Singapore legislation
Regulation 41
of Variable Capital Companies (Voluntary Winding Up) Regulations 2026
Regulation 41
Committee of inspection not to make profit
Subregulation 1
Except with the sanction of the Court, a member of the committee of inspection of a VCC or sub‑fund is not, directly or indirectly, entitled to —
derive any profit from any transaction arising out of the winding up of the VCC or sub‑fund; or
receive out of the VCC’s or sub‑fund’s assets any payment for —
any service rendered by the member in connection with the administration of the VCC’s or sub‑fund’s assets; or
any goods supplied by the member to the liquidator for or on account of the VCC or sub‑fund.
Subregulation 2
If it appears to the committee of inspection or to any meeting of the creditors or contributories that any profit has been derived or payment has been received by a member of the committee of inspection contrary to this regulation, the committee, creditors or contributories (as the case may be) may disallow the payment or recover the profit.