Insolvency, Restructuring and Dissolution Act 2018

• Jurisdiction: Singapore
• Coming into Force: 31 December 2021
• Enactment Date: 30 July 2020
• Year: 2020
• Record Number: Act 40 of 2018

REPUBLIC OF SINGAPORE

GOVERNMENT GAZETTE

ACTS SUPPLEMENT

Published by Authority

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NO. 38] Friday, November 9 [2018

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The following Act was passed by Parliament on 1 October 2018 and assented to by the President on 31 October 2018:—

Insolvency, Restructuring and; Dissolution Act 2018

(No. 40 of 2018)

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I assent.

HALIMAH YACOB, President. 31 October 2018.

Date of Commencement: 30 July 2020 Sections 2 to 466, 468 to 478, 480 to 494, 495(a), (c) to (j), 496, 497, 498, 500 to 527 and the Schedules

Date of Commencement: 15 September 2020 Section 467(a) to (g)

An Act to amend and consolidate the written laws relating to the making and approval of a compromise or an arrangement with the creditors of a company or an individual, receivership, corporate insolvency and winding up, individual insolvency and bankruptcy, and the public administration of insolvency, to provide for the regulation of insolvency practitioners, to provide for connected matters, to repeal the Bankruptcy Act (Chapter 20 of the 2009 Revised Edition) and to make consequential and related amendments to certain other Acts.

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

PART 1 PRELIMINARY Short title and commencement 1. 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. General interpretation 2.—(1) In this Act, unless the context otherwise requires — “banking corporation” means a bank that holds a valid licence under section 7 or 79 of the Banking Act (Cap. 19); “bankrupt” means — (a) an individual debtor who has been adjudged bankrupt by a bankruptcy order; or (b) where a bankruptcy order has been made against a firm, each of the partners in the firm; “company” has the meaning given by section 4(1) of the Companies Act (Cap. 50); “contributory” has the meaning given by section 4(1) of the Companies Act; “corporation” has the meaning given by section 4(1) of the Companies Act; “Court” means the High Court; “creditors’ committee”, in relation to a bankruptcy, means a committee appointed under section 331; “foreign company” has the meaning given by section 4(1) of the Companies Act; “insolvency practitioner’s licence” means a licence granted under section 51; “liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising — (a) under any written law; (b) under contract, tort or bailment; (c) as a result of a breach of trust by the person liable; or (d) out of an obligation to make restitution; “licensed insolvency practitioner” and “licensee” mean the holder of a licence granted under section 51; “limited liability partnership” has the meaning given by section 4(1) of the Limited Liability Partnerships Act (Cap. 163A); “liquidator” includes the Official Receiver when acting as the liquidator of a corporation; “member”, in relation to a company, means a member of a company mentioned in section 19(6) or (6A) of the Companies Act; “Minister” means — (a) except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and (b) for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies; “Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee; “Official Receiver” means the Official Receiver appointed under section 17(1) and includes a Deputy Official Receiver, a Senior Assistant Official Receiver and an Assistant Official Receiver; “property” includes — (a) money, goods, things in action, land and every description of property, wherever situated; and (b) obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property; “public accountant” means a person who is registered or deemed to be registered in accordance with the Accountants Act (Cap. 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. (2) For the purposes of Parts 4 to 12 and 23, a person who is not a member of a company, but to whom shares in the company have been transferred, or transmitted by operation of law, is to be regarded as a member of the company, and references to a member or members are to be read accordingly. (3) Unless the contrary intention appears, a reference in this Act to a Part or a Division of a Part is to be construed so as to include a reference to any subsidiary legislation made in relation to that Part or that Division.

PART 2 JURISDICTION, POWERS AND PROCEDURE OF COURT Division 1 — Jurisdiction High Court to be court that has jurisdiction in corporate and individual insolvency, etc. 3. Subject to any other written law, the High Court is the court that has jurisdiction in corporate insolvency and winding up, individual insolvency and bankruptcy, and related matters under this Act. Exercise of jurisdiction in chambers 4. Subject to this Act and the Rules, any judge of the Court may exercise in chambers the whole or any part of the Court’s jurisdiction under this Act. Jurisdiction of Registrar under this Act 5. Subject to the Rules — (a) the Registrar has all the powers and jurisdiction of the Court; and (b) any order made or act done by the Registrar in the exercise of those powers and jurisdiction is, subject to an appeal to a judge in chambers, deemed to be the order or act of the Court. General powers of Court under this Act 6.—(1) Subject to this Act, the Court, when exercising its jurisdiction under this Act, has full power to decide all questions of priorities and all other questions, whether of law or fact, that may arise in any case or matter under this Act coming within the cognizance of the Court, or that the Court considers expedient or necessary to decide for the purpose of doing complete justice or making a complete distribution of property in any such case or matter. (2) The Court may adjourn any case or matter under this Act coming within the cognizance of the Court, or make such order or give such direction as the Court thinks fit for the just, expeditious and economical disposal of any such case or matter, without requiring the parties to appear in person, by giving written notice of the adjournment, order or direction to all parties concerned. (3) Where any debtor or bankrupt, or any other person, fails to obey any order or direction given under this Act by the Court, the Official Assignee or the Official Receiver, the Court may, on the application of the Official Assignee, the Official Receiver or any other person duly authorised by the Official Assignee or Official Receiver, or on the Court’s own motion — (a) order that debtor, bankrupt or person to comply with that order or direction; and (b) if the Court thinks fit, make an order for the committal of that debtor, bankrupt or person. (4) The power given by subsection (3) is in addition to any other right or remedy in respect of the failure to obey the order or direction. Power to review orders 7. The Court may review, rescind or vary any order made by the Court when exercising its jurisdiction under this Act. Appeals under this Act 8.—(1) Any order made by the Court in any matter under this Act is, at the instance of any person aggrieved, subject to appeal in the same way as an order of the Court in any other matter is for the time being appealable. (2) For the purposes of this section, the Official Assignee and the Official Receiver are deemed to be aggrieved by the refusal of any application made to the Court by the Official Assignee and the refusal of any application made to the Court by the Official Receiver, respectively. Criminal jurisdiction of District and Magistrate’s Courts 9. Despite anything to the contrary in the Criminal Procedure Code (Cap. 68), a District Court or Magistrate’s Court has jurisdiction to hear and determine all offences under this Act and has power to impose the full penalty or punishment in respect of any offence under this Act. Division 2 — Procedure Where no specific procedure provided 10.—(1) In any matter of practice or procedure for which no specific provision has been made by this Act, the procedure and practice for the time being in use or in force in the Supreme Court must, as nearly as possible, be followed and adopted. (2) Where in respect of any matter of practice or procedure it is not possible to apply subsection (1), the Court may make such orders and give such directions as are likely to secure substantial justice between the parties. Power to adjourn proceedings 11. The Court may at any time adjourn any proceedings before the Court upon such terms, if any, as the Court thinks fit. Power to amend written process, etc. 12. The Court may at any time amend ...