s 250L Modifications and disapplication of certain provisions of Parts 8 and 9
250L.—(1) To avoid doubt, a voluntary winding up of a company that enters into the simplified winding up programme is a voluntary winding up within the meaning of sections 119 and 160(1)(b), and Division 1, Subdivisions 1, 3 and 4 of Division 3, and Division 4, of Part 8, and Part 9, apply subject to the modifications set out in this section.[39/2020] [Act 3 of 2025 wef 29/01/2026] (2) The following provisions (which otherwise apply to or in relation to a company that is being wound up under a creditors’ voluntary winding up) do not apply to or in relation to a company that is being wound up voluntarily under the simplified winding up programme:(a) sections 160, 161 and 163 (in Subdivision 1 of Division 3 of Part 8);[Act 3 of 2025 wef 29/01/2026] (b) sections 166, 167 (except section 167(4)) and 169 (in Subdivision 3 of Division 3 of Part 8);[Act 3 of 2025 wef 29/01/2026] (c) sections 171, 179, 182 and 185 (in Subdivision 4 of Division 3 of Part 8); [Act 3 of 2025 wef 29/01/2026] (d) sections 189, 192 (except section 192(3) and (4)), 194(2) and (3), 196, 198, 199 and 204 (in Subdivision 1 of Division 4 of Part 8); [Act 3 of 2025 wef 29/01/2026] (e) sections 209 and 211 (in Subdivision 3 of Division 4 of Part 8).[Act 3 of 2025 wef 29/01/2026] (f) [Deleted by Act 3 of 2025 wef 29/01/2026] (3) The following subsections are inserted after subsection (4) of section 167: “(4A) After the simplified winding up programme has commenced for a company, its liquidator may at any time give notice to all the creditors of the company — (a) that the scope of work covered by the remuneration approved at the general meeting of the company under section 250D(1)(b), or the meeting of the creditors under section 250G(2) (as the case may be) has changed, and that the amount of the remuneration needs to be revised to account for the additional work; (b) of the amount of the revised remuneration; and (c) that the creditors may object to the amount of the revised remuneration by giving a notice of objection to the liquidator in the form and manner specified in the notice within 14 days after receipt of the notice. (4B) If no notice of objection is received within the period specified in subsection (4A), the company is liable to pay the liquidator the revised amount of the remuneration. (4C) If a notice of objection is received within the period specified in subsection (4A), the company is not liable to pay the liquidator the revised amount of the remuneration unless the creditors approve, by a majority in value of its creditors, at a meeting, the remuneration to be paid to the liquidator at the completion of the administration of the simplified winding up programme.”. [Act 3 of 2025 wef 29/01/2026] (4) Section 168 applies as if the words “statement of affairs mentioned in section 166(4)” in subsection (1) of that section were replaced by the words “statement of affairs mentioned in section 250E”.[39/2020] [Act 3 of 2025 wef 29/01/2026] (5) Section 170 applies as if —(a) the words “commencement of a creditors’ voluntary winding up” in subsection (1) of that section were replaced by the words “commencement of the winding up of a company that is being wound up voluntarily under the simplified winding up programme”; and (b) the words “action or proceeding” in subsection (2) of that section were replaced by the words “action or proceeding (except an application under section 124)”. [39/2020] (6) Section 177(1) applies as if paragraph (a) of that provision were replaced by the following paragraphs: “(a) exercise any of the powers in section 144(1)(b), (c), (d) and (f)(i); (aa) exercise the power in section 144(1)(e) or (f)(ii), but only if — (i) any period of limitation prescribed by any rule of law or in any contract for the bringing of an action or other legal proceeding will expire during the voluntary winding up of the company, if the action or legal proceeding is not brought in the name and on behalf of the company; or (ii) the failure to bring or defend an action or a legal proceeding in the name and on behalf of the company at any time during the voluntary winding up will cause prejudice to the company;”. [39/2020] (7) Section 180 applies as if that section was replaced by the following section: “Final account and dissolution 180.—(1) The following paragraphs apply after the affairs of the company are fully wound up: (a) the liquidator must as soon as possible make up an account showing how the winding up has been conducted and the property of the company has been disposed of; (b) after making up the account, the liquidator must send to every creditor and member of the company a notice specifying the matters set out in subsection (2); (c) the notice must be accompanied by a copy of the account in paragraph (a); (d) no later than 7 days after the notice in paragraph (b) is sent to every creditor and member of the company, the liquidator must publish on the designated website — (i) a notice stating that the liquidator — (A) has made up the account mentioned in paragraph (a); and (B) intends to lodge with the Registrar of Companies a notice to dissolve the