Singapore legislation
Regulation 47
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 47
Service and affidavit of service of winding up application
Subregulation 1
Every winding up application for a VCC and every affidavit supporting the application (called in this rule the VCC supporting affidavit) must be served on the VCC at least 7 clear days before the hearing of the application —
by leaving a copy each of the application and the VCC supporting affidavit with a member, an officer or an employee of the VCC at the registered office of the VCC or, if there is no registered office, at the principal or last known principal place of business of the VCC;
in a case where no member, officer or employee of the VCC can be found at the registered office or the place of business mentioned in sub‑paragraph (a) — by leaving a copy each of the application and the VCC supporting affidavit at the registered office or place of business, as the case may be; or
in any other case — by serving a copy each of the application and the VCC supporting affidavit on such persons as the Court may direct.
Subregulation 2
Every winding up application for a sub‑fund and every affidavit supporting the application (called in this rule the sub‑fund supporting affidavit) must be served on the umbrella VCC of the sub‑fund at least 7 clear days before the hearing of the application —
by leaving a copy each of the application and the sub‑fund supporting affidavit with a member holding shares issued in respect of that sub‑fund, or an officer or an employee of the umbrella VCC at the registered office of the umbrella VCC or, if there is no registered office, at the principal or last known principal place of business of the umbrella VCC;
in a case where no member, officer or employee of the umbrella VCC can be found at the registered office or the place of business mentioned in sub‑paragraph (a) — by leaving a copy each of the application and the sub‑fund supporting affidavit at the registered office or place of business, as the case may be; or
in any other case — by serving a copy each of the application and the sub‑fund supporting affidavit on such persons as the Court may direct.
Subregulation 3
Where the VCC or sub‑fund in respect of which a winding up application is made is being wound up voluntarily, a copy each of the winding up application and the VCC supporting affidavit or sub‑fund supporting affidavit must also be served on the liquidator (if any) appointed for the purpose of winding up the affairs of the VCC or sub‑fund.
Subregulation 4
A copy each of the winding up application and the VCC supporting affidavit or sub‑fund supporting affidavit must also be served on —
the Official Receiver; and
the licensed insolvency practitioner (if not the Official Receiver) nominated by the applicant of the winding up application to be appointed as liquidator of the VCC or sub‑fund in the event that the VCC or sub‑fund is wound up.
Subregulation 5
The applicant of the winding up application must file in Form VCCWUR‑5 an affidavit of service of the application and the VCC supporting affidavit or sub‑fund supporting affidavit in accordance with paragraph (1) or (2) at least 5 days before the day appointed for the hearing of the winding up application.
Subregulation 6
If paragraph (3) applies, the applicant of the winding up application must also file in Form VCCWUR‑6 an affidavit of service of the application and the VCC supporting affidavit or sub‑fund supporting affidavit on the liquidator at least 5 days before the day appointed for the hearing of the winding up application.
Subregulation 7
Paragraphs (1) and (5) do not apply to any application that is filed by a VCC in respect of itself.
Subregulation 8
Paragraphs (2) and (5) do not apply to any application that is filed by an umbrella VCC in respect of its sub‑fund.