The Insolvency, Restructuring and Dissolution Act 2018 (IRDA) has come into force on 30 Jul 2020. It brings to fruition the most fundamental reform process, beginning in 2017, to Singapore’s insolvency laws since independence. Personal bankruptcy and corporate insolvency are brought together in a single Act, and the Companies Act has slimmed down by around 20%. IRDA will help Singapore to achieve its objective of helping companies in the region and beyond to restructure and survive. This webinar is intended to provide an overview of the corporate insolvency parts of IRDA and to provide some guidance on some of the important changes. It will not discuss the emergency measures adopted to cope with the fallout from the Covid-19 pandemic found in other legislation.
The webinar will start with a quick introduction of the reform process and highlight some of the more important reforms in IRDA, for example, the new section on transaction defrauding creditors, new power of liquidator to assign proceeds of avoidance actions, new out-of-court judicial management, etc. This will be followed by an examination of the new section 440 restricting the exercise of certain contractual rights (an important measure to preserve value in rescue); the new section 239 wrongful trading; the case law on rescue financing that has developed since the 2017 reforms; the new licensing regime for insolvency practitioners and transitional arrangements and the subsidiary legislation. The webinar will end with a Q&A session where the panellists will take questions from the participants.
For enquiries, please call Tel: +65 6332 4388 or email to [email protected].