Singapore legislation
Regulation 53
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 53
Substitution of any person as applicant of winding up application
Subregulation 1
When an applicant of a winding up application (called in this paragraph the original applicant) is not entitled to make a winding up application or, whether so entitled or not —
fails to take all the steps prescribed by these Rules preliminary to the hearing of the application;
consents to withdraw the application or to allow the application to be dismissed or the hearing of the application to be adjourned;
fails to appear in support of the application when the application is called on in Court on the day originally fixed for the hearing of the application or on any day to which the hearing has been adjourned; or
appears in Court in support of the application but does not apply for an order in terms of the relief sought in the application,the Court may, upon such terms as it thinks just, substitute any other person (called in this paragraph and paragraph (2) the substitute applicant) who, in the opinion of the Court, satisfies the requirements in paragraph (2), as applicant in place of the original applicant.
Subregulation 2
The requirements for the purposes of paragraph (1) are that the substitute applicant —
would have a right to make the winding up application; and
is desirous of proceeding with the application.
Subregulation 3
An order to substitute an applicant of a winding up application may be made by the Court at any time before the date fixed for the hearing of the application if the applicant —
fails to advertise the applicant’s application within the time prescribed by or under these Rules; or
consents to withdraw the applicant’s application.
Subregulation 4
Despite paragraphs (1) and (3), an order to substitute an applicant is not to be made unless the person substituting the applicant has made payment of the prescribed sum to the Official Receiver.
Subregulation 5
The prescribed sum mentioned in paragraph (4) must be repaid to the person substituting the applicant after deducting such amount as may be required for the payment of the fees and expenses of the Official Receiver and the liquidator of the VCC or sub‑fund (if not the Official Receiver) due to insufficiency of the assets of the VCC or sub‑fund for such payment.
Subregulation 6
For the purposes of paragraphs (4) and (5), the prescribed sum is an amount equal to the sum of —
the preliminary administration fee specified in the second column of item (1) of the Schedule to the Fees (Winding up, Restructuring and Dissolution of Companies and Other Bodies) Order 2005; and
the administration fee specified in the second column of item (2) of the Schedule to the Fees (Winding up, Restructuring and Dissolution of Companies and Other Bodies) Order 2005.
Subregulation 7
The Official Receiver may, from time to time, require the person mentioned in paragraph (4) to deposit with the Official Receiver any further sums required by the Official Receiver (whether before or after the making of the winding up order on the winding up application) to cover the fees and expenses incurred by the Official Receiver in connection with the application.