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COMMENCEMENT OF THE INSOLVENCY, RESTRUCTURING AND DISSOLUTION ACT 2018 (Singapore)

NO&T Asia Legal Review

Author
Annia Hsu
Publisher
Nagashima Ohno & Tsunematsu
Journal /
Book
NO&T Asia Legal Review No.26 (August, 2020)
Reference
Practice Areas
*Please note that this newsletter is for informational purposes only and does not constitute legal advice. In addition, it is based on information as of its date of publication and does not reflect information after such date. In particular, please also note that preliminary reports in this newsletter may differ from current interpretations and practice depending on the nature of the report.

Introduction
The Insolvency, Restructuring and Dissolution Act 2018 (the “IRDA”), together with its 48 related pieces of subsidiary legislation, came into effect on 30 July 2020 in Singapore. The IRDA was first passed by the Singapore Parliament on 1 October 2018 – an omnibus legislation intended to consolidate Singapore’s personal and corporate insolvency and debt restructuring laws. Before 30 July 2020, the insolvency framework for companies was largely set out in the Companies Act (Cap. 50), while the bankruptcy regime for individuals was found in the Bankruptcy Act (Cap. 20). Relevant provisions from the Companies Act and the entire Bankruptcy Act have since been repealed. The IRDA also updates relevant laws to be aligned with international best practices. We discuss some of the notable changes introduced by the IRDA below.

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