Singapore legislation

Clause 21

of COVID-19 (Temporary Measures) Bill

Clause 21

Modifications to Insolvency, Restructuring and Dissolution Act 2018

(1)

During the prescribed period, the Insolvency, Restructuring and Dissolution Act 2018 applies as if —

(a)

the reference in section 289(2)(a) of that Act to “the prescribed amount” were a reference to “$250,000”;

(b)

the reference in section 299(a) of that Act to “the prescribed amount mentioned in section 289(2)(a)” were a reference to “$250,000”;

(c)

the reference in section 299(b) of that Act to “a prescribed amount” were a reference to “$125,000”;

(d)

the reference in section 311(1)(a) of that Act to “$15,000” were a reference to “$60,000”;

(e)

the reference in section 312(a)(i) of that Act to “21 days” were a reference to “6 months”; (f)the reference in section 314 of that Act to “21 days” were a reference to “6 months”; (g)the references in section 316(2) of that Act to “21 days” were references to “6 months”; and

(h)

the reference in section 316(9)(a) of that Act to “the prescribed amount” were a reference to “$250,000”.

(2)

For the purposes of section 415 of the Insolvency, Restructuring and Dissolution Act 2018, a bankrupt is not to be treated as having no reasonable ground of expectation of being able to pay a debt if the debt is incurred —

(a)

in the ordinary course of the bankrupt’s trade or business;

(b)

during the prescribed period; and

(c)

before the making of an application for voluntary arrangement or bankruptcy in respect of the bankrupt.

Read in full context — COVID-19 (Temporary Measures) Bill →