Singapore legislation
Regulation 119
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 119
Payments into and out of special bank account
Subregulation 1
Where a liquidator is authorised under rule 118 to make payments into a special bank account, the liquidator must immediately pay all moneys received by the liquidator into the special bank account to the credit of the liquidator.
Subregulation 2
Every payment by the liquidator out of the special bank account must be made —
by cheque in accordance with paragraph (3); or
by electronic fund transfer in accordance with an arrangement with the bank under which no payment instructed by the liquidator may be made unless the following persons in sub‑paragraph (i) or (ii) authorise the payment:
a member of the committee of inspection in question and any other person as the committee of inspection may appoint;
where no committee of inspection has been appointed in respect of the VCC or sub‑fund in question — any person or persons as the Court may appoint.
Subregulation 3
Every payment by the liquidator out of the special bank account by cheque must be made payable to order, and the cheque —
must have marked or written on the face of it the name of the VCC, or the names of the umbrella VCC and the sub‑fund, and must be signed by the liquidator; and
must be countersigned —
by at least one member of the committee of inspection in question and any other person as the committee of inspection may appoint; or
where no committee of inspection has been appointed in respect of the VCC or sub‑fund in question — by any person or persons as the Court may appoint.
Subregulation 4
In this rule, “electronic fund transfer”, in relation to a special bank account, means an electronic transfer of funds from the special bank account to another bank account.