Singapore legislation
Regulation 15
of Insolvency, Restructuring and Dissolution (Voluntary Arrangements) Regulations 2020
Regulation 15
Adjournments
Subregulation 1
Subject to paragraph (3), the chairperson of a creditors’ meeting may adjourn the meeting from time to time if —
the requisite majority for the approval of the proposal (with or without modification) has not been obtained; or
the chairperson for any other reason thinks fit to do so.
Subregulation 2
Subject to paragraph (3), the chairperson of a creditors’ meeting must adjourn the meeting from time to time if it is so resolved by the meeting.
Subregulation 3
The date of any adjourned meeting must be no later than 14 days after the date of the first meeting.
Subregulation 4
The chairperson of a creditors’ meeting that is adjourned must give notice of the adjournment to the Court.
Subregulation 5
If a proposal is not approved (with or without modification) by a creditors’ meeting upon the expiry of 14 days after the date of the first meeting, the proposal is treated as if the creditors’ meeting has declined to approve it.