Support Measures

Insolvency, Restructuring and Dissolution Act to Come into Operation on 30 July 2020

On 23 July 2020, it was announced that the Insolvency, Restructuring and Dissolution Act 2018 ("IRDA"), together with 48 pieces of subsidiary legislation, will come into operation on 30 July 2020.

The IRDA is a significant piece of legislation and its implementation is set to effect major changes in the restructuring and insolvency regime in Singapore. Businesses and insolvency practitioners should be aware of the impending changes and the potential impact on the industry. It should also be noted that the COVID-19 pandemic has resulted in certain temporary measures which affect the operation of the insolvency framework.

This Update highlights the key elements of the IRDA, as well as the COVID-19 related measures which relate to personal and corporate insolvency.