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. Today, i.e. 30 July 2020, the Insolvency,
Restructuring and Dissolution Act 2018 (IRDA) will finally come
into effect. 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.
History of Singapore's insolvency regime
Prior to IRDA, the legislative framework for Singapore's
insolvency regime was largely set out in the Companies Act (Cap.
50) and the Bankruptcy Act (Cap. 20), with additional provisions
scattered across a myriad of other legislations. Put simply, the
Companies Act set out the framework for corporate insolvency,
making provisions for the liquidation, judicial management and
receivership of companies, as well as schemes of arrangement. The
personal insolvency regime was addressed through the Bankruptcy
Act,
