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The Insolvency, Restructuring and Dissolution Act 2018 (IRDA) was passed by Parliament on 1 Oct 2018 and came into effect on 30 Jul 2020. The IRDA consolidates the written laws relating to personal and corporate insolvency and debt restructuring into a single piece of legislation. The IRDA also establishes a regulatory regime for insolvency practitioners (IPs).
With the commencement of the IRDA, the key changes in respect of corporate insolvency are as follows: