Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 10 · Winding Up of Unregistered Companies and Liquidation or Dissolution of Foreign Companies
249. Outstanding assets of defunct unregistered company
Feedback & supportWhere 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 —
unregistered company
“unregistered company” includes a foreign company and any partnership, association, club or company but does not include a company incorporated under the Companies Act 1967 or under any corresponding previous written law.(2) This Division is in addition to, and not in derogation of, any provisions contained in this or any other written law with respect to the winding up of companies by the Court and the Court may exercise any powers or do any act in the case of unregistered companies which might be exercised or done by the Court in winding up companies. For the purposes of this Division,
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.
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.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
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.
Minister
“Minister” means —(a)except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and(b)for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies;