# legal_provisions

document_id: irda-2018
provision_ref: s182
chapter: PART 8 - WINDING UP
section: 182
title: No liquidator appointed or nominated by company
content:
182. —(1) Where it is proposed to wind up a company voluntarily, and no liquidator or provisional liquidator has been appointed or nominated by the company, the powers of the directors must not be exercised, except with the sanction of the Court or, in the case of a creditors’ voluntary winding up, so far as may be necessary to secure compliance with section 166. (2) Subsection (1) does not apply in relation to the powers of the directors — ( a ) to dispose of perishable goods and other goods the value of which is likely to diminish if they are not immediately disposed of; and ( b ) to do all such other things as may be necessary for the protection of the company’s assets. (3) Any director who, without reasonable excuse, fails to comply with the requirements of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both and also to a default penalty.


document_id: irda-2018
provision_ref: s183
chapter: PART 8 - WINDING UP
section: 183
title: Costs
content:
183. All proper costs, charges and expenses of and incidental to the winding up, including the remuneration of the liquidator, are payable out of the assets of the company in accordance with section 203.


document_id: irda-2018
provision_ref: s184
chapter: PART 8 - WINDING UP
section: 184
title: Limitation on right to wind up voluntarily
content:
184. Where an application has been made to the Court to wind up a company on the ground that it is unable to pay its debts, the company must not, without the permission of the Court, resolve that it be wound up voluntarily. [Act 25 of 2021 wef 01/04/2022]


document_id: irda-2018
provision_ref: s185
chapter: PART 8 - WINDING UP
section: 185
title: Summoning, proof of notice, and quorum of meetings
content:
185. —(1) Unless provided otherwise under this Act, the liquidator or other person summoning a meeting of creditors, meeting of contributories, or meeting of creditors and contributories, under this Division must — ( a ) summon such meeting by causing notice of the time and place of the meeting to be advertised, at least 7 days before the date of the meeting, in the Gazette and at least one English local daily newspaper; and ( b ) not less than 7 days before the day appointed for the meeting, send, to every person appearing by the company’s books to be a creditor of the company, notice of the meeting of creditors or meeting of creditors and contributories, and, to every person appearing by the company’s books or otherwise to be a contributory of the company, notice of the meeting of contributories or meeting of creditors and contributories. (2) The notice to each creditor must be sent to the address given in the creditor’s proof or, if the creditor has not proved, to the address given in the statement of affairs of the company, or to such other address as may be known to the person summoning the meeting. (3) The notice to each contributory must be sent to the address mentioned in the company’s books as the address of such contributory, or to such other address as may be known to the person summoning the meeting. (4) This section does not apply to meetings under section 165, 166 or 180. (5) An affidavit in the prescribed form by the liquidator or the liquidator’s solicitor or the clerk of either of such persons, that the notice of any meeting has been duly posted, is sufficient evidence of such notice having been duly sent to the person to whom the notice was addressed. (6) A meeting must not act for any purpose except the election of a chairperson, the proving of debts and the adjournment of the meeting unless there are present or represented at the meeting — ( a ) in the case of a meeting of creditors, at least 3 creditors entitled to vote; ( b ) in the case of a meeting of contributories, at least 3 contributories; or ( c ) all the creditors entitled to vote or all the contributories, if the number of the creditors entitled to vote or the number of contributories (as the case may be) does not exceed 3. (7) If within half an hour after the time appointed for the meeting a quorum of creditors or contributories is not present or represented, the meeting must be adjourned to the same day in the following week at the same time and place, or to such other day as the chairperson may appoint, being not earlier than the 8th day, and not later than the 21st day, after the day on which the meeting was adjourned. (8) If within half an hour after the time appointed for the adjourned meeting a quorum of creditors or contributories is not present or represented, the adjourned meeting must not be further adjourned. (9) The list of creditors assembled to be used at every meeting must be in the prescribed form. Division 4 &#x2014; Provisions applicable to every mode of winding up Subdivision (1) &#x2014; General


document_id: irda-2018
provision_ref: s186
chapter: PART 8 - WINDING UP
section: 186
title: Power to stay or terminate winding up
content:
186. —(1) At any time during the winding up of a company, the Court may, on the application of the liquidator or of any creditor or contributory, and on proof to the satisfaction of the Court that all proceedings in relation to the winding up ought to be stayed or terminated, make an order — ( a ) staying the proceedings either altogether or for a limited time, on such terms and conditions as the Court thinks fit; or ( b ) terminating the winding up on a day specified in the order. (2) On any such application, the Court may, before making an order, require the liquidator to furnish a report with respect to any facts or matters that are in the liquidator’s opinion relevant. (3) Where the Court has made an order terminating the winding up, the Court may give such directions as the Court thinks fit for the resumption of the management and control of the company by the officers of the company, including directions for the convening of a general meeting of members of the company to elect directors of the company to take office upon the termination of the winding up. (4) Where an order is made under this section, the person on whose application the order is made must lodge a copy of the order with the Registrar of Companies and the Official Receiver, within 14 days after the making of the order. (5) Any person who fails to comply with subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.


document_id: irda-2018
provision_ref: s187
chapter: PART 8 - WINDING UP
section: 187
title: Arrangement when binding on creditors
content:
187. —(1) Any arrangement entered into between a company about to be or in the course of being wound up and its creditors is, subject to the right of appeal under this section, binding on the company if sanctioned by a special resolution, and on the creditors if acceded to by 75% in value and 50% in number of the creditors, every creditor for under $500 being reckoned in value only. (2) A creditor must be accounted a creditor for value for such sum as upon an account fairly stated appears to be the balance due to the creditor, after allowing — ( a ) the value of security or liens held by the creditor; and ( b ) the amount of any debt or set-off owing by the creditor to the company. (3) Any dispute with regard to the value of any such security or lien or the amount of such debt or set-off may be settled by the Court on the application of the company, the liquidator or the creditor. (4) Any creditor or contributory may, within 3 weeks after the completion of the arrangement, appeal to the Court against the arrangement, and the Court may upon the appeal, as it thinks just, amend, vary or confirm the arrangement.


