Section 90: Winding up of financial institutions

90. Winding up of financial institutions (1) The provisions of Sub-Part II of Part III and Parts IV and VII of the Insolvency Act and such regulations as may be prescribed shall apply in relation to the winding up of a financial institution, where the provisions of Parts X and XI are not resorted to, or any of the provisions of those Parts are not otherwise applicable. (2) The amounts shown in the books of a financial institution as standing to the credit of depositors shall, unless the liquidator shows that there is reason to doubt the entry, be presumed to be proof of those amounts without further proof from the depositors. [S. 90 amended by s. 3 (l) of Act 10 of 2010 w.e.f. 24 December 2010.]