Section 170

Notwithstanding subsection (1), where a licensed entity continues to exist as a corporation after the revocation of its licence has taken effect, the Minister may, on the recommendation of the Authority, authorize in writing such licensed entity to continue to transact its business activities to such extent and for such duration as the Minister may specify in the authorization for the purposes of the winding-up of its affairs or for the purposes of meeting the claims of its policy owners, other customers or creditors.

Labuan Financial Services and Securities 161

Every licensed entity whose licence has been revoked or surrendered shall continue to be subject to the provisions of this

Act as long as its liabilities remain unsatisfied or not otherwise provided for.