s 54 Winding up provisions
54.—(1) Without affecting the provisions of the Insolvency, Restructuring and Dissolution Act 2018 and Part 8 of the Financial Services and Markets Act 2022 —(a) 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 the Authority; and (b) the court may order the winding up of a company if —(i) the company has held a licence under this Act and that licence has expired or has been revoked; or (ii) the company has carried on financing business in Singapore in contravention of the provisions of this Act.[10/2013; 40/2018] [Act 18 of 2022 wef 10/05/2024] (2) In the winding up of a company that has been carrying on financing business, the depositors are deemed to be holders of debentures issued to them by the company and secured by a floating charge over all the property and undertaking of the company.