Insolvency, Restructuring and Dissolution (Voluntary Arrangements) Regulations 2020

identify the debtor and, in the case where the debtor is a firm, all the partners of the firm;

explain why the debtor thinks a voluntary arrangement is desirable; and

explain why the creditors are expected to agree with the proposed arrangement.

the following information so far as within the debtor’s immediate knowledge:

the debtor’s assets, and an estimate of the value of each asset; (ii)the extent (if any) to which each asset is charged in favour of creditors; (iii)the extent (if any) to which each asset is to be excluded from the voluntary arrangement;

the particulars of any property (other than an asset of the debtor) that is proposed to be included in the voluntary arrangement, and —

the source of the property; and

the terms on which the property is made available for inclusion;

so far as within the debtor’s immediate knowledge, the nature and amount of the debtor’s liabilities, the manner in which the liabilities are to be met, modified, postponed or otherwise dealt with by means of the voluntary arrangement, and in particular —

how the preferential creditors and creditors who are or who claim to be secured are proposed to be dealt with; and

how those creditors who are associates of the debtor are proposed to be treated; (d)whether there are, to the debtor’s knowledge, any circumstances giving rise to the possibility, in the event that the debtor should be adjudged bankrupt, of any claim under section 361, 362, 366 or 438 of the Act (or any previous written law corresponding to those sections);

where any circumstances mentioned in sub‑paragraph (d) are present, whether, and if so how, provision is proposed under the voluntary arrangement to be made for wholly or partly indemnifying the insolvent estate in respect of the claim;

whether any, and if so what, guarantee has been given of any of the debtor’s debts by any other person, specifying which (if any) of the guarantors is an associate of the debtor;

the proposed duration of the voluntary arrangement;

the proposed dates of distributions to creditors, with estimates of the amounts to be distributed;

in relation to the nominee of the voluntary arrangement —

the functions to be undertaken by the nominee when supervising the implementation of the voluntary arrangement;

the amount of remuneration proposed to be paid to the nominee;

the estimated amount of expenses of the nominee proposed to be paid to the nominee; and

the manner in which the nominee’s remuneration and expenses are proposed to be paid;

whether any guarantee is to be offered by any person other than the debtor for the purposes of the voluntary arrangement, and whether any, and if so what, security is given or sought for the guarantee;

the manner in which funds held for the purposes of the voluntary arrangement are to be banked, invested or otherwise dealt with pending distribution to creditors;

in the event that any funds are to be paid to any creditor but not so paid at the termination of the voluntary arrangement, the manner in which those funds are to be dealt with;

if the debtor has any business, the manner in which it is proposed to be conducted during the course of the voluntary arrangement; and

details of any further credit facilities to be arranged for the debtor under the voluntary arrangement, and how the debts so arising are to be paid.

the person intended by the debtor to be appointed as nominee under the proposal (called in this regulation the intended nominee); or

a person authorised to take delivery of documents on behalf of the intended nominee.

endorse on a copy of the notice that —

the notice was received by him or her on a specified date; and

he or she agrees to act; and

return that copy of the notice immediately to the debtor at the address specified by the debtor in the notice for that purpose.

be in the current version of Form VA‑1 set out on the Internet website of the Ministry of Law at https://www.mlaw.gov.sg; and

be submitted to the nominee within —

7 days after the date of the delivery of the debtor’s proposal to the nominee; or

any longer time allowed by the nominee.

the partners in the firm must jointly submit to the nominee a statement of their partnership affairs; and

each partner in the firm must submit to the nominee a statement of the partner’s separate affairs as part of the firm’s statement of affairs.

a list of the debtor’s or partner’s assets, divided into categories that are appropriate for each identification, and the estimated value of each asset;

in the case of any property on which a claim against the debtor or partner is wholly or partly secured, the particulars of the claim, its amount, and how and when the security was created;

the names and addresses of the debtor’s or partner’s preferential creditors, with the amounts of their respective claims;

the names and addresses of the debtor’s or partner’s unsecured creditors, with the amounts of their respective claims;

the particulars of any debts owed by the debtor or partner to persons who are associates of the debtor or partner, as the case may be;

the particulars of any debts owed by associates of the debtor or partner;

any other particulars as the nominee may in writing require to be provided for the purposes of making the nominee’s report.

a date not more than 14 days before the date of the delivery of the notice to the nominee under regulation 6; or

any earlier date (not being more than 2 months before the date of the delivery of the notice to the nominee under regulation 6) that the nominee may allow.

