Singapore legislation

Clause 17

of Variable Capital Companies (Miscellaneous Amendments) Bill

Clause 17

Amendment of section 2

Section 2 of the Variable Capital Companies Act 2018 (called in this Part the principal Act) is amended —

(a)

by deleting the definition of “closed‑end fund” in subsection (1);

(b)

by deleting the definition of “creditors’ voluntary winding up” in subsection (1) and substituting the following definition:“ “creditors’ voluntary winding up” means a winding up under Division 3 of Part 8 of the IRDA as applied by section 130, but not a members’ voluntary winding up;”;

(c)

by inserting, immediately after the definition of “holding company” in subsection (1), the following definitions:“ “IRDA” means the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018);“licensed insolvency practitioner” means the holder of a licence granted under section 51 of the IRDA;”;

(d)

by deleting the definition of “members’ voluntary winding up” in subsection (1) and substituting the following definition:“ “members’ voluntary winding up” means a winding up under Division 3 of Part 8 of the IRDA as applied by section 130, where a declaration has been made and lodged pursuant to section 163 of the IRDA as applied by section 130;”;

(e)

by deleting paragraph (g) of the definition of “officer” in subsection (1) and substituting the following paragraph:“(g)a judicial manager appointed under Part 7 of the IRDA (if applicable);”;

(f)

by deleting the definition of “Official Receiver” in subsection (1) and substituting the following definitions:“ “Official Assignee” means the Official Assignee appointed under section 16(1) of the IRDA, and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee appointed under section 16(4) of the IRDA;“Official Receiver” means the Official Receiver appointed under section 17(1) of the IRDA, and includes a Deputy Official Receiver, a Senior Assistant Official Receiver and an Assistant Official Receiver appointed under section 17(4) of the IRDA;”;

(g)

by inserting, immediately after the words “Companies Act” in subsection (2), the words “or the IRDA”;

(h)

by inserting, immediately after the words “a provision of the Companies Act” in subsection (4), the words “or the IRDA”; and

(i)

by inserting, immediately after the words “Companies Act” in subsection (8), the words “or the IRDA”.

Read in full context — Variable Capital Companies (Miscellaneous Amendments) Bill →