Bill passed in Parliament to revamp and make permanent Simplified Insolvency Programme to support financially distressed companies: Allen & Gledhill

On 7 January 2025, the Insolvency, Restructuring and Dissolution (Amendment) Bill (“Bill”) was passed in Parliament to revamp the Simplified Insolvency Programme (“SIP”) and to make it a permanent feature of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”). The revamped SIP under the Bill seeks to provide a simpler and more cost-effective insolvency process, to benefit more companies.

By way of background, the SIP was established on 29 January 2021 to provide simpler, faster, and lower-cost…