Singapore legislation
Regulation 77
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 77
Cases in which creditors may not vote
Subregulation 1
A creditor may not vote —
in respect of any unliquidated or contingent debt;
in respect of any debt the value of which is not ascertained; and
subject to paragraph (2), in respect of any debt on or secured by a current bill of exchange or promissory note held by the creditor.
Subregulation 2
Despite paragraph (1)(c), a creditor may vote in respect of a debt mentioned in that provision if the creditor is willing to —
treat the liability of every person (being a person against whom a bankruptcy order has not been made or which has not gone into liquidation) who is liable on the bill or note antecedently to the VCC or sub‑fund as a security in the creditor’s hands; and
estimate the value of the security and deduct it from the creditor’s vote for the purpose of voting at the meeting of creditors.