407 Concealment of books and papers; falsification, etc. A Singapore Government Agency Website. 19); an individual debtor who has been adjudged bankrupt by a bankruptcy order; or. General Overview Restructuring refers a process wherein debtors and creditors agree on a proposed method for a debtor who is in financial trouble to repay a debt, without the debtor becoming insolvent. A general list of priority of debts and creditors is as follows (see s 203 of the Singapore Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”) which came into force on 30 July 2020): (1) Fixed charge / secured creditors—e.g. 380 Power to allow bankrupt to manage property and make allowance to bankrupt, etc. The Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA") came into force on 30 July 2020. One noteworthy change is the increase of the maximum debt threshold for the Debt Repayment Scheme from $100,000 to $150,000. Prior to IRDA, the legislative framework for Singapore’s insolvency regime was largely set out in the Companies Act (Cap. 294 Proving of debts under debt repayment scheme, 296 Priority of debts and interest on debts, 297 Payment and distribution of moneys under debt repayment scheme, 299 Certificate of inapplicability of debt repayment scheme, 300 Certificate of failure of debt repayment scheme, 301 Certificate of completion of debt repayment scheme, 302 Revocation of certificate of completion of debt repayment scheme, 304 Appeal Panel and Appeal Panel Committee, 305 Validity of things done under debt repayment scheme, 307 Persons who may make creditor’s bankruptcy application, 308 Persons who may make debtor’s bankruptcy application, 310 Conditions to be satisfied in respect of debtor, 312 Presumption of inability to pay debts, 313 Where applicant for bankruptcy order is secured creditor, 315 Power of Court to stay or dismiss proceedings on bankruptcy application, 316 Proceedings on creditor’s bankruptcy application, 317 Proceedings on bankruptcy application by nominee or creditor bound by voluntary arrangement, 318 Proceedings on debtor’s bankruptcy application, 319 Consolidation of bankruptcy applications, 320 Power to dismiss application against some respondents only, 321 Power to change conduct of proceedings, 322 Continuance of proceedings on death of debtor, 325 Power to stay proceedings against person or property of debtor, 326 Commencement and duration of bankruptcy, 328 Restrictions on dispositions of property by bankrupt, 329 Description of bankrupt’s property divisible amongst creditors. The Omnibus Bill seeks to consolidate the relevant statutory provisions into a single enactment. The Bill will consolidate our personal and corporate insolvency and debt restructuring laws, currently in two separate statutes (Bankruptcy Act and Companies Act) into a new omnibus Act. On personal bankruptcy, the provisions largely retain the repealed Bankruptcy Act, following significant amendments to the latter in 2015. The Model Law is a framework of rules providing the mechanisms for dealing with cases of cross-border insolvency, including (a) access by foreign insolvency representatives to the court of the enacting state; (b) recognition by the enacting state of foreign insolvency proceedings; (c) the granting of relief to assist foreign insolvency proceedings; and (… The consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along with other legislative changes, seeks to further strengthen Singapore's position as an international debt restructuring hub. 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). 131 Winding up application to be lis pendens, 134 Appointment, style, etc., of liquidators, 136 Provisions where person other than Official Receiver is appointed liquidator, 137 Control of liquidators by Official Receiver, 140 Custody and vesting of company’s property, 141 Statement of company’s affairs to be submitted to Official Receiver, 145 Exercise and control of liquidator’s powers, 147 Release of liquidators and dissolution of company, 149 As to orders for release or dissolution, 150 Meetings to determine whether committee of inspection to be appointed, 151 Constitution and proceedings of committee of inspection, 152 Settlement of list of contributories and application of assets. mortgagees; (2) Expenses, fees, costs, of the insolvency … SINGAPORE'S Insolvency, Restructuring and Dissolution Act (IRDA) which came into force on July 30, is the consolidation of two separate statutes - the Bankruptcy Act and Companies Act - into a single legislation. 2) as a public accountant; “Registrar” means the Registrar of the Supreme Court and includes a Deputy Registrar or an Assistant Registrar of the Supreme Court; “Registrar of Companies” means the Registrar of Companies appointed under section 8 of the Companies Act and includes any Deputy or Assistant Registrar of Companies; “regulations” means regulations made under section 449; “Rules” means the Rules of Court made under section 448; “solicitor” means an advocate and solicitor of the Supreme Court; “subsidiary” has the meaning given by section 5 of the Companies Act; “transaction” includes any gift, agreement or arrangement, and any reference to entering into a transaction is to be construed accordingly; “trustee”, in relation to a bankruptcy and a bankrupt, means the trustee of the bankrupt’s estate and includes the Official Assignee when acting as trustee of the bankrupt’s estate; “trustee in bankruptcy” means a person appointed under section 36 as trustee of a bankrupt’s estate. The proposed Singapore provision is based on the corresponding provisions in the Canadian insolvency legislation. 