CATEGORY: NEWS AND ANNOUNCEMENTS


The Insolvency, Restructuring and Dissolution Act 2018 (IRDA) was passed by Parliament and comes 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).

Under the IRDA, individuals who wish to act as a liquidator, Judicial Manager (JM) or Trustees in Bankruptcy (TIB) are required to be registered as Insolvency Practitioners with the Ministry of Law for the purpose of undertaking new winding up, JM or TIB cases that are commenced on or after the IRDA comes into effect.  Accordingly, ACRA will no longer be accepting new applications to be ALs or JM-PAs when the IRDA took effect on 30 Jul 2020.  

All filings of insolvency and restructuring documents will continue to be made via ACRA’s online business registration and filing portal, Bizfile+.  In line with new filing requirements set out in IRDA, existing insolvency and restructuring eForms have been modified, and new eForms have also been introduced.

Please click here for more information. 



2020/07/30
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