IPAS contributed content on super priority rescue financing to Learn@IBF, the mobile-learning app of The Institute of Banking & Finance. Credits to IPAS Fellow, Smitha Menon, who is the facilitator for the IPAS’ IBF-recognised course on “Rescue Financing – a primer for finance professionals”.
The Insolvency, Restructuring and Dissolution Act is an omnibus legislation that consolidates Singapore’s personal and corporate insolvency and debt restructuring laws into a single piece of legislation and updates relevant laws to be aligned with international best practices. https://www.mlaw.gov.sg/news/press-releases/2020-07-23-insolvency-restructuring-and-dissolution-act-commencement
Report of the SOPA-Insolvency Law Reform Sub-Committee of the Singapore Academy of Law. The report covers Issues such as unfair prejudice and statutory adjudication under the Building and Construction Industry Security of Payment Act (SOPA), in relation to liquidation, schemes of arrangement and judicial management. Please click here for the report of the SOPA-Insolvency Law Reform Sub-Committee.
The Ministry of Law (Insolvency Office) has issued the Practice Circular No. 1 of 2016 – Judicial Manager’s Remuneration and Expenses Incurred in Judicial Management. This Practice Circular shall take effect on 1 July 2016. Please click here for the Practice Circular No. 1 of 2016.
As regulator of private liquidators, the Official Receiver is required to monitor the filing of the Liquidator’s Account of Receipts and Payments/Statement of the Position in the Winding Up of an Entity (“Form”) by private liquidators. To assist private liquidators in completing the Form, Insolvency Office has prepared a Guide to illustrate what information is.
IRAS has updated its website for requirements relating to request for tax clearance letter for companies under liquidation. Please click here for the link on the IRAS website.
A voluntary winding-up occurs when either the shareholders or creditors of a company decide to terminate the business. It takes two forms (1) The members’ voluntary liquidation (MVL), whereby the directors make a statement of solvency in accordance with section 293(1) of the Companies Act and make a declaration that the company will be able.
Presently, since 2002, in cases where a private liquidator is appointed by the Court on the application of an applicant-creditor in a compulsory winding-up, the costs of the Official Receiver sought at the conclusion of the liquidation range from $150- $400. The amount sought and awarded by the Court would depend on the complexity of.
The Inland Revenue Authority of Singapore (“IRAS”) has streamlined and revised the filing procedure for Receipts and Payments by Liquidators for companies in liquidation. The revised procedure will be implemented with effect from 1 July 2011 and is applicable to all modes of liquidation. IPAS and ICPAS, with the strategic partnership of IRAS, have worked.
The IPAS Publication Committee hereby presents our year end case update on Chee Yoh Chuang and Anor (as Liquidators of Progen Engineering Pte Ltd) v Progen Holdings Ltd  SGCA 31. This commentary on an important recent ruling by the Singapore Court of Appeal is relevant for insolvency practitioners. We trust that it would prove.