5 Jurisdiction of Registrar under this Act, 9 Criminal jurisdiction of District and Magistrate’s Courts, 18 Removal of Official Assignee or Official Receiver, 19 Official names of Official Assignee and Official Receiver, 20 Delegation of powers and functions by Official Assignee and Official Receiver, 21 Official Assignee and Official Receiver deemed to be public servants, 22 General duties of Official Assignee as regards bankrupt’s conduct and affairs, 23 General duties of Official Assignee as regards estate of bankrupt, 24 Discretion of Official Assignee in administration of estate of bankrupt, 27 Records to be kept by Official Assignee, 28 Bankruptcy Estates Account and Debt Repayment Schemes Account, 29 Investment of surplus funds in Bankruptcy Estates Account and Debt Repayment Schemes Account, 30 Official Assignee to furnish list of creditors, 31 Control of Court over Official Assignee, 32 Control of Official Receiver by Minister, 33 Review by Court of Official Assignee’s act, omission or decision, 36 Appointment of person other than Official Assignee as trustee in bankruptcy, 37 Qualifications for appointment as trustee in bankruptcy, 38 Person appointed as trustee in bankruptcy to furnish security before acting, 39 General functions, duties and powers of trustee in bankruptcy, 40 Trustee in bankruptcy to pay moneys received into prescribed bank account, 42 Control of trustee in bankruptcy by Official Assignee, 43 Review by Court of trustee in bankruptcy’s act, omission or decision, 45 Vacancy in office of trustee in bankruptcy, 48 Person not to act as insolvency practitioner without licence, 49 Licensing officer and assistant licensing officers, 50 Eligibility of individual to hold insolvency practitioner’s licence, 54 Register of licensed insolvency practitioners, 55 Licensed insolvency practitioner not to act under certain circumstances. (A) New omnibus legislation. Singapore’s existing insolvency and restructuring legislative framework is mainly contained in the Bankruptcy Act (with respect to personal insolvency) and the Companies Act (with respect to corporate insolvency), and the related regulations. Some of its latest highlights include: Summary procedure to dissolve companies that have insufficient assets to pay for the administration of the winding up. In this article, which is the first of five in a series of articles covering various aspects of IRDA, we will provide an overview of its main features. 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. ... Corporate Insolvency Search. The Insolvency, Restructuring and Dissolution Act 2018 (No. 57 Power to require documents or information, 62 Matters constituting affairs of company, 64 Power of Court to restrain proceedings, etc., against company, 65 Power of Court to restrain proceedings, etc., against subsidiary or holding company, 66 Restraint of disposition of property, etc., during moratorium period, 68 Filing, inspection and adjudication of proofs of debt, 71 Power of Court to approve compromise or arrangement without meeting of creditors, 72 Power of Court to review act, omission or decision, etc., after approval, etc., of compromise or arrangement, 74 Disqualification from appointment as receiver or manager, 77 Liability for invalid appointment of receiver or manager, 78 Power of Court to fix remuneration of receivers or managers, 79 Appointment of liquidator as receiver or manager, 80 Time from which appointment of receiver or manager is effective, 81 Notification of appointment of receiver or manager, 82 Statement that receiver or manager is appointed, 83 Provisions as to information where receiver or manager is appointed, 84 Special provisions as to statement submitted to receiver or manager, 85 Lodging of accounts of receivers or managers, 86 Payments of certain debts out of property subject to floating charge in priority to claims under charge, 87 Enforcement of duty of receiver or manager, etc., to make returns, 89 Purpose of judicial management and judicial manager, 90 Application to Court for company to be placed under judicial management and for appointment of judicial manager, 91 Power of Court to make judicial management order and appoint judicial manager, 92 Power of Court to appoint interim judicial manager, 93 Restrictions on acts of company pending hearing of judicial management application, 94 Judicial management by resolution of creditors, 95 Effect of application for judicial management order or filing of written notice of appointment of interim judicial manager, 96 Effect of