Singapore legislation

Regulation 32

of Insolvency, Restructuring and Dissolution (Judicial Management) Regulations 2020

Regulation 32

Costs of summoning meeting of creditors

Subregulation 1

The costs incurred by the judicial manager in summoning a meeting of creditors at the request of another person must be paid by that person.

Subregulation 2

The person that requests the judicial manager to summon a meeting of creditors must, before the meeting is summoned, deposit with the judicial manager a sum that may be required by the judicial manager as security for the payment of the costs.

Subregulation 3

The costs of summoning a meeting of creditors (whether or not the meeting is summoned by the judicial manager at the request of another person) including all disbursements for printing, stationery, postage and the hire of room, is to be calculated at the following rate for each creditor to whom notice is required to be sent: (a)$10 per creditor for the first 50 creditors;

(b)

$6 per creditor for the next 50 creditors;

(c)

$4 per creditor for any number of creditors after the first 100.

Subregulation 4

The costs must be repaid out of the assets of the company if the Court so orders, or if the creditors by resolution so direct.