Variable Capital Companies (Winding Up) Rules 2020

Status:

Published in Subsidiary Legislation Supplement
on 30 Jun 2020

No. S 533

Variable Capital Companies Act 2018

(ACT 44 OF 2018)

Variable Capital Companies
(Winding Up)
Rules 2020

In exercise of the powers conferred by section 164 of the Variable Capital Companies Act 2018 and all other powers enabling us under any written law, we, the Rules Committee, make the following Rules:

PART 1

PRELIMINARY

Citation and commencement

1. These Rules are the Variable Capital Companies (Winding Up) Rules 2020 and come into operation on 1 July 2020.

Application of Rules

2. These Rules apply to the proceedings in every winding up under the VCC Act of a VCC or a sub‑fund of an umbrella VCC.

Definitions

3.—(1) In these Rules, unless the context otherwise requires —

“applicant” means —

(a)	in relation to the winding up of a VCC, a person applying to wind up the VCC; or
(b)	in relation to the winding up of a sub‑fund, a person applying to wind up the sub-fund;

“Cash Book” has the meaning given by rule 158(1);

“creditor” includes a corporation and a firm of creditors in partnership;

“filed” means filed in the Court;

“liquidator” includes a provisional liquidator;

“proceedings” means proceedings in the winding up of the VCC or sub‑fund, as the case may be;

“Record Book” has the meaning given by rule 157;

“Registrar” means the Registrar of the Supreme Court and includes a Deputy Registrar and an Assistant Registrar;

“sealed” means sealed with the seal of the Court;

“Taxing Master” means the Registrar or other officer of the Court whose duty it is to tax costs in the proceedings of the Court under its ordinary jurisdiction;

“VCC Act” means the Variable Capital Companies Act 2018;

“winding up” —

(a)	in relation to a VCC, means the winding up of the VCC under section 130(1) of the VCC Act; or
(b)	in relation to a sub‑fund, means the winding up of the sub‑fund under section 33(2) of the VCC Act.

(2) A reference in these Rules to a provision of or a Schedule (including a part of a Schedule) to the Companies (Winding Up) Rules (Cap. 50, R 1), is to that provision, Schedule or part as in force immediately before the date of commencement of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018).

Use of forms

4.—(1) Subject to rule 83, the forms to be used for the purposes of these Rules are those set out in the First Schedule to the Companies (Winding Up) Rules as modified in accordance with the First Schedule to these Rules (called in these Rules a Modified Form), and any reference in these Rules to a numbered form is to the current version of the Modified Form bearing the corresponding number.

(2) For the purpose of these Rules, where a form is not applicable, a form of the same character, with such variations as circumstances may require, is to be used.

(3) All forms used for the purposes of these Rules must be completed in the English language and in accordance with the directions specified in the form or by the Court.

Made on 18 June 2020.

SUNDARESH MENON

Chief Justice.

LUCIEN WONG

Attorney-General.

TAY YONG KWANG

Judge of Appeal.

STEVEN CHONG

Judge of Appeal.

BELINDA ANG SAW EAN

Judge.

QUENTIN LOH

Judge.

VINODH COOMARASWAMY

Judge.

VINCENT HOONG SENG LEI

Presiding Judge of the State Courts.

JAMES LEONG

District Judge.

FRANCIS XAVIER, SC

Advocate and Solicitor.

KUAH BOON THENG, SC

Advocate and Solicitor.

[SUPCT.RNJ.009.0203; AG/LEGIS/SL/341A/2015/15 Vol. 1]

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