document_id: irda-2018
provision_ref: s188
chapter: PART 8 - WINDING UP
section: 188
title:
Books to be kept by liquidator, control of Court over liquidators, and delivery of property to liquidator

content:
188. —(1) Every liquidator must keep proper books in which the liquidator must cause to be made entries or minutes of proceedings at meetings and of such other matters as are prescribed, and any creditor or contributory may, subject to the control of the Court, personally or by his or her agent inspect the books. (2) The Court must take cognizance of the conduct of liquidators, and if a liquidator does not faithfully perform the liquidator’s duties and observe the prescribed requirements or the requirements of the Court, or if any complaint is made to the Court by any creditor or contributory or by the Official Receiver in regard to the performance of the liquidator’s duties, the Court must inquire into the matter and take such action as the Court thinks fit. (3) The Registrar of Companies or the Official Receiver may report to the Court any matter which in his or her opinion is a misfeasance, neglect or omission on the part of the liquidator, and the Court may order the liquidator to make good any loss which the estate of the company has sustained by the misfeasance, neglect or omission and make such other order as the Court thinks fit. (4) The Court may — ( a ) at any time require any liquidator to answer any inquiry in relation to the winding up; ( b ) examine the liquidator or any other person on oath concerning the winding up; and ( c ) direct an investigation to be made of the books and vouchers of the liquidator. (5) The Court may require any contributory, trustee, receiver, banker, agent or officer of the company to pay, deliver, convey, surrender or transfer to the liquidator or provisional liquidator, immediately or within such time as the Court directs, any money, property, books and papers in the hands of the contributory, trustee, receiver, banker, agent or officer to which the company is prima facie entitled.


document_id: irda-2018
provision_ref: s189
chapter: PART 8 - WINDING UP
section: 189
title: Powers of Official Receiver where no committee of inspection
content:
189. —(1) Where a person other than the Official Receiver is the liquidator and there is no committee of inspection, the Official Receiver may, on the application of the liquidator, do any act or thing or give any direction or permission which is by this Act authorised or required to be done or given by the committee. (2) Where the Official Receiver is the liquidator and there is no committee of inspection, the Official Receiver may in his or her discretion do any act or thing which is by this Act required to be done by, or subject to any direction or permission given by, the committee.


document_id: irda-2018
provision_ref: s190
chapter: PART 8 - WINDING UP
section: 190
title: Appeal against decision of liquidator
content:
190. Any person aggrieved by any act or decision of the liquidator may apply to the Court, which may confirm, reverse or modify the act or decision complained of and make such order as the Court thinks just.


document_id: irda-2018
provision_ref: s191
chapter: PART 8 - WINDING UP
section: 191
title: Notice of appointment and address of liquidator
content:
191. —(1) A liquidator must — ( a ) within 14 days after the liquidator’s appointment, lodge with the Registrar of Companies and with the Official Receiver notice in the prescribed form of the liquidator’s appointment and of the address of the liquidator’s office; and ( b ) within 14 days after any change in the address of the liquidator’s office, lodge with the Registrar of Companies and with the Official Receiver notice in the prescribed form of the change. (2) Service of any document by leaving it at, or sending it by post addressed to, the address of the liquidator’s office given in the most recent notice lodged by the liquidator with the Registrar of Companies under subsection (1)( a ) or ( b ) is deemed to be good service upon the liquidator and upon the company. (3) A liquidator must, within 14 days after the liquidator’s resignation or removal from office, lodge with the Registrar of Companies and with the Official Receiver a notice in the prescribed form of the liquidator’s resignation or removal from office. (4) Any liquidator who fails to comply with subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.


document_id: irda-2018
provision_ref: s192
chapter: PART 8 - WINDING UP
section: 192
title: Liquidator’s accounts
content:
192. —(1) Every liquidator must lodge with the Official Receiver, in the prescribed form and verified by statutory declaration, an account of the liquidator’s receipts and payments and a statement of the position in the winding up — ( a ) within one month after the expiration of each of the following periods: (i) a period of 12 months after the date of the liquidator’s appointment; (ii) every subsequent period of 12 months; ( b ) within one month after the liquidator ceases to act as liquidator; and ( c ) immediately after obtaining an order of release, and any liquidator who fails to do so shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (2) Every liquidator must, within 7 days after lodging the account and statement mentioned in subsection (1), also lodge with the Registrar of Companies a notice in the prescribed form of the lodgment of that account and statement, and any liquidator who fails to do so shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (3) The Official Receiver may cause the account of any liquidation to be audited by a public accountant, and for the purpose of the audit — ( a ) the liquidator must furnish the public accountant with such vouchers and information as the public accountant requires; and ( b ) the public accountant may at any time require the production of and inspect any books or accounts kept by the liquidator. (4) A liquidator must keep a copy of the account or, if audited, a copy of the audited account, and that copy must be open to the inspection of any creditor or any person interested at the office of the liquidator. (5) The liquidator must — ( a ) give notice that the account has been made up to every creditor and contributory, when next forwarding any report, notice of meeting, notice of call or dividend; and ( b ) in such notice, inform the creditors and contributories at what address and between what hours the account may be inspected. (6) The costs of an audit under this section must be fixed by the Official Receiver and are part of the expenses of winding up.


document_id: irda-2018
provision_ref: s193
chapter: PART 8 - WINDING UP
section: 193
title: Liquidator to make good defaults
content:
193. —(1) If any liquidator, who defaults in lodging or making any application, return, account or other document, or in giving any notice, that the liquidator is by law required to lodge, make or give, fails to make good the default within 14 days after the service on the liquidator of a notice requiring the liquidator to do so, the Court may, on the application of any creditor or contributory of the company or the Official Receiver, make an order directing the liquidator to make good the default within such time as is specified in the order. (2) Any order made under subsection (1) may provide that all costs of and incidental to the application must be borne by the liquidator. (3) Nothing in subsection (1) prejudices the operation of any written law imposing penalties on a liquidator in respect of any default mentioned in that subsection.


