Singapore legislation
Regulation 8
of Insolvency, Restructuring and Dissolution (Voluntary Arrangements) Regulations 2020
Regulation 8
Statement of debtor’s affairs
Subregulation 1
The statement of the debtor’s affairs required to be submitted by a debtor to a nominee under section 280(2)(b) of the Act must —
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.
Subregulation 2
Where the debtor is a firm —
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.
Subregulation 3
For the purposes of section 280(2)(b) of the Act, the prescribed particulars of the assets, creditors, debts and other liabilities of a debtor or a partner of a debtor that is a firm, are as follows:
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.
Subregulation 4
The statement of affairs must be prepared up to —
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.
Subregulation 5
The statement of affairs must be verified by statutory declaration —
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.