 and Part 4B of the Monetary Authority of Singapore Act 1970 —
a company (whether or not it is being wound up voluntarily) may be wound up under an order of the court on the application of the Authority; and
the court may order the winding up of a company if —
the company has held a licence under this Act and that licence has expired or has been revoked; or
the company has carried on financing business in Singapore in contravention of the provisions of this Act.
(2)
In the winding up of a company that has been carrying on financing business, the depositors are deemed to be holders of debentures issued to them by the company and secured by a floating charge over all the property and undertaking of the company.