Singapore legislation
Regulation 2
of Variable Capital Companies (Assignment of Proceeds of an Action) Regulations 2026
Regulation 2
Definitions
Subregulation 1
In these Regulations —
Definition
“funder” means a person who agrees to fund all or part of the costs of a relevant action pursuant to a Funding Agreement;
Definition
“Funding Agreement” means a contract or an agreement by a VCC, or an umbrella VCC in respect of its sub‑fund, being a party or potential party to a relevant action, with a funder for the funding of all or part of the costs of the relevant action in return for a share or other interest in the proceeds or potential proceeds of the relevant action to which the VCC or sub‑fund may become entitled;
Definition
“members’ voluntary winding up” —
in the case of a VCC, has the meaning given by section 2(1) of the VCC Act; and
in the case of a sub‑fund, means a winding up under Division 3 of Part 8 of the IRDA (as applied by section 33(2) of the VCC Act), where a declaration has been made and lodged pursuant to section 163 of the IRDA (as applied by section 33(2) of the VCC Act);
Definition
“relevant action” means any action arising under section 224, 225, 228, 238, 239 or 240 of the IRDA (as applied by section 33(2) or 130 of the VCC Act);
Definition
“relevant insolvency practitioner” means an individual who is appointed to act as a liquidator of a VCC or sub‑fund under the IRDA (as applied by section 33(2) or 130 of the VCC Act);
Definition
“special resolution”, in relation to a sub‑fund, means a resolution of the sub‑fund passed, in accordance with the constitution of the umbrella VCC of the sub‑fund, by one or more members holding shares that represent —
at least 75%; or
if the constitution of the VCC requires a greater majority for that resolution, that greater majority,of the total voting rights of all the members holding shares issued in respect of the sub‑fund who have the right to vote on that resolution;
Definition
“sub‑fund” means a sub‑fund in liquidation;
Definition
“Third‑Party Funder” means a person who carries on the business of funding all or part of the costs of dispute resolution proceedings to which the person is not a party;
Definition
“VCC” means a VCC in liquidation;
Definition
“VCC Act” means the Variable Capital Companies Act 2018.
Subregulation 2
A reference to a member of a sub‑fund is to a member of the umbrella VCC of the sub‑fund holding shares issued in respect of the sub‑fund.