Singapore legislation
Regulation 7
of Insolvency, Restructuring and Dissolution (Simplified Winding Up) Regulations 2021
Regulation 7
Application and modifications of Voluntary Winding Up Regulations
Subregulation 1
Subject to paragraph (2) and the modifications in paragraphs (3) to (8), the Voluntary Winding Up Regulations apply to or in relation to a voluntary winding up under the simplified winding up programme.
Subregulation 2
Regulations 2, 4, 5, 7, 8, 9, 26 to 34 and 40 of the Voluntary Winding Up Regulations do not apply to or in relation to a voluntary winding up under the simplified winding up programme.
Subregulation 3
Regulation 3 of the Voluntary Winding Up Regulations applies as if the references to those Regulations were each a reference to those Regulations as they apply to or in relation to a company that is being wound up under the simplified winding up programme.
Subregulation 4
Regulation 16 of the Voluntary Winding Up Regulations applies as if —
paragraph (1) of that regulation were replaced by the following paragraph: “(1) Subject to paragraph (2), in a case where any rent or other payment falls due on a day of any stated period, and the simplified winding up programme for the company concerned is deemed under section 250K(2) of the Act to have commenced on a day other than that day, any person entitled to the rent or payment may prove for a proportionate part of the rent or payment up to (and including) the date of commencement, as if the rent or payment grew due from day to day.”; and
the reference in paragraph (2) of that regulation to the Voluntary Winding Up Regulations were a reference to those Regulations as they apply to or in relation to a company that is being wound up under the simplified winding up programme.
Subregulation 5
Regulation 18(1) of the Voluntary Winding Up Regulations applies as if the reference to the date of the resolution to wind up a company were a reference to the date the simplified winding up programme for a company commenced under section 250K(2) of the Act.
Subregulation 6
Regulation 19(1)(b) of the Voluntary Winding Up Regulations applies as if the reference to the date of the resolution to wind up a company were a reference to the date the simplified winding up programme for a company commenced under section 250K(2) of the Act.
Subregulation 7
Regulation 22(2) of the Voluntary Winding Up Regulations applies as if sub-paragraph (a) of that provision were replaced by the following sub-paragraph:“(a)by publishing the notice in accordance with Form VWU‑12 on the designated website;”.
Subregulation 8
Regulation 38 of the Voluntary Winding Up Regulations applies as if —
sub-paragraphs (a) and (b) of paragraph (1) were replaced by the following sub-paragraphs: “(a)publish on the designated website a notice of his or her intention to declare a dividend; and
send the notice to every creditor mentioned in the statement of affairs made in accordance with section 250E of the Act who has not proved the creditor’s debt.”; and
the words “in the Gazette” in paragraphs (6)(b) and (7) were replaced by the words “on the designated website”.