document_id: irda-2018
provision_ref: s194
chapter: PART 8 - WINDING UP
section: 194
title: Notification that company is in liquidation
content:
194. —(1) Where a company is being wound up — ( a ) every invoice, order for goods, business letter, order form or other correspondence (whether in hard copy, electronic or any other form) issued by or on behalf of the company, a liquidator of the company, or a receiver or manager of the property of the company, being a document on or in which the name of the company appears; and ( b ) every Internet website of the company on or in which the name of the company appears, must have the words “in liquidation” added after the name of the company where it first appears in that document or Internet website. (2) A provisional liquidator appointed over a company must comply with subsection (1), except that the words “in provisional liquidation” must be added after the name of the company instead of the words “in liquidation”. (3) If there is any default in complying with this section, each of the following shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and also to a default penalty: ( a ) the company; ( b ) each of the following persons who knowingly and wilfully authorises or permits the default: (i) an officer of the company; (ii) a liquidator of the company; (iii) a provisional liquidator of the company; (iv) a receiver or manager of the property of the company.


document_id: irda-2018
provision_ref: s195
chapter: PART 8 - WINDING UP
section: 195
title: Books and papers of company and liquidator
content:
195. —(1) Where a company is being wound up, all books and papers of the company and of the liquidator that are relevant to the affairs of the company at or subsequent to the commencement of the winding up of the company are, as between the contributories of the company, prima facie evidence of the truth of all matters purporting to be recorded in those books and papers. (2) Except as provided in subsection (3), when a company has been wound up, the liquidator must retain the books and papers mentioned in subsection (1) for a period of 5 years after the date of dissolution of the company, and at the expiration of that period may destroy the books and papers. (3) Despite subsection (2), when a company has been wound up by the Court, the books and papers mentioned in subsection (1) may be destroyed, within a period of 5 years after the date of dissolution of the company, in accordance with the directions of the Court. (4) If any book or paper of a company has been destroyed in accordance with this section, the company and the liquidator are not responsible for that book or paper not being available to any person claiming to be interested in that book or paper. (5) Any person who fails to comply with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.


document_id: irda-2018
provision_ref: s196
chapter: PART 8 - WINDING UP
section: 196
title: Investment of surplus funds on general account
content:
196. —(1) Whenever the cash balance standing to the credit of any company in liquidation is in excess of the amount which, in the opinion of the committee of inspection or (if there is no committee of inspection) of the liquidator, is required for the time being to answer demands in respect of the estate of the company, the liquidator may, if so directed in writing by the committee of inspection or (if there is no committee of inspection) on the liquidator’s own motion, unless the Court on application by any creditor thinks fit to direct otherwise and so orders — ( a ) invest in securities issued by the Government; or ( b ) place on deposit at interest with any bank, the whole or any part of the excess, and any interest received in respect of the money invested or deposited forms part of the assets of the company. (2) Whenever any part of the money so invested or deposited is, in the opinion of the committee of inspection or (if there is no committee of inspection) of the liquidator, required to answer any demands in respect of the company’s estate, the liquidator may, if so directed by the committee of inspection or (if there is no committee of inspection) on the liquidator’s own motion, arrange for the sale or realisation of such part of those securities, or the withdrawal of the whole or such part of the deposit, as is necessary.


document_id: irda-2018
provision_ref: s197
chapter: PART 8 - WINDING UP
section: 197
title: Unclaimed assets to be paid to Official Receiver
content:
197. —(1) Where a liquidator has in the liquidator’s hands or under the liquidator’s control — ( a ) any unclaimed dividend or other moneys that have remained unclaimed for more than 6 months after the date on which the dividend or other moneys became payable; or ( b ) after making final distribution, any unclaimed or undistributed moneys arising from the property of the company, and the moneys remain unclaimed after the expiration of 30 days after the date the notice mentioned in subsection (2) is given, the liquidator must immediately pay those moneys to the Official Receiver to be placed to the credit of the Companies Liquidation Account, and is entitled to the prescribed certificate of receipt for the moneys so paid, and that certificate is an effectual discharge to the liquidator in respect of the moneys so paid. (2) A liquidator who has in the liquidator’s hands or under the liquidator’s control any moneys mentioned in subsection (1) must give notice, of the intended payment to the Official Receiver of those moneys if those moneys remain unclaimed after the expiration of 30 days after the date the notice is given, to the person entitled to those moneys by — ( a ) sending a copy of the notice to that person at that person’s last known address; and ( b ) if there is reason to believe that the copy of the notice mentioned in paragraph ( a ) may not be effective in bringing the intended payment to that person’s attention, an advertisement published in at least one English local daily newspaper. (3) The Court may, at any time on the application of the Official Receiver — ( a ) order any liquidator to submit to the Court an account, verified by affidavit, of any unclaimed or undistributed funds, dividends or other moneys in the liquidator’s hands or under the liquidator’s control; ( b ) direct an audit of those moneys; and ( c ) direct the liquidator to pay those moneys to the Official Receiver to be placed to the credit of the Companies Liquidation Account. (4) The interest arising from the investment of the moneys standing to the credit of the Companies Liquidation Account must be paid into the Consolidated Fund. (5) For the purposes of this section — ( a ) the Court may exercise all the powers conferred by this Act with respect to the discovery and realisation of the property of the company; and ( b ) the provisions of this Act with respect to the discovery and realisation of the property of the company, with such adaptations as are prescribed, apply to proceedings under this section. (6) This section does not, except as expressly declared in this Act, deprive any person of any other right or remedy to which the person is entitled against the liquidator or any other person. (7) If any claimant makes any demand for any money placed to the credit of the Companies Liquidation Account, the Official Receiver, upon being satisfied that the claimant is the owner of the money — ( a ) must authorise payment of the money to be made to the claimant out of that Account; or ( b ) if the money has been paid into the Consolidated Fund, may authorise payment of a like amount to be made to the claimant out of moneys made available by Parliament for the purpose. (8) Any person dissatisfied with the decision of the Official Receiver in respect of a claim made under subsection (7) may appeal to the Court, which may confirm, disallow or vary the decision. (9) Where any unclaimed moneys paid to any claimant are afterwards claimed by any other person, that other person is not entitled to any payment out of the Companies Liquidation Account or out of the Consolidated Fund, but may have recourse against the claimant to whom the unclaimed moneys have been paid. (10) Any unclaimed moneys paid to the credit of the Companies Liquidation Account, to the extent to which the unclaimed moneys have not been under this section paid out of that Account, must, on the expiration of 7 years after the date of the payment of the moneys to the credit of that Account, be paid into the Consolidated Fund.


