Singapore legislation

Clause 19

of Insolvency, Restructuring and Dissolution (Amendment) Bill

Clause 19

Replacement of section 72P

In the principal Act, replace section 72P with —“Implementation of compromise or arrangement72P.—

(1)

This section applies after a debt restructuring proposal is approved by the creditors under section 72M, as modified by the Court under section 72N, if applicable.(2) The Court may, on an application by any of the company’s creditors who is dissatisfied with any act, omission or decision of the Restructuring Adviser, that results in a breach of any term of the debt restructuring proposal, confirm, reverse or modify the act, omission or decision, or give such directions or make such other order as the Court thinks fit to rectify the act, omission or decision.(3) The Court may on an application under subsection (2) clarify any term of the debt restructuring proposal.(4) No order or clarification made, and no direction given, by the Court under subsection (2) or (3) may alter, or affect any person’s rights under, the terms of the compromise or arrangement provided under the debt restructuring proposal.”.