Regulation 1
Citation and commencement
This Order is the Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 and comes into operation on 30 July 2020.
/akn/sg/act/sub_leg/2018/IRDA-S621-2020
Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020
The full official text, structured for quick navigation. Copy any provision or jump straight to a section.
- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 2018
- Sections
- 2
Quick answer
About this subsidiary legislation
Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IRDA-S621-2020 2018, currently marked in force and first recorded in 2018.
Regulation 2
Prescribed amount for purposes of sections 203(2), 296(2) and 352(2) of Act
Subregulation 1
Subject to sub‑paragraph (2), the prescribed amount for the purposes of sections 203(2), 296(2) and 352(2) of the Act is the lower of the following for each employee:
(a)
5 months’ salary (whether for time or piecework) in respect of services rendered by the employee to the company, debtor or bankrupt, as the case may be;
(b)
$13,000, or an amount that is 5 times the amount (if any) prescribed by the Minister charged with the responsibility for manpower under section 35(b) of the Employment Act (Cap. 91), whichever is the higher.
Subregulation 2
Where the amounts in sub‑paragraph (1)(a) and (b) are the same, the prescribed amount for each employee is equal to either of those amounts.
Common questions
- What is Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020?
- Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation IRDA-S621-2020 2018, currently marked in force and first recorded in 2018.
- Is Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 still in force?
- Yes — Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 is currently in force.
- When did Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 take effect?
- Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 was first recorded in 2018.
- How many regulations does Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 have?
- Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 contains 2 regulations.
- Where can I read the official version of Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020?
- The official text of Insolvency, Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020 is published at sso.agc.gov.sg.