document_id: irda-2018
provision_ref: s198
chapter: PART 8 - WINDING UP
section: 198
title: Outstanding assets of company wound up on grounds of national security or interest
content:
198. Despite any written law or rule of law to the contrary, upon a company being wound up under section 125(1)( n ) on the ground that it is being used for purposes against national security or interest, the Court may, on the application of the Minister, order that any assets of the company remaining, after payment of its debts and liabilities and the costs, charges and expenses of the winding up, be paid into the Consolidated Fund.


document_id: irda-2018
provision_ref: s199
chapter: PART 8 - WINDING UP
section: 199
title: Expenses of winding up where assets insufficient
content:
199. —(1) Unless expressly directed to do so by the Official Receiver, a liquidator is not liable to incur any expense in relation to the winding up of a company unless there are sufficient available assets. (2) The Official Receiver may, on the application of a creditor or a contributory, direct a liquidator to incur a particular expense on condition that — ( a ) the creditor or contributory indemnifies the liquidator in respect of the recovery of the amount expended; and ( b ) if the Official Receiver so directs, the creditor or contributory gives such security to secure the amount of the indemnity as the Official Receiver thinks reasonable. (3) Where the Official Receiver is the liquidator, the Official Receiver is not liable to incur any expense in relation to the winding up of a company unless there are sufficient available assets. (4) Where the Official Receiver is the liquidator, the Official Receiver may, on the application of a creditor or a contributory, incur a particular expense on the condition that — ( a ) the creditor or contributory indemnifies the Official Receiver in respect of the recovery of the amount expended; and ( b ) if the Official Receiver so directs, the creditor or contributory gives such security to secure the amount of the indemnity as the Official Receiver thinks reasonable.


document_id: irda-2018
provision_ref: s200
chapter: PART 8 - WINDING UP
section: 200
title: Resolutions passed at adjourned meetings of creditors and contributories
content:
200. Subject to section 166(9), where a resolution is passed at an adjourned meeting of any creditors or contributories of a company, the resolution is for all purposes treated as having been passed on the date on which it was in fact passed, and not on any earlier date.


document_id: irda-2018
provision_ref: s201
chapter: PART 8 - WINDING UP
section: 201
title: Meetings to ascertain wishes of creditors or contributories
content:
201. —(1) The Court may — ( a ) as to all matters relating to the winding up of a company, have regard to the wishes of the creditors or contributories as proved to the Court by any sufficient evidence; ( b ) if the Court thinks fit for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories to be called, held and conducted in such manner as the Court directs; and ( c ) appoint a person to act as chairperson of any such meeting and to report the result of that meeting to the Court. (2) In the case of creditors, regard must be had to the value of each creditor’s debt. (3) In the case of contributories, regard must be had to the number of votes conferred on each contributory by the Companies Act 1967 or the constitution of the company.


document_id: irda-2018
provision_ref: s202
chapter: PART 8 - WINDING UP
section: 202
title: Special commission for receiving evidence
content:
202. —(1) District Judges are commissioners for the purpose of taking evidence under this Part and Parts 9, 10 and 11, and the Court may refer the whole or any part of the examination of any witnesses under this Part or Part 9, 10 or 11 to any person appointed commissioner by this section. (2) Every commissioner, in addition to any powers which the commissioner might lawfully exercise as a District Judge, has in the matter referred to him or her the same powers as the Court of — ( a ) summoning and examining witnesses; ( b ) requiring the production or delivery of documents; ( c ) punishing defaults by witnesses; and ( d ) allowing costs and expenses to witnesses. (3) Unless otherwise ordered by the Court, the taking of evidence by commissioners must be in open court and must be open to the public. (4) The examination so taken must be returned or reported to the Court in such manner as the Court directs.


