Singapore legislation
Regulation 149
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 149
Definitions of this Part
Subregulation 1
In this Part —
Definition
“approving body” means —
in relation to a VCC in insolvent winding up — the committee of inspection (if any) or the creditors of the VCC; or
in relation to a sub‑fund in insolvent winding up — the committee of inspection (if any) or the creditors of the sub‑fund;
Definition
“liquidator” —
in relation to a VCC, means a person —
appointed by the Court as the liquidator of the VCC under section 134 of the IRDA (as applied by section 130 of the VCC Act); or
nominated by the VCC or its creditors, or directed by the Court, under section 167 of the IRDA (as applied by section 130 of the VCC Act) to be the liquidator of the VCC; and
in relation to a sub‑fund, means a person —
appointed by the Court as the liquidator of the sub‑fund under section 134 of the IRDA (as applied by section 33(2) of the VCC Act); or
nominated by the umbrella VCC of the sub‑fund or the creditors of the sub‑fund, or directed by the Court, under section 167 of the IRDA (as applied by section 33(2) of the VCC Act) to be the liquidator of the sub‑fund;
Definition
“remuneration” includes salary.
Subregulation 2
For the purposes of this Part, the date of commencement of the winding up of a VCC or sub‑fund is —
in the case of a VCC or sub‑fund being wound up by the Court — the day on which the order for the winding up of the VCC or sub‑fund is made by the Court under the provision that replaces section 125(1) of the IRDA because of section 130(6) of the VCC Act or paragraph 18 of the First Schedule to the VCC Act; or
in the case of a VCC or sub‑fund in voluntary winding up — to be determined in accordance with section 161(6) of the IRDA.
Subregulation 3
In this Part, unless the context otherwise requires, a reference to a liquidator includes a reference to a person who has ceased to be a liquidator.