Liquidation, dissolution, etc., of foreign company in its place of incorporation
250.—(1)  This section applies to a foreign company which, whether or not it is registered under Division 2 of Part XI of the Companies Act, establishes a place of business or carries on business in Singapore.
(2)  If a foreign company goes into liquidation or is dissolved in its place of incorporation or origin, the Court may, on the application of the person who is the liquidator of the foreign company for the foreign company’s place of incorporation or the application of the Official Receiver, appoint a liquidator of the foreign company for Singapore.
(3)  A liquidator of a foreign company appointed for Singapore by the Court —
(a)must, before any distribution of the foreign company’s assets is made, by advertisement in a newspaper circulating generally in each country where the foreign company had been carrying on business prior to the liquidation if no liquidator has been appointed for that place, invite all creditors to make their claims against the foreign company within a reasonable time prior to the distribution;
(b)subject to subsection (6), must not, without obtaining an order of the Court, pay out any creditor to the exclusion of any other creditor of the foreign company; and
(c)must, unless otherwise ordered by the Court, only recover and realise the assets of the foreign company in Singapore and, subject to paragraph (b) and subsection (6) —
(i)in a case where the foreign company is, or was prior to the liquidation or dissolution carrying on business as, a relevant company, pay the net amount so recovered and realised to the liquidator of that foreign company for the place where it was formed or incorporated after paying any debts and satisfying any liabilities incurred in Singapore by the foreign company; or
(ii)in any other case, pay the net amount so recovered and realised to the liquidator of that foreign company for the place where it was formed or incorporated.
(4)  Where a foreign company has been wound up so far as its assets in Singapore are concerned and there is no liquidator for the place of its incorporation or origin, the liquidator may apply to the Court for directions as to the disposal of the net amount recovered pursuant to subsection (3).
(5)  A liquidator of a foreign company appointed for Singapore by the Court must, before paying any amount so recovered and realised in Singapore to the liquidator of that foreign company for the place where it was formed or incorporated, be satisfied that the interests of creditors in Singapore are adequately protected.
(6)  Section 203 applies to a foreign company wound up or dissolved pursuant to this section as if each reference to a company in that provision were substituted with a reference to a foreign company.
(7)  In this section —
“carrying on business” has the meaning given by section 366 of the Companies Act;
“relevant company” means a foreign company that is any of the following:
(a)a banking corporation;
(b)a merchant bank, or any other financial institution, approved under section 28 of the Monetary Authority of Singapore Act;
(c)a finance company licensed under section 6 of the Finance Companies Act;
(d)[Deleted by Act 2 of 2019 wef 30/07/2020]
(e)a licensed insurer licensed under section 8 of the Insurance Act;
(f)a recognised market operator as defined in section 2(1) of the Securities and Futures Act;
(g)a licensed foreign trade repository as defined in section 2(1) of the Securities and Futures Act;
(h)a recognised clearing house as defined in section 2(1) of the Securities and Futures Act;
(i)an approved holding company as defined in section 2(1) of the Securities and Futures Act;
(j)a holder of a capital markets services licence granted under section 86 of the Securities and Futures Act that does not only carry on the business of providing credit rating services;
(k)a Registered Fund Management Company as defined in the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10);
(l)a financial adviser licensed under section 13 of the Financial Advisers Act (Cap. 110);
(m)a licensed trust company licensed under section 5 of the Trust Companies Act (Cap. 336);
(n)an operator of a payment system designated under section 42 of the Payment Services Act 2019;
[Act 2 of 2019 wef 30/07/2020]
(o)a person that has in force a licence granted under section 6 of the Payment Services Act 2019 that entitles the person to carry on a business of providing one or more of the following payment services:
(i)a cross-border money transfer service;
(ii)a domestic money transfer service;
(iii)an e-money issuance service;
(iv)a merchant acquisition service.
[Act 2 of 2019 wef 30/07/2020]