Singapore legislation
Regulation 29
of Insolvency, Restructuring and Dissolution (Bankruptcy) Regulations 2020
Regulation 29
Entitlement to vote
Subregulation 1
A person is not entitled to vote as a creditor at any meeting of creditors unless —
the person has duly proved the person’s debt under regulation 30; and
the person’s proof of debt has been duly filed under regulation 46 before the time appointed for the meeting.
Subregulation 2
A creditor may not vote at a meeting of creditors in respect of —
any debt for an unliquidated amount; or
any debt the value of which is not ascertained, unless the chairperson of the meeting agrees to put upon the debt an estimated minimum value for the purpose of entitlement to vote and admits the proof of the debt for this purpose.
Subregulation 3
For the purpose of voting —
a secured creditor must, unless the secured creditor surrenders the secured creditor’s security, state in the secured creditor’s proof of the debt the particulars of the security, the date when the security was given and the value at which the secured creditor assesses it; and
the secured creditor is entitled to vote only in respect of the balance (if any) due to the secured creditor after deducting the value of the security.
Subregulation 4
If a secured creditor votes in respect of the secured creditor’s whole debt, the secured creditor is deemed to have surrendered the secured creditor’s security unless the Court, on application, is satisfied that the omission to value the security has arisen from inadvertence.
Subregulation 5
A creditor may not vote in respect of a debt on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing to —
treat the liability of every person (being a person against whom a bankruptcy order has not been made or which has not gone into liquidation) who is liable on the bill or note antecedently to the bankrupt in question as a security in the creditor’s hands; and
estimate the value of the security and deduct it from the creditor’s proof for the purpose of entitlement to vote in a meeting of creditors (but not for dividend).
Subregulation 6
If a bankruptcy order is made against one partner of a firm, any creditor to whom that partner is indebted jointly with the other partners in the firm or any of them may prove the creditor’s debt for the purpose of voting at any meeting of creditors, and is entitled to vote at the meeting.