Singapore legislation
Regulation 7
of Variable Capital Companies (Receivership) Regulations 2026
Regulation 7
Lodgment of accounts of receivers or managers
Subregulation 1
Every detailed account that is required to be lodged by a receiver or manager under section 85(1)(a) of the IRDA must be in Form VCCRECR‑2.
Subregulation 2
An application to the Official Receiver under section 85(2) of the IRDA for the accounts to be audited by a public accountant appointed by the Official Receiver must —
be in writing;
set out the reasons for the application; and
enclose supporting documentary evidence.
Subregulation 3
Where an application mentioned in paragraph (2) is made, the Official Receiver may request the applicant, or an officer of the company or corporation where the applicant is a company or corporation, to furnish further information or documentary evidence in relation to the application.
Subregulation 4
After considering an application mentioned in paragraph (2), the Official Receiver may refuse the application if —
the information or documentary evidence furnished by the requesting VCC, umbrella VCC or creditor of the VCC or sub‑fund (as the case may be) is insufficient; or
there are no good grounds to cause the accounts of the receiver or manager of the property of the VCC or sub‑fund to be audited.
Subregulation 5
Where the Official Receiver causes the accounts to be audited upon the request of the VCC or umbrella VCC of the sub‑fund or a creditor of the VCC or sub‑fund under section 85(2) of the IRDA, the Official Receiver may require the requesting VCC, umbrella VCC or creditor to give security, for the payment of the cost of the audit —
in such manner as the Official Receiver may direct; and
of an amount as fixed by the Official Receiver, which amount may be increased or reduced by the Official Receiver from time to time.