company; and (ii) a copy of the account. (2) The notice in subsection (1)(b) must — (a) state that the liquidator intends to lodge with the Registrar of Companies the documents mentioned in subsection (4) to dissolve the company; and (b) state that every creditor, contributory or officer of the company may make a written request to the liquidator for any information relating to the account mentioned in subsection (1)(a) or any matter relating to the proposed dissolution of the company within 14 days after being served the notice in subsection (1)(b). (3) Within 14 days after receiving a request mentioned in subsection (2)(b), the liquidator must provide to the maker of the request the information requested, or decline to provide the information requested or any of it, and the reasons for not doing so. (4) Upon the expiration of the period of 30 days after the publication of the notice specified in subsection (1)(d)(i) on the designated website, the liquidator must lodge with the Registrar of Companies — (a) a declaration (as the case may be) that no request mentioned in subsection (2)(b) was received within the period specified in that provision or, if a request was received within that period, that the liquidator has complied with subsection (3) as regards each such request; and (b) a notice in the prescribed form to dissolve the company. (5) Upon receipt of the notice to dissolve the company mentioned in subsection (4), the company is dissolved. (6) Despite subsection (5), the Court may, on the application of the liquidator or of any other person who appears to the Court to be interested, make an order deferring the date on which the dissolution of the company is to take effect for such time as the Court thinks fit. (7) The person on whose application an order of the Court under this section is made must, within 7 days after the making of the order, lodge with the Registrar of Companies and with the Official Receiver a copy of the order, and if the person fails to do so, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (8) A liquidator who — (a) fails to comply with subsection (1), (3) or (4); or (b) lodges a false declaration under subsection (4)(a), commits an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty.”. [Act 3 of 2025 wef 29/01/2026] (8) [Deleted by Act 3 of 2025 wef 29/01/2026] (9) [Deleted by Act 3 of 2025 wef 29/01/2026] (10) [Deleted by Act 3 of 2025 wef 29/01/2026] (11) [Deleted by Act 3 of 2025 wef 29/01/2026] (12) Section 205(2) applies as if paragraph (a) of that provision were replaced by the following paragraph: “(a) pursuant to the terms of a compromise or an arrangement proposed by the company under section 210 of the Companies Act 1967 or section 71 or 72M, that is approved by the creditors; or”. [39/2020] (13) Section 206(1) applies as if paragraph (a) of that provision were replaced by the following paragraph: “(a) where any creditor has had notice that a notice mentioned in section 250K(1)(a) in respect of the company has been published on the designated website the date on which the creditor so had notice is for the purposes of this section substituted for the date of the commencement of the winding up;”. [Act 3 of 2025 wef 29/01/2026] (14) Section 207(1) applies as if paragraphs (a), (b) and (c) of that provision were replaced by the following paragraph: “(a) a notice of the company’s entry into the simplified winding up programme has been published on the designated website or lodged with the Registrar of Companies, whichever is later,”. [Act 3 of 2025 wef 29/01/2026] (15) Section 207(2) applies as if paragraph (b) of that provision were replaced by the following paragraph: “(b) if within that time notice is served on the bailiff that a notice of the company’s entry into the simplified winding up programme has been published on the designated website or filed with the Registrar of Companies, the bailiff must pay the balance to the liquidator who is entitled to retain the balance as against the enforcement creditor.”. [Act 3 of 2025 wef 29/01/2026] (16) Section 210 applies as if subsections (2), (3), (4), (5), (6), (7), (8), (9) and (10) of that section were replaced by the following subsections: “(2) Where this section applies — (a) the liquidator must as soon as possible make up an account showing how the winding up has been conducted and how the property of the company has been disposed of; (b) after the making up of the account, the liquidator must send to all persons specified in paragraph (c), a notice specifying the matters set out in subsection (3); (c) the notice mentioned in paragraph (b) must be sent to — (i) all the creditors of the company who have filed proofs of debt, and whose proofs have not been rejected; (ii) every person who, to the knowledge of the liquidator, claims to be a creditor of the company, and has not filed a proof of debt; (iii) every person mentioned in the statement of affairs as a creditor, who has not filed a proof of debt; (iv) any receiver or manager of the company; and (v) all contributories of the company; (d) the notice mentioned in paragraph (b) must be accompanied by a copy of the account mentioned in paragraph (a); (e) not more than 