Singapore legislation
Regulation 127
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 127
Bill of costs, charges or expenses to be assessed generally
Subregulation 1
Subject to this rule, no payment in respect of any bill of costs, charges or expenses in respect of a solicitor, manager, accountant, auctioneer, broker or other person employed or engaged by a liquidator in the winding up of a VCC or sub‑fund may be allowed out of the assets of the VCC or sub‑fund without proof that the costs, charges or expenses have been duly assessed and allowed by the Registrar.
Subregulation 2
Paragraph (1) does not apply to —
a payment for costs or expenses incurred and sanctioned under regulation 31(2) of the Court‑Ordered Winding Up Regulations; or
a payment in respect of a bill of costs, charges or expenses where such costs, charges or expenses —
do not exceed the sum of $10,000; or
exceed the sum of $10,000 but do not exceed the sum of $100,000, and have been approved for payment by the committee of inspection in question.
Subregulation 3
Despite paragraph (2)(b) but subject to paragraph (4), the Official Receiver may, either of his or her own volition or upon request by any of the following persons, require that any bill of costs, charges or expenses be assessed by the Registrar before payment is made in respect of the bill:
any creditor or contributory of the VCC or sub‑fund;
any member of the VCC or any member of the umbrella VCC holding shares issued in respect of the sub‑fund;
the liquidator (if not the Official Receiver) of the VCC or sub‑fund.
Subregulation 4
The Official Receiver must not require any bill of costs, charges or expenses delivered by a person in respect of work done by the person in a winding up to be assessed unless —
the Official Receiver has reasonable grounds to believe that —
the costs, charges or expenses under the bill are excessive; or
the aggregate of the costs, charges or expenses under 2 or more bills delivered by the person in respect of work done by the person in the winding up is excessive; or
the Official Receiver is satisfied that it is in the interest of the following persons that the bill of costs, charges or expenses be assessed:
the creditors and contributories of the VCC or sub‑fund;
the members of the VCC or the members of the umbrella VCC holding shares issued in respect of the sub‑fund.