Singapore legislation
Clause 33
Clause 33
Winding up of sub-fund
(1)
Despite not being a legal person, a sub-fund of an umbrella VCC may be wound up in accordance with subsection (2) as if it were a legal person.
(2)
Part X and section 389 (as it relates to the provisions of Part X) of the Companies Act apply in relation to the winding up of a sub‑fund of an umbrella VCC as they apply in relation to the winding up of a company limited by shares, subject to section 5 and the modifications in the First Schedule.
(3)
Section 129 applies (with the necessary modifications) in relation to the appointment of a liquidator of a sub‑fund and a person acting as such liquidator, as it applies in relation to the appointment of a liquidator of a VCC and a person acting as such liquidator, and for this purpose —
a reference in section 129(1)(b) and (c) to the VCC is to the umbrella VCC of which the sub-fund is a part; and
the reference in section 129(2)(b) to creditors is to the creditors of the sub-fund.