Singapore legislation
Regulation 33
of Variable Capital Companies (Court-Ordered Winding Up) Regulations 2026
Regulation 33
Remittances to authorised bank account or VCC Liquidation Account or Sub‑fund Liquidation Account
Subregulation 1
For the purposes of section 146 of the IRDA, unless the Court directs otherwise and subject to rule 118 of the Variable Capital Companies (Winding Up and Receivership) Rules 2026 (G.N. No. S 174/2026), every liquidator must pay, without deduction, any money received by him or her, as liquidator of a VCC or sub‑fund —
in a case where a committee of inspection has authorised the liquidator to make such payments into an account to the credit of the liquidator with such bank as the committee of inspection may specify (called in this regulation and regulation 35 an authorised bank account) — into the authorised bank account; or
in any other case — to the Official Receiver to be placed to the credit of the VCC Liquidation Account or Sub‑fund Liquidation Account.
Subregulation 2
The liquidator must make the payment once a week, or immediately if the liquidator receives a sum of $1,000 or more.
Subregulation 3
The payment to the Official Receiver mentioned in paragraph (1)(b) may be made —
by cheque; or
by means of an electronic funds transfer system designated by the Official Receiver for that purpose.