362. Revocation of registration Flashcards
- Revocation of registration
General overview
[362.01] Section 362 provides for the only situation in which the registration of a re-domiciled company may be revoked under Part XA of the Act: “Summary of feedback and MOF/ ACRA’s responses on proposed amendments to introduce an inward re-domiciliation regime in Singapore” (February 24, 2017) at para 30, www.mof.gov.sg, (accessed July 3, 2017). Section 362 empowers the registrar to revoke the registration of a re-domiciled company if the company fails to submit proof of de-registration in its place of incorporation, as is required under s 359, and provides for the procedure in respect of the revocation of registration of companies: Explanatory Statement to Bill No 13 of 2017. The rationale behind winding up a non-compliant re-domiciled company instead of striking off was to preserve the corporate existence of the company. In the event that other persons had claims against the company, it would be easier to make claims against the company if it was wound up, whereas it would be difficult to do so if the name of the company was struck off the register: “Summary of feedback and MOF/ ACRA’s responses on proposed amendments to introduce an inward re-domiciliation regime in Singapore” (February 24, 2017) at para 26, www.mof.gov.sg, (accessed July 3, 2017). To facilitate the making of such claims against the company, s 362 also provides that the winding up of the company neither affects the liability of officers of the company nor prejudices the right of any person to enforce any claim against the company.
