Singapore legislation
Regulation 54
of Insolvency, Restructuring and Dissolution (Judicial Management) Regulations 2020
Regulation 54
Constitution, meetings, etc., of committee of creditors
Subregulation 1
The creditors at the meeting summoned under section 107 of the Act may, after approving the judicial manager’s proposal (with or without modifications), appoint a committee of creditors under section 109 of the Act (called in this regulation the committee), consisting of not less than 5 persons and not more than 7 persons —
one of whom must be an employee of the company (other than a director or former director) to represent the employees of the company but if those employees belong to a trade union, the trade union may, pursuant to section 116 of the Act, represent those employees; and (b)one of whom must be a shareholder of the company to represent the shareholders.
Subregulation 2
The employee or shareholder representative appointed under paragraph (1) is entitled to attend all meetings of the committee but is not entitled to vote as a member of the committee.
Subregulation 3
At the meeting summoned under section 107 of the Act, the committee must —
elect from its members a chairperson, who is entitled to vote; and
decide upon a quorum.
Subregulation 4
At a meeting of the committee, all questions must be decided by a resolution in writing signed by a majority in number of the members entitled to vote.
Subregulation 5
Any vacancy in the committee is to be filled at the discretion of the committee.
Subregulation 6
The committee must hold a meeting at least once every 14 days unless it resolves otherwise.
Subregulation 7
If the committee is dissatisfied with the extent or the nature of information provided to it by the judicial manager, it may make representations by way of an application to the Court and the Court, if satisfied that the representations are well‑founded, may give any directions to the judicial manager that the Court considers appropriate.