Variable Capital Companies (Winding Up) Rules 2020
Table of Contents
Enacting Formula
Part 1 PRELIMINARY
1 Citation and commencement
2 Application of Rules
3 Definitions
4 Use of forms
Part 2 COURT AND CHAMBERS
5 Office of Registrar
6 Matters to be heard in Court and chambers
7 Applications in chambers
8 Originating applications and summonses
9 Title of proceedings
10 Written or printed proceedings
11 Process to be sealed
12 Issue of originating application, etc.
Part 3 ORDERS
13 Orders
14 File of proceedings in office of Registrar
15 Office copies
16 Use of file by Official Receiver
17 Defacement of stamps
18 Service of originating application or summons and supporting affidavit
19 Duration and renewal of originating application for purpose of service
20 Mode of service
21 Publication in the Gazette
22 Memorandum of advertisements to be filed
23 Enforcement of judgments or orders
Part 4 WINDING UP APPLICATIONS
24 Form of winding up application
25 Filing of winding up application
26 Advertisement of winding up application
27 Affidavit supporting application for winding up
28 Service of winding up application and supporting affidavit
29 Copy of winding up application and supporting affidavit to be furnished to creditor or contributory
Part 5 HEARING OF WINDING UP APPLICATIONS AND ORDERS
30 Notice of intention to appear
31 List of persons intending to appear
32 Affidavits opposing winding up application and affidavits in reply
33 Approved liquidator
34 Attendance on Registrar
35 Substitution of any person as applicant
36 Winding up order
37 Order appointing provisional liquidator
Part 6 LIQUIDATOR’S REPORTS
38 Report of liquidator
39 Reports of liquidator to be filed
40 Consideration of further report
Part 7 SPECIAL MANAGER
41 Appointment of special manager
42 Accounting by special manager
Part 8 STATEMENT OF AFFAIRS
43 Preparation of statement of affairs
44 Extension of time for submitting statement of affairs
45 Information subsequent to statement of affairs
46 Default
47 As to costs of preparing statement of affairs
Part 9 APPOINTMENT OF LIQUIDATOR IN WINDING UP BY COURT
48 Appointment of liquidator on report of meetings of creditors and contributories
Part 10 SECURITY BY LIQUIDATOR IN WINDING UP BY COURT
49 Provisions as to security
50 Failure to give or keep up security
Part 11 EXAMINATIONS
51 Application for examination under section 285 of Companies Act
52 Application for public examination under section 286 of Companies Act
53 Application for examination under section 313 of Companies Act
54 Attendance of liquidator or Official Receiver under section 285 of Companies Act
55 Application for appointment
56 Notice of appointment to creditors and contributories
57 Examinations under section 285 or 286 of Companies Act
58 Shorthand notes of examination
59 Filing of notes of deposition
60 Failure to attend or absconding warrant for arrest
Part 12 DISCLAIMER
61 Disclaimer
Part 13 VESTING OF DISCLAIMED PROPERTY
62 Vesting of disclaimed property
Part 14 ARRANGEMENT WITH CREDITORS AND CONTRIBUTORIES IN WINDING UP BY COURT
63 Report by liquidator on arrangements and compromises
Part 15 ORDERS
64 Production of documents for settling order
Part 16 COLLECTION AND DISTRIBUTION OF ASSETS IN WINDING UP BY COURT
65 Collection and distribution by liquidator of assets of VCC or sub‑fund of umbrella VCC
66 Power of liquidator to require delivery of property
Part 17 LIST OF CONTRIBUTORIES IN WINDING UP BY COURT
67 Liquidator to settle list of contributories
68 Attendance of contributories at proceedings
69 List of contributories
70 Appointment of time and place for settlement of list
71 Settlement of list of contributories
72 Notice to contributories
73 Application to Court to vary list
74 Variation of or addition to list of contributories
Part 18 CALLS
75 Calls by liquidator
76 Application to Court for permission to make call
77 Document making call
78 Service of notice of call
79 Enforcement of call
Part 19 PROOFS
80 Proof of debt
81 Mode of proof
82 Verification of proof
83 Contents of proof
84 Statement of security
85 Costs of proof
86 Discounts
87 Periodical payments
88 Interest
89 Proof for debt payable at future time
90 Employees’ wages
91 Production of bills of exchange and promissory notes
92 Statement of accounts
Part 20 ADMISSION AND REJECTION OF PROOFS AND APPEAL TO COURT
93 Notice to creditors to prove
94 Examination of proof
95 Appeal by creditor
96 Expunging at instance of liquidator
97 Expunging at instance of creditor
98 Oaths
99 Procedure where creditor appeals
100 Time for dealing with proofs
101 Creditor’s proof which has been admitted
102 Costs of appeal against rejection
Part 21 DIVIDENDS
