On 30 July 2020, the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) came into operation. Insolvency Office. In 2017, Singapore enacted substantial reforms to its insolvency laws, transplanting elements of US Chapter 11, including a moratorium, rescue financing , and cross-class cramdown, into the flexible Singapore restructuring … 8. Once in force, this new omnibus legislation will consolidate the personal and corporate insolvency and restructuring laws into a single statute. 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. At present, the majority of statutory provisions addressing insolvency law in Singapore are found in the Companies Act (Cap. This country-specific Q&A provides an overview of Restructuring & Insolvency laws and regulations applicable in Singapore. The Companies Act sets out the framework for corporate insolvency. The application may be made via the Ministry of Law Insolvency Office E-Services website, and must include: The company’s UEN; ... Ryan is a final year law student at Singapore Management University and a dedicated geek with a love of cats and coffee. The Bill is a key aspect of a broader project to both modernise Singapore’s restructuring and insolvency law procedures and to position Singapore as a venue of choice for undertaking cross border restructurings of troubled companies. The tailored insolvency measures for SMEs developed as part of this work are also currently helping to shape the law reform and post-COVID 19 economic recovery process for developing and developed nations alike across the world, including in Australia. The Model Law's stated purpose is to assist states to equip their insolvency laws with a modern, harmonised and fair framework to address more effectively instances of cross-border insolvency proceedings. The amendments, if enacted, have the potential to radically overhaul the existing insolvency and restructuring regime in Singapore. The Singapore Ministry of Law has published for public consultation amendments to the Singapore Companies Act (Cap 50). This is implemented by the five layered objectives of … Singapore: New Simplified Insolvency Programme. Given this, the case may be the forerunner of much more significant Singapore cross border insolvency law developments in the near future. OYO's Singapore arm secures $200M SoftBank loan website . Richard Allen is a Local Principal in the Singapore office of Baker McKenzie and a member of the Firm's Global Dispute Resolution Practice Group. Aurelio Gurrea-Martínez (Singapore) Assistant Professor of Law, Singapore Management University The Insolvency, Restructuring and Dissolution (Amendment) Bill 2020 (“Bill”) will be introduced this month and it will establish the SIP. Post navigation. The Singapore Companies (Amendment) Act 2017 (“Act“) [1], which came into force on 23 May 2017, introduced significant new legislative tools to rescue distressed companies and significantly enhanced Singapore’s schemes of arrangement and judicial management processes.. The IRDA also introduces new changes to the insolvency framework in Singapore. Specifically “insolvency is the inability to pay one’s debts”. 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