Singapore legislation
Clause 5
Clause 5
Amendment of Insolvency, Restructuring and Dissolution Act 2018
(1)
In the Insolvency, Restructuring and Dissolution Act 2018 (called in this section the principal Act) —
in section 250(7), in the definition of “relevant company”, delete paragraph (j);
in section 327(4)(a), replace “30 days” with “60 days”;
in section 368(4), delete “within the time mentioned in subsection (3)”; and
in section 368(4)(a), before “notice is served”, insert “within the time mentioned in subsection (3),”.
(2)
Section 250(3)(c) read with section 250(7) of the principal Act (as in force immediately before the date of commencement of subsection (1)(a)) continues to apply, in relation to a foreign company if the proceeding for the foreign company’s liquidation or dissolution (as the case may be) had commenced in its place of formation or incorporation before that date.
(3)
Section 327(4)(a) of the principal Act (as amended by subsection (1)(b)) applies to a bankruptcy order made on or after the 30th day before the date of commencement of subsection (1)(b).
(4)
Section 368(4) of the principal Act (as amended by subsection (1)(c) and (d)) applies in relation to an enforcement order for seizure and sale of property issued before, on or after the date of commencement of subsection (1)(c) and (d).