7 days after the notice mentioned in paragraph (b) is sent to the persons mentioned in paragraph (c), the liquidator must publish on the designated website — (i) a notice stating that the liquidator — (A) has made up the account mentioned in paragraph (a); and (B) intends to lodge with the Registrar of Companies a notice to strike the name of the company off the register; and (ii) a copy of the account. (3) The notice mentioned in subsection (2)(b) must — (a) state that the liquidator intends to lodge with the Registrar of Companies the documents mentioned in subsection (5) to strike the name of the company off the register unless — (i) action is taken in accordance with subsection (6) for the company to be wound up; or (ii) an order is made by the Court under subsection (6) that the name of the company not be struck off the register and that the company not be dissolved; and (b) state that any recipient of the notice mentioned in subsection (2)(b) may make a written request to the liquidator for any information relating to the account mentioned in paragraph (1)(a) or any matter relating to the proposed dissolution of the company within 14 days after being served the notice mentioned in subsection (2)(b). (4) Within 14 days after receiving a request mentioned in subsection (3)(b), the liquidator must provide to the maker of the request the information requested, or decline to provide the information requested or any of it, and provide the reasons for not doing so. (5) Upon the expiration of the period of 30 days after the publication of the notice specified in subsection (2)(e)(i) on the designated website, the liquidator must lodge with the Registrar of Companies — (a) a declaration (as the case may be) that no request mentioned in subsection (3)(b) was received within the period specified in that provision or, if a request was received within that period, that the liquidator has complied with subsection (4) as regards each such request; and (b) a notice in the prescribed form to strike the name of the company off the register and for the company to be dissolved. (6) Despite subsection (5), the Court may, on the application of any creditor, contributory or receiver or manager mentioned in subsection (2)(c), make an order — (a) that the name of the company not be struck off the register and the company not be dissolved, and enabling the winding up of the company to proceed as if no notice had been sent under subsection (2)(b); or (b) deferring the date on which the dissolution of the company is to take effect for such time as the Court thinks fit. (7) The person on whose application an order is made under subsection (6) must, within 7 days after the making of the order, deliver to the Official Receiver and the Registrar of Companies for registration, a copy of the order, and if the person fails to do so, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (8) Upon the publication of the notice on the designated website under subsection (2)(e), the liquidator (subject to any order made under subsection (6)) ceases to be bound to perform any duty imposed on the liquidator in relation to the company, its creditors or contributories by virtue of any provision of this Act. (9) Upon receiving the notice mentioned in subsection (5)(b), the Registrar of Companies must publish a notice to strike the name of the company off the register unless — (a) an application is taken in accordance with subsection (6) for the company to be wound up; or (b) an order is made by the Court under subsection (6) that the name of the company not be struck off the register and the company not be dissolved, or that the date of its dissolution be deferred. (10) On the publication of the notice mentioned in subsection (9) — (a) the company is dissolved; but (b) the liability (if any) of every officer and member of the company continues and may be enforced as if the company had not been dissolved. (11) A liquidator who — (a) fails to comply with subsection (2), (4) or (5); or (b) lodges a false declaration under subsection (5)(a), commits an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty. (12) In this section, “receiver or manager” means — (a) a receiver or manager of the whole, or substantially the whole, of a company’s property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or (b) a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company’s property.”. [Act 3 of 2025 wef 29/01/2026] (17) [Deleted by Act 3 of 2025 wef 29/01/2026] (18) [Deleted by Act 3 of 2025 wef 29/01/2026] (19) [Deleted by Act 3 of 2025 wef 29/01/2026] (20) A reference in sections 218(1) and (2) and 219(1)(b) to an insolvent company being wound up is to be read as a reference to a company that is being wound up voluntarily under the simplified winding up programme. [39/2020] (21) A reference in sections 218(3), 222(1) and 223(1) to insolvent winding up is to be read as a reference to the winding up of a company that is being wound up voluntarily under the simplified winding up programme.[39/2020] (22) A reference in section 221(1) to insolvent liquidation is to be read as a reference to the winding up of a company that is being wound up voluntarily under the simplified winding up programme.