Singapore legislation
Section 55
Section 55
Redemption of securities held by finance company
(1)
As soon as practicable after the making of an order for the winding up of a finance company, the liquidator of the company must —
publish in the Gazette a notice requiring every debtor of the finance company to redeem any property that the debtor has deposited with the company as security for any loan that the debtor has obtained from the finance company; and
send by registered post such notice to every debtor whose security is held by the finance company and whose name is mentioned in the statement of affairs made out under section 141 of the Insolvency, Restructuring and Dissolution Act 2018.
(2)
The notice must specify the latest date up to which any security may be redeemed, which date must be at least 3 months from the date of the notice.
(3)
After the latest date for redeeming any security held by the finance company specified in the notice, the liquidator may proceed to realise any security held by the finance company forthwith, despite any agreement setting out any other period of redemption previously entered into between the finance company and the debtor.