Singapore legislation
Regulation 48
of Variable Capital Companies (Court-Ordered Winding Up) Regulations 2026
Regulation 48
Investment of VCC’s or sub‑fund’s assets and realisation
Subregulation 1
Where the committee of inspection or, if there is no committee of inspection, the liquidator is of the opinion that any part of the cash balance standing to the credit of the account of the VCC or sub‑fund in the VCC Liquidation Account or Sub‑fund Liquidation Account, is in excess of the amount that is required for the time being to answer demands in respect of the estate of the VCC (called in this regulation the VCC’s estate) or the estate comprising the property of the sub‑fund (called in this regulation the sub‑fund’s estate), and should be invested or placed on deposit at interest with any bank —
the committee of inspection or, if there is no committee of inspection, the liquidator may sign in accordance with Form VCC(CWU)‑13 —
a certificate of the opinion of the committee of inspection or the liquidator, as the case may be; and
a request to invest or deposit the cash balance; and
the liquidator must submit the signed certificate and request to the Official Receiver.
Subregulation 2
Whenever any part of the money so invested or deposited is, in the opinion of the committee of inspection or, if there is no committee of inspection, the liquidator, required to answer any demands in respect of the VCC’s estate or the sub‑fund’s estate —
the committee of inspection or, if there is no committee of inspection, the liquidator may sign a certificate in Form VCC(CWU)‑14 to certify the opinion of the committee of inspection or the liquidator (as the case may be) and a request to realise the investment or withdraw the deposit; and
the liquidator must submit the signed certificate and request to the Official Receiver.
Subregulation 3
The Official Receiver may, after considering the certificate and request of the committee of inspection or, if there is no committee of inspection, the liquidator, if the Official Receiver thinks fit, carry out a request mentioned in paragraph (1) or (2), and the certificate and request constitute sufficient authority to the Official Receiver for carrying out the request.