Singapore legislation
Regulation 151
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 151
Requirement for approved cost schedule when filing application for approval, etc., of remuneration
Subregulation 1
Where a liquidator applies to the Court for the approval, determination or review of the liquidator’s remuneration and expenses, the liquidator must file an affidavit verifying a schedule relating to the remuneration and expenses of the liquidator (called in this Part a cost schedule) that was previously submitted to, and approved by, the approving body.
Subregulation 2
The cost schedule must contain all information that is necessary for the approving body to properly consider and determine the remuneration and expenses of the liquidator.
Subregulation 3
Without limiting paragraph (2), the cost schedule must contain the following information:
the work undertaken or likely to be undertaken by the liquidator arising from or in relation to the winding up of the VCC or sub‑fund;
the time spent or likely to be spent by the liquidator in undertaking the work mentioned in sub‑paragraph (a);
the proposed basis for the determination of the remuneration of the liquidator in accordance with one or any combination of the following bases, and the reasons for such proposed basis:
by way of percentage;
by reference to the time spent or likely to be spent by the liquidator in attending to any matter arising from or in relation to the winding up of the VCC or sub‑fund;
a set amount;
where the remuneration of the liquidator is proposed to be determined (whether wholly or in part) in accordance with sub‑paragraph (c)(ii) —
the number of years of experience in corporate insolvency or restructuring work accumulated by each member of the staff of the liquidator who has attended or may attend to any matter arising from or in relation to the winding up of the VCC or sub‑fund;
the rate to be charged for the liquidator and each member of the staff mentioned in sub‑paragraph (i); and
the estimated amount of the remuneration of the liquidator;
the details of the expenses that have been incurred or are likely to be incurred by the liquidator, including details of the assessed costs, charges or expenses or estimated assessed costs, charges or expenses of any solicitor, manager, accountant, broker or other person appointed or employed by the liquidator in relation to the winding up of the VCC or sub‑fund.