General provisions as to winding up
54.—(1)  On the application of the Authority, the Court may, in addition to the grounds specified in section 125(1) of the Insolvency, Restructuring and Dissolution Act 2018, order under that Act the winding up of a company incorporated in Singapore which is carrying on or has carried on the significant business of a specified financial institution in Singapore, if —
(a)the Authority has exercised any power under the relevant provisions in relation to the company; or
(b)the company has contravened any provision of this Act or any of the written laws set out in the Schedule.
[9/2013; 31/2017; 40/2018]
(2)  On the application of the Authority, the Court may, in addition to the grounds specified in section 246(1) of the Insolvency, Restructuring and Dissolution Act 2018, order under that Act the winding up of an unregistered company which is carrying on or has carried on the significant business of a specified financial institution in Singapore, if —
(a)the Authority has exercised any power under the relevant provisions in relation to the unregistered company;
(b)the unregistered company has been approved, authorised, designated, recognised, registered, licensed or otherwise regulated under this Act or any of the written laws set out in the Schedule, and any of the following applies:
(i)the approval, authorisation, designation or recognition of the unregistered company has been withdrawn;
(ii)the registration of the unregistered company has been cancelled or has expired;
(iii)the licence of the unregistered company has been revoked or has expired;
(iv)the regulation of the unregistered company by the Authority has ceased; or
(c)the unregistered company is carrying on or has carried on the significant business of a specified financial institution in Singapore in contravention of any provision of this Act or any of the written laws set out in the Schedule.
[9/2013; 40/2018]
(3)  Despite sections 125(2) and 246(2) of the Insolvency, Restructuring and Dissolution Act 2018, on the application of the Authority for the winding up, on the ground specified in section 125(1)(e) or 246(1)(c)(ii) of that Act, of a company which is carrying on or has carried on the significant business of a specified financial institution in Singapore, any statement of account lodged by the company with the Authority, at any time during the period beginning with the close of the last financial year of the company and ending with the making of the application for the winding up, which shows that the company is insolvent, is evidence that the company —
(a)was insolvent at the close of that financial year; and
(b)continues to be unable to pay its debts.
[9/2013; 40/2018]
(4)  Despite any written law or rule of law —
(a)no person may be appointed as an office holder, or as a liquidator under the Insolvency, Restructuring and Dissolution Act 2018, of a company, which is carrying on or has carried on the significant business in Singapore of a specified financial institution, without the prior written approval of the Authority; and
(b)in the case of a foreign company which is carrying on or has carried on the significant business in Singapore of a specified financial institution, a liquidator appointed for its liquidation or dissolution at its place of incorporation or origin does not have and must not exercise any power or function of a liquidator in Singapore, unless the liquidator has been approved by the Authority.
[9/2013; 40/2018]
(5)  To avoid doubt, subsection (4)(a) does not affect the operation of section 134(a), (d) or (e) of the Insolvency, Restructuring and Dissolution Act 2018.
[9/2013; 40/2018]
(6)  Any approval of the Authority under subsection (4)(b) may be granted subject to such conditions as the Authority may determine, and the Authority may add to, vary or revoke any such condition.
[9/2013]
(6A)  The specified financial institution or the liquidator (as the case may be) mentioned in subsection (4)(b) must comply with the conditions in subsection (6).
[31/2017]
(7)  Despite any written law or rule of law, where a company which is carrying on or has carried on the significant business of a specified financial institution in Singapore is being wound up under the Insolvency, Restructuring and Dissolution Act 2018, the Authority has, subject to such modifications as may be necessary, the same powers and rights as a creditor of the company under that Act, including the right to appear and be heard before the Court in any proceedings in the winding up.
[9/2013; 40/2018]
(8)  Without affecting subsections (6) and (7) and despite any written law or rule of law, where a company which is carrying on or has carried on the significant business in Singapore of a specified financial institution is being wound up, its liquidator (whether appointed under the Insolvency, Restructuring and Dissolution Act 2018 or, in the case of a foreign company, appointed at its place of incorporation or origin) must give the Authority such information as the Authority may from time to time require about the affairs of the company and the winding up.
[9/2013; 40/2018]
(8A)  Any liquidator who —
(a)without reasonable excuse, fails to comply with subsection (6A) or (8); or
(b)in purported compliance with subsection (8), knowingly or recklessly provides any information or document that is false or misleading in a material particular,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.
[31/2017]
(9)  In this section —
“liquidator” includes a provisional liquidator;
“unregistered company” has the meaning given by section 245 of the Insolvency, Restructuring and Dissolution Act 2018.
[9/2013; 40/2018]