document_id: irda-2018
provision_ref: s203
chapter: PART 8 - WINDING UP
section: 203
title: Priority of debts
content:
203. —(1) Subject to the provisions of this Act, in a winding up there must be paid in priority to all other unsecured debts — ( a ) first, the costs and expenses of the winding up incurred by the Official Receiver as the liquidator of the company, including the costs, expenses and remuneration of any licensed insolvency practitioner appointed by the Official Receiver under section 134( f ) to act as liquidator in the place of the Official Receiver; ( b ) second, any other costs and expenses of the winding up, including the remuneration of the liquidator (apart from any remuneration mentioned in paragraph ( a )) and the costs of any audit carried out under section 192; ( c ) third, the costs of the applicant for the winding up order payable under section 127; ( d ) fourth, subject to subsection (2), all wages or salary (whether or not earned wholly or in part by way of commission), including any amount payable by way of allowance or reimbursement under any contract of employment or any award or agreement regulating conditions of employment of any employee; ( e ) fifth, subject to subsection (2), the amount due to an employee as a retrenchment benefit or ex gratia payment under any contract of employment or any award or agreement that regulates conditions of employment, whether such amount becomes payable before, on or after the commencement of the winding up; ( f ) sixth, all amounts due in respect of work injury compensation under the Work Injury Compensation Act 2019 or the Work Injury Compensation Act (Cap. 354, 2009 Revised Edition) repealed by that Act accrued before, on or after the commencement of the winding up; ( g ) seventh, all amounts due in respect of contributions payable, during a period of 12 consecutive months commencing not earlier than 12 months before and ending not later than 12 months after the commencement of the winding up, by the company as the employer of any person, under any written law relating to employees’ superannuation or provident funds or under any scheme of superannuation which is an approved scheme under the Income Tax Act 1947; ( h ) eighth, subject to subsection (2), all remuneration payable to any employee in respect of vacation leave or, in the case of the employee’s death, to any other person in the employee’s right, accrued in respect of any period before, on or after the commencement of the winding up; and ( i ) ninth, the amount of all tax assessed, and all goods and services tax due, under any written law before the commencement of the winding up, and all tax assessed under any written law at any time before the time fixed for the proving of debts has expired. [27/2019] (2) The amount payable under subsection (1)( d ), ( e ) and ( h ) must not exceed such amount as may be prescribed by the Minister by order in the Gazette . (3) In subsection (1)( d ), ( e ), ( g ) and ( h ) and this subsection — “employee” means an individual who has entered into or works under a contract of service with an employer, and includes a subcontractor of labour; “ex gratia payment” means an amount payable to an employee on the winding up of a company or on the termination of the employee’s service by his or her employer on the ground of redundancy or by reason of any re‑organisation of the employer, profession, business, trade or work, and “an amount payable to an employee” for these purposes means an amount ascertained from any contract of employment, award or agreement; “retrenchment benefit” means an amount payable to an employee on the winding up of a company or on the termination of the employee’s service by his or her employer on the ground of redundancy or by reason of any re‑organisation of the employer, profession, business, trade or work, and “an amount payable to an employee” for these purposes means an amount ascertained from any contract of employment, award or agreement, or if no amount is so ascertainable, such amount as is determined by the Commissioner for Labour or by an Employment Claims Tribunal constituted under section 4 of the State Courts Act 1970; “wages or salary” includes — ( a ) all arrears of money due to a subcontractor of labour; ( b ) any amount payable to an employee on account of wages or salary during a period of notice of termination of employment or in lieu of notice of such termination, whether such amount becomes payable before, on or after the commencement of the winding up; and ( c ) any amount payable to an employee, on termination of the employee’s employment, as a gratuity under any contract of employment or any award or agreement that regulates the conditions of the employee’s employment, whether such amount becomes payable before, on or after the commencement of the winding up. (4) The debts in each class specified in subsection (1) rank in the order specified in that subsection, but as between debts of the same class rank equally between themselves, and must be paid in full, unless the property of the company is insufficient to meet them, in which case the debts of the same class abate in equal proportions between themselves. (5) Where any payment has been made to any employee of the company on account of wages, salary or vacation leave out of money advanced by a person for that purpose, the person by whom the money was advanced, in a winding up — ( a ) has a right of priority in respect of the money so advanced and paid, up to the amount by which the sum in respect of which the employee would have been entitled to priority in the winding up has been diminished by reason of the payment; and ( b ) has the same right of priority in respect of that amount as the employee would have had if the payment had not been made. (6) So far as the assets of the company available for payment of general creditors are insufficient to meet any preferential debts specified in subsection (1)( a ), ( b ), ( c ), ( d ), ( e ), ( g ) and ( h ) and any amount payable in priority by virtue of subsection (5), those debts — ( a ) have priority over the claims of the holders of debentures under any floating charge created by the company (which charge, as created, was a floating charge); and ( b ) must be paid accordingly out of any property comprised in or subject to that charge. (7) Where the company is under a contract of insurance (entered into before the commencement of the winding up) insured against liability to third parties, then if any such liability is incurred by the company (whether before, on or after the commencement of the winding up) and an amount in respect of that liability is or has been received by the company or the liquidator from the insurer, the amount must, after deducting any expenses of or incidental to getting in such amount, be paid by the liquidator to the third party in respect of whom the liability was incurred, to the extent necessary to discharge that liability or any part of that liability remaining undischarged, in priority to all payments in respect of the debts mentioned in subsection (1). (8) If the liability of the insurer to the company is less than the liability of the company to the third party, nothing in subsection (7) limits the rights of the third party in respect of the balance. (9) Subsections (7) and (8) have effect despite any agreement to the contrary entered into after 29 December 1967. (10) Despite anything in subsection (1) — ( a ) paragraph ( f ) of that subsection does not apply in relation to the winding up of a company in any case where — (i) the company is being wound up voluntarily merely for the purpose of reconstruction or of amalgamation with another company, and the right to the compensation has on the reconstruction or amalgamation been preserved to the person entitled to that right; or (ii) the company has entered into a contract with an insurer in respect of any liability under any law relating to work injury compensation; and ( b ) where a company has given security for the payment or repayment of any amount to which paragraph ( i ) of that subsection relates, that paragraph applies only in relation to the balance remaining due after deducting from that amount the net amount realised from such security.


