From 1 April 2026, the winding up and receivership of a variable capital company (“VCC“) is subject to the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA“).
Winding up and receivership proceedings commenced before 1 April 2026 are subject to the old regime under the Companies Act 1967 with modifications under the Variable Capital Companies Act 2018.
A summary of the winding up and receivership process for a VCC under the IRDA is set out in the Accounting and Corporate Regulatory Authority’s (“ACRA’s“) website at https://www.acra.gov.sg/manage/variable-capital-companies/closing/winding-up/ (available on the ACRA website at http://www.acra.gov.sg/, under “Managing a business or registration” > “Managing a variable capital company (VCC)” > “Closing a variable capital company (VCC)” > “Winding up a variable capital company (VCC)“).
The new regime is implemented pursuant to the following subsidiary legislation issued under the Variable Capital Companies Act 2018 and the Variable Capital Companies (Miscellaneous Amendments) Act 2019 on 31 March 2026 (available on the Government Gazette website at www.egazette.gov.sg):
- Variable Capital Companies (Miscellaneous Amendments) Act 2019 (Commencement) Notification 2026
- Variable Capital Companies (Miscellaneous Amendments) Act 2019 (Saving and Transitional Provisions) Regulations 2026
- Variable Capital Companies (Further Modifications to Incorporated IRDA Provisions) Regulations 2026
- Variable Capital Companies (Court-Ordered Winding Up) Regulations 2026
- Variable Capital Companies (Maximum Amount Payable in Priority in Winding Up) Regulations 2026
- Variable Capital Companies (Receivership) Regulations 2026
- Variable Capital Companies (Voluntary Winding Up) Regulations 2026
- Variable Capital Companies (Application of Bankruptcy Act Provisions) (Revocation) Regulations 2026
- Variable Capital Companies (Amendment) Regulations 2026
- Variable Capital Companies (Dissolution of Sub‑funds and Striking Off of VCCs’ Names) (Amendment) Regulations 2026
- Variable Capital Companies (Lodgment of Documents) (Amendment) Regulations 2026
- Variable Capital Companies (Late Lodgment Penalties for Winding Up and Receivership Documents) Regulations 2026
- Variable Capital Companies (Fees and Late Lodgment Penalties) (Amendment) Regulations 2026
- Variable Capital Companies (Winding Up and Receivership) Rules 2026
- Variable Capital Companies (Assignment of Proceeds of an Action) Regulations 2026
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