Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 10A · Simplified Winding Up
250F. Entry into the simplified winding up programme
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A company may enter into the simplified winding up programme if, and only if, all of the following requirements are met: (a)the company meets all the eligibility criteria set out in subsection (2);
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
there is no circumstance in subsection (3) known to the nominated liquidator which makes the company unsuitable for entry into the simplified winding up programme;
during the period mentioned in section 250D(3)(b), no objection is received or, if an objection is received —
where the objection is that the company does not satisfy any requirement for entry — the liquidator is satisfied on reasonable grounds that the company satisfies that requirement; or
where the objection is to the nominated liquidator — the conditions in section 250G(3) are met.
For the purposes of subsection (1)(a), the eligibility criteria are as follows:
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the liabilities of the company (including contingent and prospective liabilities, and any liabilities to any related party of the company) do not exceed $2 million (or any amount that may be prescribed in substitution by the Minister by order in the Gazette);
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any other criteria as may be prescribed by the Minister by order in the Gazette.
For the purposes of subsection (1)(b), each of the following is a circumstance that makes a company unsuitable for entry into the simplified winding up programme:
simplified winding up programme
“simplified winding up programme” means the programme established under section 250C.
the company is being wound up pursuant to —
an order for the winding up of a company under section 216(2)(f) of the Companies Act 1967;
an order for winding up made under section 124 (or any previous written law corresponding to that provision); or
a resolution passed for the winding up of a company under section 160 (or any previous written law corresponding to that provision);
the company is in judicial management —
within the meaning of section 88(2); or
pursuant to an application made under the repealed section 227B(1) of the Companies Act 1967 as in force before 30 July 2020;
an application has been made in respect of the company under any of the following provisions and the application is pending:
section 210(1), (4) or (10) of the Companies Act 1967;
section 71 (or any previous written law corresponding to that provision);
section 91 (or any previous written law corresponding to that provision); (iv)section 124 (or any previous written law corresponding to that provision); (d)an order under section 210(10) of the Companies Act 1967, one or more orders under section 64(1) (or any previous written law corresponding to that provision) or an automatic moratorium mentioned in section 64(8) (or any previous written law corresponding to that provision), is in force in relation to the company;
a provisional liquidator of the company has been appointed under section 161 (or any previous written law corresponding to that provision);
an interim judicial manager has been appointed by the Court under section 92 (or any previous written law corresponding to that provision) or by the company under section 94(3), and the term of the appointment of the interim judicial manager has not ended;
the company has entered into the simplified debt restructuring programme under section 72E;
there is any dispute or disagreement between 2 or more relevant persons as to the affairs of the company;
there is any allegation made in writing to the Official Receiver or a nominated liquidator by a past judicial manager or liquidator, a creditor or contributory, or an employee or officer (whether past or present), of the company, that —
any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose within the meaning of section 238 (or any previous written law corresponding to that provision);
the company has traded wrongfully within the meaning of section 239(12) (or any previous written law corresponding to that provision); or
any person who has taken part in the formation or promotion of the company, or any past or present officer or past judicial manager or liquidator of the company, has misapplied or retained or become liable or accountable for any money or property of the company or been guilty of any misfeasance or breach of trust or duty in relation to the company within the meaning of section 240 (or any previous written law corresponding to that provision);
the company is a party to any legal proceedings before a court, an arbitral tribunal or other body (whether in Singapore or elsewhere) which are pending;
the winding up of the company is likely to require significant resources or specialised knowledge or expertise; (l)the winding up of the company —
requires greater supervision of the Court or participation of the creditors or contributories than is provided for or applicable to a winding up under the simplified winding up programme; or
is likely to require the exercise of a power by the Court or the liquidator under Part 8 or 9 that is disapplied by section 250L or is otherwise unavailable in a winding up under the simplified winding up programme;
any other circumstances as may be prescribed by order in the Gazette.
Any order made under subsection (2)(d) or (f) or (3)(m) must be presented to Parliament as soon as possible after publication in the Gazette.
A reference in subsection (3)(h) to the affairs of the company is to the affairs of a company as defined in section 62.
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“employee”, in relation to a company, means an individual who has entered into or works under a contract of service with the company;
“relevant person”, in relation to a company, means an officer or a member (whether past or present) of the company.
officer
“officer”, in relation to a corporation, includes —(a)a director or secretary of the corporation, or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)a liquidator of a company appointed in a voluntary winding up,but does not include —(d)a receiver who is not also a manager;(e)a receiver and manager appointed by the Court;(f)a liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed under Part 7;