document_id: irda-2018
provision_ref: s204
chapter: PART 8 - WINDING UP
section: 204
title: Funding by creditors
content:
204. —(1) Where in any winding up — ( a ) assets have been recovered under an indemnity for costs of litigation given by certain creditors; ( b ) assets have been protected or preserved by the payment of moneys or the giving of an indemnity by certain creditors; or ( c ) expenses in relation to which a creditor has indemnified a liquidator have been recovered, the Court may make such order as it thinks just with respect to the distribution of those assets and the amount of those expenses so recovered, with a view to giving those creditors an advantage over others in consideration of the risks run by those creditors in giving those indemnities or paying those moneys. (2) Any creditor may apply to the Court for an order under subsection (3) prior to — ( a ) giving an indemnity for costs of litigation for recovering any assets; ( b ) paying any moneys or giving an indemnity to protect or preserve any assets; or ( c ) indemnifying a liquidator in relation to the liquidator’s expenses. (3) On an application by a creditor under subsection (2), the Court may, for the purpose of giving the creditor an advantage over others in consideration of the risks to be run by that creditor in giving the indemnity or payment for the purposes mentioned in that subsection, grant an order with respect to the distribution of — ( a ) the assets mentioned in subsection (2)( a ) that may be successfully recovered; ( b ) the assets mentioned in subsection (2)( b ) that may be successfully protected or preserved; or ( c ) the amount of expenses mentioned in subsection (2)( c ) that may be successfully recovered. Subdivision (2) &#x2014; Effect on other transactions


document_id: irda-2018
provision_ref: s205
chapter: PART 8 - WINDING UP
section: 205
title: Transfer or assignment of company’s property to trustees
content:
205. —(1) Any transfer or assignment by a company of all its property to trustees for the benefit of all its creditors made before the commencement of the winding up is void. (2) Subsection (1) does not apply to any transfer or assignment of a company’s property — ( a ) pursuant to the terms of a compromise or an arrangement proposed by the company under section 210 of the Companies Act 1967 or section 71 or 72M, that is approved by the creditors; or [Act 3 of 2025 wef 29/01/2026] ( b ) by a judicial manager while the company is under judicial management.


document_id: irda-2018
provision_ref: s206
chapter: PART 8 - WINDING UP
section: 206
title: Restriction of rights of creditor as to enforcement order or attachment
content:
206. —(1) Where a creditor has obtained an enforcement order against the goods or land of a company, or has attached any debt due to the company, and the company is subsequently wound up, the creditor is not entitled to retain the benefit of the enforcement order or attachment against the liquidator, unless the creditor has completed the execution of the enforcement order or attachment before the date of the commencement of the winding up, but — ( a ) where any creditor has had notice of a meeting having been called at which a resolution for voluntary winding up is to be proposed, the date on which the creditor so had notice is for the purposes of this section substituted for the date of the commencement of the winding up; ( b ) a person, who purchases in good faith under a sale by the bailiff any goods of the company on which an enforcement order has been executed, acquires in all cases a good title to the goods against the liquidator; and [Act 25 of 2021 wef 01/04/2022] ( c ) the rights conferred by this subsection on the liquidator may be set aside by the Court in favour of the creditor to such extent and subject to such terms as the Court thinks fit. [Act 25 of 2021 wef 01/04/2022] (2) For the purposes of this section — ( a ) an enforcement order against goods is completed by seizure and sale; [Act 25 of 2021 wef 01/04/2022] ( b ) an attachment of a debt is completed by receipt of the debt; and ( c ) an enforcement order against land is completed by sale or, in the case of an equitable interest, by the appointment of a receiver. [Act 25 of 2021 wef 01/04/2022] (3) For the purposes of this section and section 207 — “bailiff” includes any officer charged with the execution of any writ or other process; “goods” includes all chattels personal. [Act 25 of 2021 wef 01/04/2022]


document_id: irda-2018
provision_ref: s207
chapter: PART 8 - WINDING UP
section: 207
title: Duties of bailiff as to goods taken under or pursuant to enforcement order
content:
207. —(1) Subject to subsection (3), where any goods of a company are taken under or pursuant to an enforcement order and, before the sale of the goods or the completion of the execution of the enforcement order by the receipt or recovery of the full amount of the levy, notice is served on the bailiff that — ( a ) a provisional liquidator has been appointed; ( b ) a winding up order has been made; or ( c ) a resolution for voluntary winding up has been passed, the bailiff must, if required by the liquidator, deliver the goods and any money seized or received in part satisfaction of the enforcement order to the liquidator, but — ( d ) the costs of the execution of the enforcement order are a first charge on the goods or moneys so delivered; and [Act 25 of 2021 wef 01/04/2022] ( e ) the liquidator may sell the goods, or a sufficient part of the goods, for the purpose of satisfying that charge. [Act 25 of 2021 wef 01/04/2022] (2) Subject to subsection (3), where under an execution in respect of a judgment for a sum exceeding $100 the goods of a company are sold or money is paid in order to avoid sale — ( a ) the bailiff must deduct the costs of the execution of the enforcement order from the proceeds of the sale or the money paid and retain the balance for 14 days; and [Act 25 of 2021 wef 01/04/2022] ( b ) if within that time notice is served on the bailiff of an application for the winding up of the company having been made, or of a meeting having been called at which there is to be proposed a resolution for the voluntary winding up, and an order is made or a resolution is passed for the winding up, the bailiff must pay the balance to the liquidator, who is entitled to retain the balance as against the enforcement creditor. [Act 25 of 2021 wef 01/04/2022] (3) The rights conferred by this section on the liquidator may be set aside by the Court in favour of the creditor to such extent and subject to such terms as the Court thinks fit. [Act 25 of 2021 wef 01/04/2022] Subdivision (3) &#x2014; Dissolution


document_id: irda-2018
provision_ref: s208
chapter: PART 8 - WINDING UP
section: 208
title: Power of Court to declare dissolution of company void
content:
208. —(1) Where a company has been dissolved, the Court may at any time within 2 years after the date of dissolution, on the application of the liquidator of the company or of any other person who appears to the Court to be interested, make an order upon such terms as the Court thinks fit declaring the dissolution to have been void, and upon the making of that order, such proceedings may be taken as might have been taken if the company had not been dissolved. (2) The person on whose application the order was made must, within 7 days after the making of the order or such further time as the Court allows, lodge with the Registrar of Companies and with the Official Receiver a copy of the order. (3) Any person who fails to comply with subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.


