PART 2
PROOF OF DEBTS
Proof of debts
5.  In a winding up by the Court, every creditor must prove the creditor’s debt, unless the Court in any particular winding up gives directions that any creditor or class of creditors is to be admitted without proof.
Mode of proof
6.  A debt must be proved by filing with the liquidator by any of the following means a declaration verifying the debt:
(a)delivery by electronic means in accordance with section 442 of the Act;
(b)sending through the post;
(c)any other means agreed between the liquidator and the creditor of the company filing the proof.
Verification of proof
7.  A declaration proving a debt may be made by the creditor, or by any person authorised by or on behalf of the creditor.
Contents of proof
8.—(1)  A declaration proving a debt must be in accordance with Form CWU‑1.
(2)  A proof of debt must state the following matters:
(a)the creditor’s name and address (including an electronic mail address, if available);
(b)the total amount of the creditor’s claim as at the date of commencement of the winding up;
(c)whether the amount claimed includes interest within the meaning of section 222(4) of the Act and, if so —
(i)the amount of interest that has accrued from the date of commencement of the winding up;
(ii)the rate of interest; and
(iii)the period for which the interest was calculated;
(d)whether or not the amount claimed includes goods and services tax and, if so, the amount of the tax;
(e)the particulars of how and when the debt was incurred by the company;
(f)the particulars of any security held by the creditor, the date on which the security was given and the value at which the creditor assesses the security;
(g)the name, address and authority of the person filing the proof, if that person is not the creditor.
(3)  The documents substantiating the claim specified in the proof of debt must accompany the proof of debt.
Costs of proof
9.  A creditor must bear the costs of proving the creditor’s debt unless the Court otherwise orders.
Discount
10.—(1)  Subject to paragraph (2), a creditor proving the creditor’s debt must deduct from the claim all trade and other discounts that would have been available to the company but for the company’s liquidation.
(2)  The creditor is not required to deduct any discount (not exceeding 5% on the net amount of the creditor’s claim) for immediate, early or cash settlement of the creditor’s claim.
Periodical payments
11.—(1)  Subject to paragraph (2), in a case where any rent or other payment falls due on a day of any stated period, and the winding up order is made on a day other than that day, any person entitled to the rent or payment may prove for a proportionate part of the rent or payment up to (and including) the date of the winding up order, as if the rent or payment grew due from day to day.
(2)  If the liquidator or company that is being wound up remains in occupation of premises demised to the company, nothing in these Regulations affects the right of the landlord of the premises to claim payment from the liquidator or company, of rent during the period of the liquidator’s or company’s occupation.
Prescribed rate of interest under section 222 of Act
12.  For the purposes of section 222(1) and (2)(b)(ii) of the Act, in an insolvent winding up of a company, the prescribed rate of interest allowed on a debt is the rate of interest on judgment debts provided for under the Rules of Court 2021 (G.N. No. S 914/2021) for the time being in force.
[S 266/2022 wef 01/04/2022]
Proof for debt payable at future time
13.—(1)  A creditor may prove for a debt not payable on the date of the winding up order, as if it were so payable, and may receive dividends rateably with the other creditors, deducting only from the dividend a rebate of interest at the rate of interest on judgment debts provided for under the Rules of Court 2021 for the time being in force.
[S 266/2022 wef 01/04/2022]
(2)  The rebate of interest is to be computed from the date of the declaration of a dividend to the date on which the debt would have become payable according to the terms on which it was contracted.
Proof of debt filed by licensed moneylenders
14.—(1)  A moneylender licensed under the Moneylenders Act (Cap. 188) (called in this regulation a licensed moneylender) filing a proof of debt in respect of a loan made by the licensed moneylender as a licensed moneylender must, within 14 days after the date of filing of the proof of debt, file a copy of the following documents in respect of the loan:
(a)the note of the contract for the loan, mentioned in section 20(1)(a) of that Act;
(b)the statement of account mentioned in section 21(1) of that Act, that was last supplied to the company before the date of the order of the Court to wind up the company.
(2)  A reference in paragraph (1) to a licensed moneylender filing a proof of debt is a reference to a person who, at the time the loan mentioned in that paragraph is granted, is a licensed moneylender, whether or not the person continues to be so licensed at the time the proof of debt is filed.
Workmen’s wages
15.—(1)  In a case where it appears that there are numerous claims for wages by the workmen or other persons employed by the company, it is sufficient if one proof in accordance with Form CWU‑1 for all the claims is made either by a foreman or by some other person on behalf of those creditors.
(2)  The proof must be accompanied by a schedule (which forms part of the proof) that sets out the following information relating to each of the creditors:
(a)his or her name;
(b)his or her personal identification number or passport number;
(c)his or her address;
(d)the total amount owed to him or her, and the amount of each component of wages or salary owed to him or her.
(3)  Any proof made in compliance with this regulation has the same effect as if separate proofs had been made by each of the workmen or other persons employed by the company.
Production of bills of exchange and promissory notes
16.  Where a creditor seeks to prove in respect of a bill of exchange, promissory note or other negotiable instrument or security on which the company is liable, the bill of exchange, promissory note, instrument or security must, subject to any order of the Court made to the contrary, be produced to the liquidator and be marked by the liquidator before the proof may be admitted either for voting or for any purpose.