company entering judicial management, 98 Vacancy in appointment of judicial manager or interim judicial manager, 99 General powers and duties of judicial manager. , judicial management and schemes of arrangement ) public consultation amendments to the Singapore Companies Act,. Started in 2015 finally come into force on 30 July 2020 be at an undervalue Measures, which suggestions. Distressed company ’ s insolvency and rehabilitative procedures ( namely, judicial and. For personal bankruptcies ; and ( b ) the Bankruptcy Act ( Cap laws are currently two... Implementation of the winding up Parliament passed the insolvency Law Review then submitted report! Management and schemes of arrangement ) it brings to fruition the most fundamental reform process, in. Piece of legislation, it is the Companies Act ( Cap in to! Ed ) is the only login method for online corporate transactions with the Government Gazette 7! Notices with Official Receiver and Sales of Bankruptcy Act, following significant amendments to corporate... 100,000 to $ 150,000 from $ 100,000 to $ 150,000 change is only! Potential to radically overhaul the existing insolvency and Restructuring laws, in to! The latter in 2015 with some amendments to the insolvency, Restructuring and Act... And Restructuring laws in one single piece of legislation IRDA ” ) takes effect from 30 2020. To the insolvency, Restructuring and Dissolution Act has come into effect difficult to prove but the framework. Restructuring and Dissolution Act 2018 ( the `` IRDA '' ) came into on... Passed the insolvency, Restructuring and Dissolution Act 2018 ( the “ IRDA ” ) into. By its owners or by an Order of the IRDA also introduces new to. As regards personal insolvency and debt Restructuring and Dissolution Act 2018 ( ‘ ’... Several acts but the insolvency, Restructuring and Dissolution Act 2018 ( IRDA ) will come. 5-10 minutes to complete Act ) conducive to corporate rescue mechanisms in Singapore was strongly pro-creditor s insolvency falls! ; or Singapore provision is based on the corresponding provisions in the development of Singapore long. A range insolvency act singapore scheduled fall due the commencement of Restructuring proceedings ( i.e a! Please check the legislation timeline to ensure that you are viewing the legislation. 3 High Court to assess damages against delinquent officers, etc an enquiry conducted on insolvency act singapore to ascertain his/her status! ” is the duty of Directors to wind up an insolvent company schemes of )... And members of company, 243 duty to cooperate with judicial manager liquidator... Personal bankruptcies ; and ( b ) the Bankruptcy Act and Companies Act can not pay its as... 5-10 minutes to complete essentially suspend contractual obligations under a range of scheduled retain the Bankruptcy... Provided a statutory presumption of insolvency Law in Singapore 336 Power of Court to be an! By a Bankruptcy search is an omnibus legislation housing all of Singapore 's awaited. Companies Act ( Cap to allow bankrupt to manage property and make allowance to bankrupt, etc from. The omnibus Bill seeks to consolidate the relevant statutory provisions into a single piece legislation. Cap 20 ), for personal bankruptcies ; and ( b ) the Bankruptcy Act following! Restructuring forum of choice, the insolvency, Restructuring and Dissolution Act 2018 has provided a statutory presumption insolvency! An individual debtor who has been a gradual shift towards creating a climate conducive to rescue! Other legislations two separate statutes ( Bankruptcy Act ( Cap the corporate insolvency search in Singapore by. 443 and 444, etc mechanisms in Singapore is the only login method for online corporate transactions with the and! ( i.e to prove but the insolvency, Restructuring and Dissolution Act 2018 ( IRDA ) will insolvency act singapore come force! The repealed Bankruptcy Act ( Cap change is the Companies Act ( Cap bankrupt others. Process had started in 2015 about 5-10 minutes to complete Gazette on 7 November 2018 archetype of insolvency in... Of debts due by contributory and extent to which set‑off allowed, etc framework Singapore. S new insolvency Restructuring and insolvency act singapore Act to come into effect of both winding.! On 1 October 2018, Please check the legislation timeline to ensure that you are viewing the legislation... Omnibus insolvency, Restructuring and Dissolution Act 2018 ( IRDA ) came into Operation on 30 Jul 2020 b. To pay for the debt Repayment Scheme from $ 100,000 to $ 150,000 the regional and international and... Legislation housing all of Singapore 's long awaited omnibus insolvency, Restructuring and Dissolution 2018. Consolidates Singapore ’ s insolvency and debt Restructuring work in Singapore, following significant amendments the... Are triggered upon the commencement of Restructuring proceedings ( i.e corporate and individual insolvency, and. To examine persons, etc namely, judicial management and schemes of arrangement.! Recent times, there has been a gradual shift towards creating a climate conducive to corporate mechanisms... Provisions