document_id: irda-2018
provision_ref: s209
chapter: PART 8 - WINDING UP
section: 209
title: Early dissolution of company administered by Official Receiver when Official Receiver is liquidator
content:
209. —(1) This section applies where — ( a ) a company is being wound up; ( b ) the Official Receiver is acting as liquidator; and ( c ) the Official Receiver has reasonable cause to believe that — (i) the realisable assets of the company are insufficient to cover the expenses of the winding up; and (ii) the affairs of the company do not require any further investigation. (2) Where this section applies, the Official Receiver may give a notice that, at the expiration of 30 days after the date of that notice, the name of the company mentioned in that notice will be struck off the register by the Registrar of Companies, and the company will be dissolved, unless — ( a ) action is taken in accordance with subsection (6) for the appointment of a liquidator other than the Official Receiver for the purposes of continuing the liquidation; or ( b ) an order is made under section 211(4) that the name of the company not be struck off the register and that the company not be dissolved. (3) Subject to subsections (4) and (5), a notice under subsection (2) must — ( a ) be given to — (i) all the creditors who have filed proofs of debt, and whose proofs have not been rejected; (ii) every person who, to the knowledge of the Official Receiver, claims to be a creditor of the company, and has not filed a proof of debt; (iii) every person mentioned in the statement of affairs as a creditor who has not filed a proof of debt; (iv) any receiver or manager of the company; and (v) all the contributories of the company; and ( b ) be advertised in at least one English local daily newspaper. (4) The Official Receiver may apply to the Court for an order that the notice under subsection (2) need not be given to the persons mentioned in subsection (3)( a ). (5) The Court must not make an order under subsection (4) unless the Court is satisfied that the cost of giving the notice under subsection (2) to the persons mentioned in subsection (3)( a ) will be excessive, having regard to — ( a ) the realisable assets of the company; and ( b ) the likelihood that the advertisement mentioned in subsection (3)( b ) will be sufficient to bring the notice to the attention of the persons mentioned in subsection (3)( a ). (6) The Official Receiver must allow any creditor, contributory or receiver or manager mentioned in subsection (3)( a ) to take any necessary action, before the expiry of the period of 30 days after the date of the notice mentioned in subsection (2), for the appointment of a liquidator other than the Official Receiver for the purposes of continuing the liquidation. (7) Upon the giving of the notice under subsection (2), the Official Receiver (subject to any order given under section 210) ceases to be required to perform any duty imposed on the Official Receiver in relation to the company, its creditors or contributories by virtue of any provision of this Act, except for any duty under section 212 or 213. (8) At the expiration of the period of 30 days mentioned in subsection (2), the Official Receiver may lodge with the Registrar of Companies a notice to strike the name of the company off the register, unless — ( a ) action is taken in accordance with subsection (6) for the appointment of a liquidator other than the Official Receiver for the purposes of continuing the liquidation; or ( b ) an order is made under section 211(4) that the name of the company not be struck off the register and that the company not be dissolved. (9) Upon receiving the notice mentioned in subsection (8), the Registrar of Companies must publish a notice of the striking off of the company in the Gazette . (10) On the publication in the Gazette of the notice mentioned in subsection (9) — ( a ) the company is dissolved; but ( b ) the liability (if any) of every officer and member of the company continues and may be enforced as if the company had not been dissolved. (11) In this section and sections 210 and 211, “receiver or manager” means — ( a ) a receiver or manager of the whole, or substantially the whole, of a company’s property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or ( b ) a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company’s property.


document_id: irda-2018
provision_ref: s210
chapter: PART 8 - WINDING UP
section: 210
title: Early dissolution of company administered by liquidator other than Official Receiver
content:
210. —(1) This section applies where a liquidator of a company (other than the Official Receiver) has reasonable cause to believe that — ( a ) the realisable assets of the company are insufficient to cover the expenses of the winding up; and ( b ) the affairs of the company do not require any further investigation. (2) Where this section applies, the liquidator may, after obtaining the written consent of the Official Receiver, give a notice that, at the expiration of 30 days after the date of that notice, the name of the company mentioned in that notice will be struck off the register by the Registrar of Companies, and the company will be dissolved, unless — ( a ) action is taken in accordance with subsection (6) for the appointment of a replacement liquidator for the purposes of continuing the liquidation; or ( b ) an order is made under section 211(4) that the name of the company not be struck off the register and that the company not be dissolved. (3) Subject to subsections (4) and (5), a notice under subsection (2) must — ( a ) be given to — (i) all the creditors who have filed proofs of debt, and whose proofs have not been rejected; (ii) every person who, to the knowledge of the liquidator, claims to be a creditor of the company, and has not filed a proof of debt; (iii) every person mentioned in the statement of affairs as a creditor who has not filed a proof of debt; (iv) any receiver or manager of the company; and (v) all the contributories of the company; and ( b ) be advertised in at least one English local daily newspaper. (4) The liquidator may, with the written consent of the Official Receiver, apply to the Court for an order that the notice under subsection (2) need not be given to the persons mentioned in subsection (3)( a ). (5) The Court must not make an order under subsection (4) unless the Court is satisfied that the cost of giving the notice under subsection (2) to the persons mentioned in subsection (3)( a ) will be excessive, having regard to — ( a ) the realisable assets of the company; and ( b ) the likelihood that the advertisement mentioned in subsection (3)( b ) will be sufficient to bring the notice to the attention of the persons mentioned in subsection (3)( a ). (6) The liquidator must allow any creditor, contributory or receiver or manager mentioned in subsection (3)( a ) to take any necessary action, before the expiry of the period of 30 days after the date of the notice mentioned in subsection (2), for the appointment of a replacement liquidator for the purposes of continuing the liquidation. (7) Upon the giving of the notice under subsection (2), the liquidator (subject to any order given under section 211) ceases to be required to perform any duty imposed on the liquidator in relation to the company, its creditors or contributories by virtue of any provision of this Act. (8) At the expiration of the period of 30 days mentioned in subsection (2), the liquidator may lodge with the Registrar of Companies a notice to strike the name of the company off the register, unless — ( a ) action is taken in accordance with subsection (6) for the appointment of a replacement liquidator for the purposes of continuing the liquidation; or ( b ) an order is made under section 211(4) that the name of the company not be struck off the register and that the company not be dissolved. (9) Upon receiving the notice mentioned in subsection (8), the Registrar of Companies must publish a notice of the striking off of the company in the Gazette . (10) On the publication in the Gazette of the notice mentioned in subsection (9) — ( a ) the company is dissolved; but ( b ) the liability (if any) of every officer and member of the company continues and may be enforced as if the company had not been dissolved.


