Subsidiary Legislation . We have previously written in detail about the reforms made by the Act and the near decade long legislative process leading up to its enactment. The IRDA … Subsidiary Legislation. On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary. 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) will finally come into effect. Status: Current version as at 07 Apr 2021 Authorising Act; Amendment RSS Feed 31 results in … Insolvency, Restructuring and Dissolution (Voluntary Winding Up) Regulations 2020, Please check the legislation timeline to ensure that you are viewing the correct legislation version. Your email address will not be published. 40 of 2018) Status: Current version as at 07 Apr 2021 Print . The Insolvency, Restructuring and Dissolution Act (“IRDA”) will commence on 30 July 2020. Nomination of Official Receiver as liquidator under limited circumstances. Singapore September 3 2020 On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. Today, i.e. The piecemeal amendments over the years have been collated and tidied; and the often-archaic The IRDA is an omnibus legislation housing all of Singapore’s insolvency and restructuring laws in one single piece of legislation. Support Measures Insolvency, Restructuring and Dissolution Act to Come into Operation on 30 July 2020 . The IRDA is an omnibus legislation housing all of Singapore's insolvency and restructuring laws in one single piece of legislation. This article highlights the key features of the IDRA. the provisions in Division 1 of Part 2 and Parts 6, 9, 10 and 11 apply to both a creditors’ voluntary winding up and a members’ voluntary winding up; the provisions in Division 2 of Part 2 apply only to a members’ voluntary winding up; and. Your email address will not be published. Singapore’s long-anticipated Insolvency, Restructuring and Dissolution Act (IRDA), which was passed by the Singapore Parliament on October 1, 2018 and came into effect on July 30, 2020, is poised to be instrumental in helping global companies and alternative investment funds restructure if they have a nexus to the city-state. Specific legal advice about your specific circumstances should always be sought separately before taking any action. The IRDA is an omnibus legislation housing all of Singapore's insolvency and restructuring laws in one single piece of legislation. Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. [LAW 06/011/004; AG/LEGIS/SL/142B/2015/19 Vol. Please see here for more details as to how these laws may affect your strategies in Singapore and the region. The Insolvency, Restructuring and Dissolution Act Compendium (the Compendium) traverses through these updates via concise commentary comprising a detailed overview of the IRDA, together with an exposition of the relevant case law. This Act is the Insolvency, Restructuring and Dissolution Act 2018 and comes into operation on a date that the Minister appoints by notification in the Gazette. The Insolvency, Restructuring and Dissolution Act 2018 (IRDA), together with its 48 related pieces of subsidiary legislation, came into force on 30 July 2020. In exercise of the powers conferred by section 449 of the Insolvency, Restructuring and Dissolution Act 2018, the Minister for Law makes the … It is the final part of an ambitious set of legislative updates which are intended to make Singapore an international centre for debt restructuring – and a timely one in this current climate. The IRDA is an omnibus legislation housing all of Singapore’s insolvency and restructuring laws in one single piece of legislation. This post is part of the following categories: Singapore’s Insolvency, Restructuring and Dissolution Act (the “IRDA“), together with 48 pieces of subsidiary legislation, comes into force today, 30 July 2020 (available here). 46 Duties of liquidator on resignation, etc. Post was not sent - check your email addresses! Required fields are marked *, You may use these HTML tags and attributes:
. This article discusses the implications of the new ipso facto regime, potential areas of … On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. The Insolvency, Restructuring and Dissolution Act 2018 (IRDA) has come into force on 30 Jul 2020. The Insolvency, Restructuring and Dissolution Bill seeks to enhance the law to further strengthen the debt restructuring regimes, as well as regulate insolvency practitioners. On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. With the passing of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) in October 2018, Singapore is reaching the final stages of a decade-long process to update and reform its bankruptcy and corporate insolvency regimes. In exercise of the powers conferred by section 448 of the Insolvency, Restructuring and Dissolution Act 2018, we, the Rules Committee, … The Official Receiver may … Liquidation under the Insolvency, Restructuring and Dissolution Act On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) will finally come into effect. Insolvency, Restructuring and Dissolution Act 2018. The Act is an omnibus legislation that consolidates Singapore’s personal and corporate insolvency and debt restructuring laws 1 into a single piece of legislation and updates relevant laws to be aligned with international best practices. the provisions in Parts 3, 4, 5, 7 and 8 apply only to a creditors’ voluntary winding up. On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. The IRDA mainly serves to consolidate Singapore’s bankruptcy, corporate insolvency and debt restructuring laws into a single piece of legislation. 19 August 2020 . OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018 (“IRDA”) For the avoidance of doubt, references to specific regulations in this document refer to regulations in the version of the subsidiary legislation that was released for public consultation between 23 … The IRDA is an omnibus legislation housing all of Singapore’s insolvency and restructuring laws in one single piece of legislation. Sorry, your blog cannot share posts by email. In particular, the Temporary Measures Act increased debt thresholds for personal and corporate insolvency (to S$60,000 and S$100,000, respectively), which remains in effect until 20 October 2020, until further notice. The IRDA, together with its related subsidiary legislation, came into operation on 30 July 2020. —(1) These Regulations apply to any company that is wound up under Division 3 of Part 8 of the Act but not a company that is wound up voluntarily under the simplified winding up programme established under section 250C of the Act. In exercise of the powers conferred by