Singapore legislation
Regulation 13
of Insolvency, Restructuring and Dissolution (Voluntary Arrangements) Regulations 2020
Regulation 13
Entitlement to vote in creditors’ meeting
Subregulation 1
Subject to paragraph (2), every creditor who has been given notice of a creditors’ meeting is entitled to vote at the creditors’ meeting or any adjournment of the creditors’ meeting.
Subregulation 2
A creditor may not vote in respect of —
any debt for an unliquidated amount; or
any debt the value of which is not ascertained, unless the chairperson of the creditors’ meeting agrees to put upon the debt an estimated minimum value for the purpose of entitlement to vote.
Subregulation 3
The value of a vote cast by a creditor at a creditors’ meeting is calculated according to the amount of debt owed to the creditor as at the date of the creditors’ meeting.
Subregulation 4
The chairperson of a creditors’ meeting may, in relation to a creditor’s claim for the purpose of the creditor’s entitlement to vote at the creditors’ meeting, admit or reject a creditor’s claim (or any part of the claim).
Subregulation 5
Any decision of the chairperson of a creditors’ meeting on entitlement to vote is subject to appeal to the Court by any creditor or the debtor in question.
Subregulation 6
If the chairperson of a creditors’ meeting is in doubt whether a creditor’s claim (or any part of the claim) should be admitted or rejected, the chairperson must mark a creditor’s claim (or any part of the claim) as objected to and allow the creditor to vote, subject to the vote (or any part of the vote) being subsequently declared invalid if the objection to the claim is sustained.