Singapore legislation
Regulation 26
of Insolvency, Restructuring and Dissolution (Court-Ordered Winding Up) Regulations 2020
Regulation 26
Failure to give or keep up security
Subregulation 1
The Official Receiver must report to the Court if —
(a)
a liquidator appointed by an order of the Court fails to give the security under section 136 of the Act within the period stated for that purpose in the order, or any extended period that the Court may allow; or
(b)
a liquidator fails to maintain his or her security given under section 136 of the Act.
Subregulation 2
Upon receiving the report mentioned in paragraph (1), the Court may rescind the order appointing the liquidator, or remove the liquidator, as the case may be.