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Formal Consolidation |  2020 RevEd
Application for winding up
124.—(1)  A company, whether or not it is being wound up voluntarily, may be wound up under an order of the Court on the application of one or more of the following:
(a)the company;
(b)any director of the company;
(c)any creditor, including a contingent or prospective creditor, of the company;
(d)a contributory, any person who is the personal representative of a deceased contributory, or the Official Assignee of the estate of a bankrupt contributory;
(e)the liquidator of the company;
(f)the Minister mentioned in section 241 of the Companies Act 1967, under that section;
(g)the Minister, on any ground specified in section 125(1)(b), (d), (l), (m) or (n);
(h)the judicial manager appointed under this Act for the company;
(i)in the case of a company that is carrying on or has carried on banking business, the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970.
(2)  Despite subsection (1), the following apply:
(a)a person mentioned in subsection (1)(b) may not make a winding up application unless a prima facie case for winding up is established to the satisfaction of the Court, and the Court grants that person leave to bring the winding up application;
(b)a person mentioned in subsection (1)(d) may not make a winding up application on any of the grounds specified in section 125(1)(a), (b), (c), (e) or (i), unless —
(i)the company has no member; or
(ii)the shares in respect of which the contributory was a contributory, or some of those shares —
(A)were originally allotted to the contributory;
(B)have been held by the contributory and registered in the contributory’s name for at least 6 months during the 18 months before the making of the winding up application; or
(C)have devolved on the contributory through the death or bankruptcy of a former holder;
(c)an application to wind up a company on the ground specified in section 125(1)(b) must not be made by any person except a contributory or the Minister, and must not be made before the expiration of 14 days after the last day on which the statutory meeting ought to have been held;
(d)the Court must not hear a winding up application made by a contingent or prospective creditor until such security for costs has been given as the Court thinks reasonable, and a prima facie case for winding up has been established to the satisfaction of the Court;
(e)where a company is being wound up voluntarily, the Court must not make a winding up order unless it is satisfied that the voluntary winding up cannot be continued with due regard to the interests of the creditors or contributories.
Informal Consolidation | Amended Act 25 of 2021
Application for winding up
124.—(1)  A company, whether or not it is being wound up voluntarily, may be wound up under an order of the Court on the application of one or more of the following:
(a)the company;
(b)any director of the company;
(c)any creditor, including a contingent or prospective creditor, of the company;
(d)a contributory, any person who is the personal representative of a deceased contributory, or the Official Assignee of the estate of a bankrupt contributory;
(e)the liquidator of the company;
(f)the Minister mentioned in section 241 of the Companies Act 1967, under that section;
(g)the Minister, on any ground specified in section 125(1)(b), (d), (l), (m) or (n);
(h)the judicial manager appointed under this Act for the company;
(i)in the case of a company that is carrying on or has carried on banking business, the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970.
(2)  Despite subsection (1), the following apply:
(a)a person mentioned in subsection (1)(b) may not make a winding up application unless a prima facie case for winding up is established to the satisfaction of the Court, and the Court grants that person permission to bring the winding up application;
[Act 25 of 2021 wef 01/04/2022]
(b)a person mentioned in subsection (1)(d) may not make a winding up application on any of the grounds specified in section 125(1)(a), (b), (c), (e) or (i), unless —
(i)the company has no member; or
(ii)the shares in respect of which the contributory was a contributory, or some of those shares —
(A)were originally allotted to the contributory;
(B)have been held by the contributory and registered in the contributory’s name for at least 6 months during the 18 months before the making of the winding up application; or
(C)have devolved on the contributory through the death or bankruptcy of a former holder;
(c)an application to wind up a company on the ground specified in section 125(1)(b) must not be made by any person except a contributory or the Minister, and must not be made before the expiration of 14 days after the last day on which the statutory meeting ought to have been held;
(d)the Court must not hear a winding up application made by a contingent or prospective creditor until such security for costs has been given as the Court thinks reasonable, and a prima facie case for winding up has been established to the satisfaction of the Court;
(e)where a company is being wound up voluntarily, the Court must not make a winding up order unless it is satisfied that the voluntary winding up cannot be continued with due regard to the interests of the creditors or contributories.