[39/2020] —(1) To avoid doubt, a voluntary winding up of a company that enters into the simplified winding up programme is a voluntary winding up within the meaning of sections 119 and 160(1)(b), and Division 1, Subdivisions 1, 3 and 4 of Division 3, and Division 4, of Part 8, and Part 9, apply subject to the modifications set out in this section.[39/2020] [Act 3 of 2025 wef 29/01/2026] (2) The following provisions (which otherwise apply to or in relation to a company that is being wound up under a creditors’ voluntary winding up) do not apply to or in relation to a company that is being wound up voluntarily under the simplified winding up programme:(a) sections 160, 161 and 163 (in Subdivision 1 of Division 3 of Part 8);[Act 3 of 2025 wef 29/01/2026] (b) sections 166, 167 (except section 167(4)) and 169 (in Subdivision 3 of Division 3 of Part 8);[Act 3 of 2025 wef 29/01/2026] (c) sections 171, 179, 182 and 185 (in Subdivision 4 of Division 3 of Part 8); [Act 3 of 2025 wef 29/01/2026] (d) sections 189, 192 (except section 192(3) and (4)), 194(2) and (3), 196, 198, 199 and 204 (in Subdivision 1 of Division 4 of Part 8); [Act 3 of 2025 wef 29/01/2026] (e) sections 209 and 211 (in Subdivision 3 of Division 4 of Part 8).[Act 3 of 2025 wef 29/01/2026] (f) [Deleted by Act 3 of 2025 wef 29/01/2026] (3) The following subsections are inserted after subsection (4) of section 167: “(4A) After the simplified winding up programme has commenced for a company, its liquidator may at any time give notice to all the creditors of the company — (a) that the scope of work covered by the remuneration approved at the general meeting of the company under section 250D(1)(b), or the meeting of the creditors under section 250G(2) (as the case may be) has changed, and that the amount of the remuneration needs to be revised to account for the additional work; (b) of the amount of the revised remuneration; and (c) that the creditors may object to the amount of the revised remuneration by giving a notice of objection to the liquidator in the form and manner specified in the notice within 14 days after receipt of the notice. (4B) If no notice of objection is received within the period specified in subsection (4A), the company is liable to pay the liquidator the revised amount of the remuneration. (4C) If a notice of objection is received within the period specified in subsection (4A), the company is not liable to pay the liquidator the revised amount of the remuneration unless the creditors approve, by a majority in value of its creditors, at a meeting, the remuneration to be paid to the liquidator at the completion of the administration of the simplified winding up programme.”. [Act 3 of 2025 wef 29/01/2026] (4) Section 168 applies as if the words “statement of affairs mentioned in section 166(4)” in subsection (1) of that section were replaced by the words “statement of affairs mentioned in section 250E”.[39/2020] [Act 3 of 2025 wef 29/01/2026] (5) Section 170 applies as if —(a) the words “commencement of a creditors’ voluntary winding up” in subsection (1) of that section were replaced by the words “commencement of the winding up of a company that is being wound up voluntarily under the simplified winding up programme”; and (b) the words “action or proceeding” in subsection (2) of that section were replaced by the words “action or proceeding (except an application under section 124)”. [39/2020] (6) Section 177(1) applies as if paragraph (a) of that provision were replaced by the following paragraphs: “(a) exercise any of the powers in section 144(1)(b), (c), (d) and (f)(i); (aa) exercise the power in section 144(1)(e) or (f)(ii), but only if — (i) any period of limitation prescribed by any rule of law or in any contract for the bringing of an action or other legal proceeding will expire during the voluntary winding up of the company, if the action or legal proceeding is not brought in the name and on behalf of the company; or (ii) the failure to bring or defend an action or a legal proceeding in the name and on behalf of the company at any time during the voluntary winding up will cause prejudice to the company;”. [39/2020] (7) Section 180 applies as if that section was replaced by the following section: “Final account and dissolution 180.—(1) The following paragraphs apply after the affairs of the company are fully wound up: (a) the liquidator must as soon as possible make up an account showing how the winding up has been conducted and the property of the company has been disposed of; (b) after making up the account, the liquidator must send to every creditor and member of the company a notice specifying the matters set out in subsection (2); (c) the notice must be accompanied by a copy of the account in paragraph (a); (d) no later than 7 days after the notice in paragraph (b) is sent to every creditor and member of the company, the liquidator must publish on the designated website — (i) a notice stating that the liquidator — (A) has made up the account mentioned in paragraph (a); and (B) intends to lodge with the Registrar of Companies a notice to dissolve the company; and (ii) a copy of the account. (2) The