Singapore legislation
Regulation 74
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 74
Quorum
Subregulation 1
The creditors or contributories at a meeting of the creditors or contributories may not act for any purpose unless there are present (whether in person or by proxy) at the meeting —
at least 3 creditors or contributories (as the case may be) entitled to vote; or
all the creditors or contributories (as the case may be) entitled to vote if the number of creditors or contributories does not exceed 3.
Subregulation 2
Paragraph (1) does not apply to the appointment of a chairperson, the proving of debts and the adjournment of the meeting.
Subregulation 3
If after half an hour from the time appointed for the meeting a quorum of creditors or contributories is not present (whether in person or by proxy), the meeting must be adjourned —
in a case where no chairperson is appointed — to the same day in the following week at the same time and place; or
in a case where the liquidator (or his or her nominee) is, or another person is appointed to be, the chairperson for the meeting — to any other day as the chairperson may appoint (which is not less than 7 days and not more than 21 days after the day from which the meeting was adjourned), and at any time and place as the chairperson may determine.
Subregulation 4
If after half an hour from the time appointed for the adjourned meeting a quorum of creditors or contributories is not present (whether in person or by proxy), the adjourned meeting must be adjourned —
in a case of a meeting summoned by the liquidator at the instance of one or more persons and no chairperson is appointed for the meeting — to another day and at a time and place that the liquidator may determine; or
in a case of a meeting where the liquidator (or his or her nominee) is, or another person is appointed to be, the chairperson for the meeting — to another day and at a time and place that the chairperson may determine.
Subregulation 5
The list of creditors or contributories assembled to be used at every meeting must be in accordance with Form VCCWUR‑20.