Singapore legislation
Regulation 78
of Variable Capital Companies (Winding Up and Receivership) Rules 2026
Regulation 78
Votes of secured creditors
Subregulation 1
For the purposes of voting, a secured creditor —
must, unless the secured creditor surrenders the security held by the secured creditor, state in the secured creditor’s proof the particulars of the security, the date on which the security was given, and the value at which the secured creditor assesses the security; and
is entitled to vote only in respect of the balance (if any) due to the secured creditor after deducting the value of the security held by the secured creditor.
Subregulation 2
If the secured creditor votes in respect of the secured creditor’s whole debt, the secured creditor is deemed to have surrendered the security held by the secured creditor, unless the Court on application is satisfied that the omission to value the security has arisen from inadvertence.