section 449 of the Insolvency, Restructuring and Dissolution Act 2018, the Minister for Law makes the following Regulations: (2) Unless otherwise stated in these Regulations —. The Ministry of Law (“ MinLaw ”) invites members of the public to provide feedback on the proposed draft subsidiary legislation to be promulgated under s 440 of the Insolvency, Restructuring and Dissolution Act (No. insolvency proceedings. On 1 October 2018, Parliament passed the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), commonly referred to as the omnibus Insolvency Act … The Insolvency, Restructuring and Dissolution Act (“the Act”), together with its 48 related pieces of subsidiary legislation, will commence on 30 July 2020. The IRDA consolidates Singapore’s personal and corporate insolvency and debt restructuring laws into a single piece of legislation. The Insolvency, Restructuring and Dissolution Act 2018 introduced restrictions on the operation of certain ipso facto clauses while a company is undergoing restructuring proceedings. Together with new pieces of subsidiary legislation, the IRDA ensures that Singapore’s insolvency and restructuring laws remain progressive and modern, whilst balancing the interests of debtors, creditors and other stakeholders. On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. 48 Restriction on purchase of goods by liquidator, 49 Liquidator to provide information to Official Receiver, 50 Certificate of moneys paid under section 197(1) of Act, 51 Demand for payment out of Companies Liquidation Account, 52 Application by liquidator for payment out, 53 Disposal of outstanding interests under section 214 of Act, 54 Prescribed value under section 234(1)(. The Insolvency, Restructuring and Dissolution Bill was passed in the Parliament on 1 October 2018 and assented to by the President on 31 October 2018. 30 July, 2020 Singapore’s Insolvency, Restructuring and Dissolution Act (the “ IRDA “), together with 48 pieces of subsidiary legislation, comes into force today, 30 July 2020 (available here). The IRDA consolidates Singapore’s personal and corporate insolvency and debt restructuring laws into a single piece of legislation. We summarise below some of the new rules that will be of most interest to businesses based in Singapore or dealing with Singapore counterparties: Finally, and as we noted in our COVID-19 update, the Singapore government has introduced various measures to alleviate the pressures of the pandemic on businesses and individuals. Revised Editions of Subsidiary Legislation, Insolvency, Restructuring and Dissolution. The IRDA is an omnibus legislation housing all of Singapore’s insolvency and restructuring laws in one single piece of legislation. Today, i.e. They do not constitute legal advice and should not be relied upon as such. All rights reserved. These laws were previously codified in … Subsidiary Legislation . See also. 4 Statutory declaration and declaration under section 161(1) of Act, 5 Affidavit and list of creditors under section 185 of Act, 6 Notice of appointment, etc., under section 191 of Act, 7 Liquidator’s account and statement under section 192 of Act, 8 Statement of affairs under section 163(2) of Act, 9 Notice of meeting under section 165(7) of Act, 17 Prescribed rate of interest under section 222 of Act, 18 Proof for debt payable at a future time, 19 Proof of debt filed by licensed moneylenders, 21 Production of bills of exchange and promissory notes, 25 Creditor’s proof that has been admitted, 28 Form of instrument of proxy to be sent with notice of meeting, 31 Holder of proxy not to vote on financially interested matter, 32 Time for lodgment of instrument of proxy, 33 Use of proxy by person appointed by Official Receiver, 34 Proxy of creditor who is blind or incapable of writing, 35 Notice of disclaimer under section 230 of Act, 36 Service of copy of notice of disclaimer on interested persons, 37 Application by person interested in property, 39 Restrictions relating to liquidator’s remuneration, 40 Committee of inspection not to make profit. Herbert Smith Freehills LLP is authorised and regulated by the Solicitors Regulation Authority. Copyright © 2021 Government of Singapore. Subsidiary Legislation . INTRODUCTION. 40 of 2018) (“ IRDA ”) in relation to the eligible financial contracts to be prescribed for exemption under s 440 (5) (a) of the IRDA. The Insolvency, Restructuring and Dissolution Act (IRDA) was passed as law in October 2018 but is currently still uncommenced, pending the subsidiary legislation. The Insolvency, Restructuring and Dissolution Act: An Overview The Insolvency, Restructuring and Dissolution Act 2018, (Act No.40 of 2018, the “Act”) , which came into force on 30 July, marks, for now at least, the final stage in what has been a far-reaching overhaul of Singapore’s insolvency and debt restructuring regime. Modern slavery and Human Trafficking Statement. Insolvency, Restructuring and Dissolution Act 2018 (No. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary. The Insolvency, Restructuring and Dissolution Bill was passed in the Parliament on 1 October 2018 and assented to by the President on 31 October 2018. The Insolvency, Restructuring and Dissolution Bill was passed in the Parliament on 1 October 2018 and assented to by the President on 31 October 2018. A range of issues arise in this context: see here, for example, for our recent updates. We are seeing a rise in the number of disputes involving insolvency issues, for instance, disputes over debts which are subject to arbitration agreements. It brings to fruition the most fundamental reform process, beginning in 2017, to Singapore’s insolvency laws since independence. The Insolvency, Restructuring and Dissolution Bill, was introduced on 1 October 2018, to consolidate Singapore’s personal and corporate insolvency regimes. An Act to amend the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) to provide for temporary measures in the form of simplified procedures relating to a compromise or an arrangement with creditors and winding up, and related matters, in view of the COVID‑19 pandemic, and to provide for the power to exempt persons from certain criteria in relation to insolvency practitioners’ licences. 1]. The Act also introduces moratoriums against the commencement of actions on the basis of debts. It also introduces a number of significant reforms designed to simplify and modernise Singapore’s insolvency framework. The articles published on this website, current at the dates of publication set out above, are for reference purposes only. 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