Singapore’s insolvency and restructuring developments

Singapore’s omnibus Insolvency, Restructuring and Dissolution Act, 2018 (IRDA), came into effect on 30 July 2020 and amalgamated its corporate and personal insolvency processes, which were previously in separate statutes. The IRDA also incorporated the UNCITRAL Model Law on Cross-Border Insolvency (Model Law) into Singapore law.

The IRDA, together with the lingering effects of disruptions and insolvencies brought about by the covid-19 pandemic, has resulted in more insolvency cases being litigated before the Singapore courts. We take a look at four judgments from the apex court, the Singapore Court of Appeal (SGCA).

Test for actual insolvency