103 Dividends to creditors
104 Return of capital to contributories
Part 22 PAYMENTS INTO AND OUT OF LIQUIDATION ACCOUNT OF VCC OR SUB‑FUND
105 Remittances to VCC Liquidation Account or Sub‑fund Liquidation Account
106 Mode of payments out of VCC Liquidation Account or Sub‑fund Liquidation Account
107 Court may give directions
Part 23 GENERAL MEETINGS OF CREDITORS AND CONTRIBUTORIES IN RELATION TO WINDING UP BY COURT
108 First meetings of creditors and contributories
109 Notice of first meetings
110 Summoning of first meetings
111 Form of notices of first meetings
112 Notice of first meetings to manager and officers of VCC and custodian of VCC or sub‑fund
113 Summary of statement of affairs
114 Liquidator’s meetings of creditors and contributories
115 Application of rules as to meetings
116 Summoning of meetings
117 Proof of notice
118 Place of meetings
119 Costs of calling meeting
120 Chairperson of meeting
121 Ordinary resolution of creditors and contributories
122 Copy of resolution to be filed
123 Non‑reception of notice by creditor
124 Adjournment
125 Quorum
126 Creditors entitled to vote
127 Cases in which creditors may not vote
128 Votes of secured creditors
129 Creditor required to give up security
130 Admission and rejection of proofs for purpose of voting
131 Statement of security
132 Minutes of meeting
Part 24 PROXIES IN RELATION TO WINDING UP BY COURT, AND TO CREDITORS’ VOLUNTARY WINDING UP
133 Proxies
134 Form of proxies
135 Forms of proxy to be sent with notices
136 General proxies to managers or clerks
137 Special proxies
138 Solicitation by liquidator to obtain proxies
139 Proxies to liquidator
140 Holder of proxy not to vote on matter in which he or she is financially interested
141 Proxies
142 Use of proxies by deputy
143 Filling in where creditor blind or incapable
Part 25 LIQUIDATOR AND COMMITTEE OF INSPECTION
144 Remuneration of liquidator
145 Limit of remuneration
146 Dealings with assets
147 Restriction on transactions by liquidator
148 Committee of inspection not to make profit
149 Cost of obtaining sanction of Court
150 Sanction of payments to committee
Part 26 RELEASE OR RESIGNATION OF LIQUIDATOR
151 Notice of liquidator’s intention to apply for release
152 Meetings of creditors and contributories to consider resignation of liquidator, etc.
153 Office of liquidator vacated by his or her insolvency
154 Proceedings on resignation, etc., of liquidator
Part 27 SPECIAL BANK ACCOUNT FOR LIQUIDATOR
155 Application for special bank account
156 Payments into and out of bank
Part 28 BOOKS
157 Record book
158 Cash book
Part 29 INVESTMENT OF FUNDS
159 Investment of assets in securities and realisation of securities
Part 30 ACCOUNTS AND AUDIT IN WINDING UP BY COURT
160 Audit of Cash Book
161 Liquidator’s accounts
162 Liquidator carrying on business
163 Liquidator’s trading account
164 Expenses of sales
Part 31 TRANSFERS OF ACTIONS AND PROCEEDINGS
165 Judge may order transfer of pending actions to himself or herself
166 Powers of Court
Part 32 Assessment of Costs
167 Assessment of costs payable by liquidator
168 Notice of appointment to assess
169 Copy of bill of costs to be furnished to liquidator
170 Attendance at assessment
171 Certificate of assessment
172 Certificate as to special terms of remuneration, etc.
173 Liquidator’s charges
174 Application for costs
175 Costs
176 Costs ordered by Court or Judge to be paid by VCC or sub‑fund of umbrella VCC
Part 33 ATTENDANCE OF LIQUIDATOR
177 Attendance of liquidator
Part 34 STATEMENTS BY LIQUIDATOR TO REGISTRAR OF VCCs AND OFFICIAL RECEIVER
178 Conclusion of voluntary winding up deemed to be date of dissolution of VCC or sub‑fund of umbrella VCC
179 Time for lodging account and statement under section 317 of Companies Act
180 Form of liquidator’s account and statement
Part 35 UNCLAIMED FUNDS AND UNDISTRIBUTED ASSETS IN HANDS OF LIQUIDATOR, OTHER THAN OFFICIAL RECEIVER
181 Investments representing unclaimed funds
182 Liquidator to furnish information to Official Receiver
183 Official Receiver may call for verified accounts
184 Application for payment out by person entitled
185 Application by liquidator for payment out
Part 36 OFFICIAL RECEIVER
186 Appointment
187 Removal
188 Assistants
189 Duties where no assets
190 Official Receiver to act for committee of inspection where there is no committee of inspection
191 Appeals from Official Receiver
Part 37 ELECTRONIC FILING SYSTEM
192 Electronic filing system
193 Duty of person carrying out electronic filing
194 Receipt of submission
Part 38 MISCELLANEOUS MATTERS
195 Enlargement or abridgment of time and disposal of books
196 Formal defect not to invalidate proceedings
197 Fees