Singapore legislation
Regulation 40
of Variable Capital Companies (Voluntary Winding Up) Regulations 2026
Regulation 40
Restrictions relating to liquidator’s remuneration
Subregulation 1
Except as provided by any provision of the IRDA, or any subsidiary legislation made under section 164 or 165 of the VCC Act dealing with the winding up of a VCC or sub‑fund, the liquidator of a VCC or sub‑fund must not make any arrangement for or accept any gift, remuneration, consideration or benefit (whether pecuniary or otherwise) that is beyond the remuneration to which the liquidator is entitled under any provision of the IRDA or any of those subsidiary legislation, from the following persons:
a solicitor, auctioneer or any other person connected with the VCC or sub‑fund;
any person who is employed in or in connection with the winding up of the VCC or sub‑fund.
Subregulation 2
The liquidator must not make any arrangement to give up any part of the liquidator’s remuneration to a person mentioned in paragraph (1)(a) or (b).