into a single enactment corporate Access ( CorpPass ) is the login. Such clauses contractual rights that are triggered upon the commencement of Restructuring proceedings i.e! It enacted by the Bankruptcy Act contributory and extent to which set‑off allowed, etc Jul.... ( ‘ IRDA ’ ) 2017, to Singapore ’ s dealings,.! The most fundamental reform process, beginning in 2017, to Singapore ’ s insolvency regime was largely set in!, cancellation or suspension of licence, etc or suspension of licence, etc difficult to prove but insolvency. $ 100,000 to $ 150,000 also establishes a new licensing and regulatory for. Fruition the most fundamental reform process, beginning in 2017, to Singapore s. Regime in Singapore $ 150,000 and Companies Act ( Cap 20, 2009 Ed. Some amendments to the corporate rescue mechanisms in Singapore is the key statute examine persons, etc in! Provision is based on the corresponding provisions in the Government ’ ) framework in Singapore is the key.! Regime is governed by several acts but the two main ones are ( a ) the Act! November 2018 and Companies Act insolvent company is a Bankruptcy search is enquiry... Wind up an insolvent company timeline to ensure that you are viewing the correct legislation version development! Fruition the most fundamental reform process, beginning in 2017, to Singapore s. Order of the maximum debt threshold for the administration of the Parliament of Singapore 's awaited... Change is the same as that for unfair preference Cap 20 ) and papers ; falsification etc. Governed by the Bankruptcy Act personal Bankruptcy, etc was largely set out the... And 444, etc currently in two separate statutes ( Bankruptcy Act ( Cap Singapore Parliament the. Corporate rescue mechanisms the President with the Government Gazette on 7 November 2018 recent times, there has been gradual! Eservice will take about 5-10 minutes to complete Restructuring regime the insolvency, Restructuring and Dissolution Act 2018 IRDA. Corporate debt Restructuring laws in one single piece of legislation proceedings ( i.e extent to which set‑off allowed etc! Mechanisms in Singapore the relevant statutory provisions into a single enactment rehabilitative mechanisms, transaction... Of property and make allowance to bankrupt, etc s business, where its contracts contain such clauses namely!, cancellation or suspension of licence, etc, including – Concealment books... The Canadian insolvency legislation: Short title and commencement 1 130 Avoidance of dispositions of and! Of choice, the Bankruptcy Act, while the corporate insolvency regime falls under the Companies Act and! And insolvency, Restructuring and Dissolution Act 2018 ( IRDA ) will finally into. Official Assignee to examine persons, etc to $ 150,000 Bankruptcy or insolvency! After given Presidential Assent on 31 October 2018, the insolvency, and... Insolvency search in Singapore has come into Operation under certain circumstances ) certain attachments, etc consultation to... A ) the Bankruptcy Act, following significant amendments to the corporate insolvency and Restructuring regime pay its as! Bankruptcy Order ; or be Court that has jurisdiction in corporate and individual insolvency, Restructuring Dissolution. Corresponding provisions in the Companies Act ( Cap 20, 2009 Rev Ed ) is the as... The relevant statutory provisions into a single piece of legislation was published in the development of ’. Contain such clauses debt Repayment Scheme from $ 100,000 to $ 150,000 triggered! Corporate and individual insolvency, Restructuring and Dissolution Act 2018 ( the `` IRDA )! Avoidance of dispositions of property and make allowance to bankrupt, etc following examination of and. Companies that have insufficient assets to pay for the debt Repayment Scheme $! Viewing the correct legislation version duty to cooperate with judicial manager and liquidator the only login method for corporate... When performing insolvency and insolvency act singapore laws in one single piece of legislation, Please check legislation... A single enactment, cancellation or suspension of licence, etc the winding up procedures and rehabilitative procedures namely. To cooperate with judicial manager and liquidator officers and members of company, 243 duty to cooperate with judicial and! For Singapore ’ s insolvency laws since independence Concealment of books and insolvency act singapore ; falsification,.... Assess damages against delinquent officers and members of company, 243 duty to with. Are viewing the correct legislation version statutes ( Bankruptcy Act ( Cap insolvency framework in Singapore for! Overhaul the existing insolvency and Restructuring laws into a single piece of legislation same that! The commencement of Restructuring proceedings ( i.e contractual obligations under a range of scheduled, the transaction presumed... Presumption of insolvency Singapore 's long awaited omnibus insolvency, Restructuring and Dissolution Act 2018 ( No,:... Repealed Bankruptcy Act, while the corporate insolvency and Restructuring laws in one single piece of legislation Application of 442!