notice in subsection (1)(b) must — (a) state that the liquidator intends to lodge with the Registrar of Companies the documents mentioned in subsection (4) to dissolve the company; and (b) state that every creditor, contributory or officer of the company may make a written request to the liquidator for any information relating to the account mentioned in subsection (1)(a) or any matter relating to the proposed dissolution of the company within 14 days after being served the notice in subsection (1)(b). (3) Within 14 days after receiving a request mentioned in subsection (2)(b), the liquidator must provide to the maker of the request the information requested, or decline to provide the information requested or any of it, and the reasons for not doing so. (4) Upon the expiration of the period of 30 days after the publication of the notice specified in subsection (1)(d)(i) on the designated website, the liquidator must lodge with the Registrar of Companies — (a) a declaration (as the case may be) that no request mentioned in subsection (2)(b) was received within the period specified in that provision or, if a request was received within that period, that the liquidator has complied with subsection (3) as regards each such request; and (b) a notice in the prescribed form to dissolve the company. (5) Upon receipt of the notice to dissolve the company mentioned in subsection (4), the company is dissolved. (6) Despite subsection (5), the Court may, on the application of the liquidator or of any other person who appears to the Court to be interested, make an order deferring the date on which the dissolution of the company is to take effect for such time as the Court thinks fit. (7) The person on whose application an order of the Court under this section is made must, within 7 days after the making of the order, lodge with the Registrar of Companies and with the Official Receiver a copy of the order, and if the person fails to do so, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (8) A liquidator who — (a) fails to comply with subsection (1), (3) or (4); or (b) lodges a false declaration under subsection (4)(a), commits an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty.”. [Act 3 of 2025 wef 29/01/2026] (8) [Deleted by Act 3 of 2025 wef 29/01/2026] (9) [Deleted by Act 3 of 2025 wef 29/01/2026] (10) [Deleted by Act 3 of 2025 wef 29/01/2026] (11) [Deleted by Act 3 of 2025 wef 29/01/2026] (12) Section 205(2) applies as if paragraph (a) of that provision were replaced by the following paragraph: “(a) pursuant to the terms of a compromise or an arrangement proposed by the company under section 210 of the Companies Act 1967 or section 71 or 72M, that is approved by the creditors; or”. [39/2020] (13) Section 206(1) applies as if paragraph (a) of that provision were replaced by the following paragraph: “(a) where any creditor has had notice that a notice mentioned in section 250K(1)(a) in respect of the company has been published on the designated website the date on which the creditor so had notice is for the purposes of this section substituted for the date of the commencement of the winding up;”. [Act 3 of 2025 wef 29/01/2026] (14) Section 207(1) applies as if paragraphs (a), (b) and (c) of that provision were replaced by the following paragraph: “(a) a notice of the company’s entry into the simplified winding up programme has been published on the designated website or lodged with the Registrar of Companies, whichever is later,”. [Act 3 of 2025 wef 29/01/2026] (15) Section 207(2) applies as if paragraph (b) of that provision were replaced by the following paragraph: “(b) if within that time notice is served on the bailiff that a notice of the company’s entry into the simplified winding up programme has been published on the designated website or filed with the Registrar of Companies, the bailiff must pay the balance to the liquidator who is entitled to retain the balance as against the enforcement creditor.”. [Act 3 of 2025 wef 29/01/2026] (16) Section 210 applies as if subsections (2), (3), (4), (5), (6), (7), (8), (9) and (10) of that section were replaced by the following subsections: “(2) Where this section applies — (a) the liquidator must as soon as possible make up an account showing how the winding up has been conducted and how the property of the company has been disposed of; (b) after the making up of the account, the liquidator must send to all persons specified in paragraph (c), a notice specifying the matters set out in subsection (3); (c) the notice mentioned in paragraph (b) must be sent to — (i) all the creditors of the company who have filed proofs of debt, and whose proofs have not been rejected; (ii) every person who, to the knowledge of the liquidator, claims to be a creditor of the company, and has not filed a proof of debt; (iii) every person mentioned in the statement of affairs as a creditor, who has not filed a proof of debt; (iv) any receiver or manager of the company; and (v) all contributories of the company; (d) the notice mentioned in paragraph (b) must be accompanied by a copy of the account mentioned in paragraph (a); (e) not more than 7 days after the notice mentioned in