Division 8 — Unclaimed or undistributed assets
and outstanding assets of defunct company
Investments representing unclaimed funds
48.—(1)  Any money of a company that is invested or deposited at interest by the liquidator is deemed to be money under the liquidator’s control.
(2)  Subject to paragraphs (3) and (4), where the money of a company in the liquidator’s hands or under the liquidator’s control, including any money invested or deposited at interest, is an amount at least equal to the minimum balance payable to the Official Receiver to be placed to the credit of the Companies Liquidation Account, the liquidator must —
(a)immediately realise the investment or withdraw the deposit; and
(b)pay the proceeds to the Official Receiver to be placed to the credit of the Companies Liquidation Account.
(3)  If any money of the company is invested in Government securities, the liquidator may, with the permission of the Official Receiver, transfer those securities to the control of the Official Receiver, instead of realising the investment and paying the proceeds to the Official Receiver as required under paragraph (2).
(4)  If the money that is invested in Government securities is required (in whole or in part) for the purposes of the liquidation, the Official Receiver may realise the securities (in whole or in part) and pay the proceeds to the credit of the Companies Liquidation Account and deal with the proceeds in the same way as other money paid into the Companies Liquidation Account may be dealt with.
Liquidator to provide information to Official Receiver
49.—(1)  Every person who has acted as liquidator of any company, whether the liquidation has been concluded or not, must provide to the Official Receiver —
(a)an account of any money in the person’s hands or under the person’s control representing unclaimed or undistributed funds, dividends or other moneys of the company; and
(b)any other particulars required by the Official Receiver for the purpose of ascertaining or getting into any money payable to the Official Receiver to be placed to the credit of the Companies Liquidation Account.
(2)  The Official Receiver may, from time to time, require the person to verify the account and particulars by affidavit.
Certificate of receipt of payment under section 197(1) of Act
50.  For the purposes of section 197(1) of the Act, the certificate of receipt for the moneys paid to the Official Receiver must be in accordance with Form CWU‑15, and must include the following information:
(a)the name of the company in liquidation;
(b)the name and address of the liquidator’s office;
(c)the amount of moneys paid to the Official Receiver;
(d)the date on which the moneys were paid to the Official Receiver.
Demand for payment out of Companies Liquidation Account
51.—(1)  A demand made under section 197(7) of the Act by a person claiming to be the owner of any moneys placed to the credit of the Companies Liquidation Account must —
(a)be made in the form and manner that the Official Receiver may from time to time direct; and
(b)unless the Official Receiver otherwise directs, be accompanied by a certificate of the liquidator stating that the person is the owner of the moneys.
(2)  The Official Receiver may direct the person mentioned in paragraph (1) to provide further evidence to support the person’s demand.
Application by liquidator for payment out
52.—(1)  A liquidator who needs to make any payment out of moneys that have been placed to the credit of the Companies Liquidation Account under section 197 of the Act, either by way of distribution or in respect of the costs or expenses of the liquidation, must apply to the Official Receiver in the form and manner that the Official Receiver may direct.
(2)  On receiving the application, the Official Receiver may —
(a)direct that payment be made by means of an electronic funds transfer system designated by the Official Receiver to the liquidator or the person to whom the payment is to be made of the sum required for the purposes mentioned in paragraph (1); or
(b)direct that a cheque be issued in favour of the person to whom the payment is to be made and that the liquidator deliver the cheque to the person.
Disposal of outstanding interests under section 214 of Act
53.—(1)  Where the Official Receiver intends to sell or otherwise dispose of or deal with an estate (or any part of an estate) or any property or interest in property under section 214(1) of the Act, the Official Receiver must give notice of the intention —
(a)by publication in the Gazette; and
(b)by giving any other notice (including publication in an English local daily newspaper or a notice given outside Singapore) that the Official Receiver thinks necessary, taking into account the location of the estate or property.
(2)  The notice must state that a person who is legally or beneficially interested in the estate, property or interest must, within the time (not being less than 2 months) specified in the notice, inform the Official Receiver in writing of the nature of the person’s interest in the estate, property or interest.
(3)  At the expiration of the time specified in the notice, the Official Receiver may sell or otherwise dispose of or deal with the estate, property or interest in accordance with section 214 of the Act.