where the debtor is an individual — by the debtor; or

where the debtor is a firm — by each partner who joined in the preparation of the proposal in question.

further and better particulars as to the circumstances in which, and the reasons why, the debtor is insolvent or threatened with insolvency;

particulars as to the circumstances in which, and the reasons why, the debtor has at any time —

been adjudged bankrupt in Singapore or elsewhere; or

been subject to a debt repayment scheme under Part 15 of the Act or a voluntary arrangement under Part 14 of the Act or a similar scheme or arrangement outside Singapore;

particulars of each bankruptcy, scheme and arrangement mentioned in sub‑paragraph (b), including particulars of each previous proposal made by the debtor under Part 14 of the Act or a similar arrangement outside Singapore;

any further information with respect to the debtor’s affairs; and

information whether the debtor has at any time been involved in the affairs of any company (whether incorporated in Singapore or elsewhere) which has become insolvent.

the day on which the creditors’ meeting is to be held; (b)the time and venue of the creditors’ meeting;

the date of submission of the nominee’s report to the Court; and

any direction or order made by the Court under section 280(3), (4) or (5) of the Act in relation to the matter.

a form of proxy;

a copy of the proposal to be considered by the creditors’ meeting and the nominee’s comments (if any) on the proposal; and

either —

a copy of the statement of the debtor’s affairs submitted to the nominee under section 280(2)(b) of the Act; or

a summary of the statement mentioned in sub‑paragraph (i) which includes a list of creditors and the amounts owed to each creditor.

any debt for an unliquidated amount; or

any debt the value of which is not ascertained, unless the chairperson of the creditors’ meeting agrees to put upon the debt an estimated minimum value for the purpose of entitlement to vote.

where written notice of the claim was not given to the chairperson of the creditors’ meeting before or at the creditors’ meeting;

where the claim (or any part of the claim) is secured;

where the claim (or any part of the claim) is in respect of a debt wholly or partly on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing to —

treat the liability of every person (being a person against whom a bankruptcy order has not been made or which has not gone into liquidation) who is liable on the bill or note antecedently to the debtor as security in the creditor’s hands; and

estimate the value of the security and deduct it from the creditor’s vote for the purpose of entitlement to vote at the creditors’ meeting (but not of any distribution under the arrangement).

the requisite majority for the approval of the proposal (with or without modification) has not been obtained; or

the chairperson for any other reason thinks fit to do so.

whether the proposal considered by the creditors’ meeting was approved or rejected and, if approved, with what modifications (if any);

the resolutions that were taken at the creditors’ meeting and the decision on each one of those resolutions;

a list of the creditors (with their respective values) who were present or represented at the creditors’ meeting, and how they voted on each resolution;

any other information that the nominee thinks appropriate to be made known to the Court.

file in Court a copy of the report mentioned in paragraph (1) within 4 days after the date of the conclusion of the creditors’ meeting in question; and (b)immediately after the filing of the report mentioned in sub‑paragraph (a), serve a notice of the results of the creditors’ meeting on each creditor who was given a notice summoning the creditors’ meeting.

to carry on any business or trade of the debtor on the debtor’s behalf or in the debtor’s name;

to realise any asset of the debtor; or

otherwise to administer or dispose of any funds of the debtor.

once every 12 months or less beginning with the date of the nominee’s appointment, prepare a summary of receipts and payments mentioned in paragraph (2) made during a relevant period; and

no later than 2 months after the end of the relevant period, send a copy of the summary mentioned in sub‑paragraph (a), accompanied by the nominee’s comments on the progress and efficacy of the voluntary arrangement, to —

the Court;

the debtor in question; and

every creditor bound by the voluntary arrangement.

the Court;

the debtor in question; and

every creditor bound by the voluntary arrangement.

the date of the implementation of the voluntary arrangement mentioned in paragraph (1); or

the day following the last day of the last period for which the summary mentioned in paragraph (3) was prepared.

file with the Court a notice that the voluntary arrangement has been fully implemented; and

send the notice mentioned in sub‑paragraph (a) to the debtor in question and every creditor bound by the voluntary arrangement.

summarises all receipts and payments made by the nominee in pursuance of the voluntary arrangement in question; and

explains any difference in the actual implementation of the voluntary arrangement as compared with the proposal as approved by the creditors’ meeting.