paragraph (b) is sent to the persons mentioned in paragraph (c), the liquidator must publish on the designated website — (i) a notice stating that the liquidator — (A) has made up the account mentioned in paragraph (a); and (B) intends to lodge with the Registrar of Companies a notice to strike the name of the company off the register; and (ii) a copy of the account. (3) The notice mentioned in subsection (2)(b) must — (a) state that the liquidator intends to lodge with the Registrar of Companies the documents mentioned in subsection (5) to strike the name of the company off the register unless — (i) action is taken in accordance with subsection (6) for the company to be wound up; or (ii) an order is made by the Court under subsection (6) that the name of the company not be struck off the register and that the company not be dissolved; and (b) state that any recipient of the notice mentioned in subsection (2)(b) may make a written request to the liquidator for any information relating to the account mentioned in paragraph (1)(a) or any matter relating to the proposed dissolution of the company within 14 days after being served the notice mentioned in subsection (2)(b). (4) Within 14 days after receiving a request mentioned in subsection (3)(b), the liquidator must provide to the maker of the request the information requested, or decline to provide the information requested or any of it, and provide the reasons for not doing so. (5) Upon the expiration of the period of 30 days after the publication of the notice specified in subsection (2)(e)(i) on the designated website, the liquidator must lodge with the Registrar of Companies — (a) a declaration (as the case may be) that no request mentioned in subsection (3)(b) was received within the period specified in that provision or, if a request was received within that period, that the liquidator has complied with subsection (4) as regards each such request; and (b) a notice in the prescribed form to strike the name of the company off the register and for the company to be dissolved. (6) Despite subsection (5), the Court may, on the application of any creditor, contributory or receiver or manager mentioned in subsection (2)(c), make an order — (a) that the name of the company not be struck off the register and the company not be dissolved, and enabling the winding up of the company to proceed as if no notice had been sent under subsection (2)(b); or (b) deferring the date on which the dissolution of the company is to take effect for such time as the Court thinks fit. (7) The person on whose application an order is made under subsection (6) must, within 7 days after the making of the order, deliver to the Official Receiver and the Registrar of Companies for registration, a copy of the order, and if the person fails to do so, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (8) Upon the publication of the notice on the designated website under subsection (2)(e), the liquidator (subject to any order made under subsection (6)) ceases to be bound to perform any duty imposed on the liquidator in relation to the company, its creditors or contributories by virtue of any provision of this Act. (9) Upon receiving the notice mentioned in subsection (5)(b), the Registrar of Companies must publish a notice to strike the name of the company off the register unless — (a) an application is taken in accordance with subsection (6) for the company to be wound up; or (b) an order is made by the Court under subsection (6) that the name of the company not be struck off the register and the company not be dissolved, or that the date of its dissolution be deferred. (10) On the publication of the notice mentioned in subsection (9) — (a) the company is dissolved; but (b) the liability (if any) of every officer and member of the company continues and may be enforced as if the company had not been dissolved. (11) A liquidator who — (a) fails to comply with subsection (2), (4) or (5); or (b) lodges a false declaration under subsection (5)(a), commits an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty. (12) In this section, “receiver or manager” means — (a) a receiver or manager of the whole, or substantially the whole, of a company’s property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or (b) a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company’s property.”. [Act 3 of 2025 wef 29/01/2026] (17) [Deleted by Act 3 of 2025 wef 29/01/2026] (18) [Deleted by Act 3 of 2025 wef 29/01/2026] (19) [Deleted by Act 3 of 2025 wef 29/01/2026] (20) A reference in sections 218(1) and (2) and 219(1)(b) to an insolvent company being wound up is to be read as a reference to a company that is being wound up voluntarily under the simplified winding up programme. [39/2020] (21) A reference in sections 218(3), 222(1) and 223(1) to insolvent winding up is to be read as a reference to the winding up of a company that is being wound up voluntarily under the simplified winding up programme.[39/2020] (22) A reference in section 221(1) to insolvent liquidation is to be read as a reference to the winding up of a company that is being wound up voluntarily under the simplified winding up programme.[39/2020]