Division 4 — Payments in and out
of Companies Liquidation Account
Remittances to Companies Liquidation Account
33.—(1)  For the purposes of section 146 of the Act, unless the Court directs otherwise and subject to rule 139 of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020 (G.N. No. S 603/2020), every liquidator must pay, without deduction, any money received by him or her, as liquidator of a company, to the Official Receiver to be placed to the credit of the Companies Liquidation Account.
(2)  The liquidator must make the payment once a week, or immediately if the liquidator receives a sum of $1,000 or more.
(3)  The payment may be made —
(a)by cheque; or
(b)by means of an electronic funds transfer system designated by the Official Receiver for that purpose.
Mode of payments out of Companies Liquidation Account
34.—(1)  Any payment out of the Companies Liquidation Account must be made by the Official Receiver.
(2)  The Official Receiver must, on an application by a person who has acted as liquidator of a company, repay to the person any necessary disbursements made by the person as liquidator on account of the company from the date of commencement of the winding up or the date of his or her appointment (whichever is later) to the date of the person’s application for release as liquidator, out of any moneys standing to the credit of the company in the Companies Liquidation Account.
(3)  The liquidator may, after declaring a dividend, apply to the Official Receiver for the funds available for that purpose standing to the credit of the company in the Companies Liquidation Account.
(4)  The application mentioned in paragraph (3) must be supported by a list of creditors certified by the liquidator showing the amount of each of the creditors’ proofs and the amount of money each creditor is due to receive by way of dividend.
(5)  The Official Receiver is not liable for any payment made out of the Companies Liquidation Account on the application of a liquidator.
Court may give directions
35.  Despite any other provisions in these Regulations or the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020, the Court may in any case give special directions with respect to the payment, deposit or custody of moneys or securities payable to or coming into the possession of the liquidator of a company.