document_id: irda-2018
provision_ref: s211
chapter: PART 8 - WINDING UP
section: 211
title:
Application for order in early dissolution of company administered by Official Receiver or liquidator

content:
211. —(1) Where a notice has been given under section 209(2) or 210(2), any creditor or contributory of the company, any receiver or manager of the company, or any other person, may apply to the Court for an order under this section. (2) The grounds on which an application under subsection (1) may be made are that — ( a ) the realisable assets of the company are sufficient to cover the expenses of the winding up; ( b ) the affairs of the company require further investigation; or ( c ) the early dissolution of the company is inappropriate for any other reason. (3) The Official Receiver or the liquidator (as the case may be) may apply to the Court for an order in relation to any matter arising after the giving of the notice under section 209(2) or 210(2). (4) On an application under subsection (1) or (3), the Court may make such order as the Court thinks just, including an order — ( a ) that the name of the company not be struck off the register and the company not be dissolved, and enabling the winding up of the company to proceed as if no notice had been given under section 209(2) or 210(2); or ( b ) deferring the date on which the dissolution of the company is to take effect for such time as the Court thinks fit. (5) Any person on whose application an order is made under this section must, within 7 days after the making of the order, deliver to the Official Receiver (if the Official Receiver is not the applicant), and to the Registrar of Companies for registration, a copy of the order. (6) Any person who, without reasonable excuse, fails to comply with subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.


document_id: irda-2018
provision_ref: s212
chapter: PART 8 - WINDING UP
section: 212
title: Official Receiver to act as representative of defunct company in certain events
content:
212. —(1) Where, after a company has been dissolved, it is proved to the satisfaction of the Official Receiver that — ( a ) the company, if still existing, would be legally or equitably bound to carry out, complete or give effect to any dealing, transaction or matter; and ( b ) in order to carry out, complete or give effect to that dealing, transaction or matter, an act that is purely administrative and not discretionary should have been done by or on behalf of the company, or should be done by or on behalf of the company, if still existing, the Official Receiver may, acting as a representative of the company or its liquidator under this section, do or cause to be done that act. (2) The Official Receiver may execute or sign any relevant instrument or document, acting as a representative of the company or its liquidator, adding a memorandum stating that the Official Receiver has done so under this section, and such execution or signature has the same force, validity and effect as if the company, if still existing, had duly executed such instrument or document.


document_id: irda-2018
provision_ref: s213
chapter: PART 8 - WINDING UP
section: 213
title: Outstanding assets of defunct company to vest in Official Receiver
content:
213. —(1) Where, after a company has been dissolved, there remains any outstanding property, movable or immovable, including things in action and whether in or outside Singapore, which was vested in the company or to which the company was entitled, or over which the company had a disposing power at the time the company was so dissolved, but which was not got in, realised upon or otherwise disposed of or dealt with by the company or its liquidator, such property (except called and uncalled capital), for the purposes of sections 214, 215 and 216 and despite any written law or rule of law to the contrary, by the operation of this section, is and becomes vested in the Official Receiver for all the estate and legal or equitable interest in such property of the company or its liquidator at the date the company was dissolved, together with all claims, rights and remedies which the company or its liquidator then had in respect of such property. (2) Where any claim, right or remedy of the liquidator may under this Act be made, exercised or availed of only with the approval or concurrence of the Court or some other person, that claim, right or remedy may be made, exercised or availed of by the Official Receiver for the purposes of this section, without any such approval or concurrence.


document_id: irda-2018
provision_ref: s214
chapter: PART 8 - WINDING UP
section: 214
title: Disposal of outstanding interests in property
content:
214. —(1) Upon proof to the satisfaction of the Official Receiver that there is vested in the Official Receiver by operation of — ( a ) section 213; ( b ) any previous written law corresponding to section 213; or ( c ) any law of a designated country corresponding with section 249, any estate, property or interest in property, whether solely or together with any other person, of a beneficial nature or held in trust for a third party who remains untraceable even after taking the prescribed steps, the Official Receiver may sell or otherwise dispose of or deal with that estate, property or interest, or any part of that estate, property or interest, as the Official Receiver sees fit. (2) The Official Receiver may — ( a ) sell or otherwise dispose of or deal with any estate, property or interest mentioned in subsection (1), either solely or in concurrence with any other person, in such manner, for such consideration, and by public auction, public tender or private contract upon such terms and conditions as the Official Receiver thinks fit, with power to rescind any contract and resell or otherwise dispose of or deal with such property as the Official Receiver thinks expedient; and ( b ) make, execute, sign and give such contracts, instruments and documents as the Official Receiver thinks necessary. (3) The Official Receiver is to be remunerated by such commission, whether by way of percentage or otherwise, as is prescribed in respect of the exercise of the powers conferred upon the Official Receiver by subsection (1). (4) The moneys received by the Official Receiver in the exercise of any of the powers conferred on the Official Receiver by this Subdivision must be applied in defraying all costs, expenses, commission and fees incidental to the exercise of those powers, and thereafter to any payment authorised by this Subdivision, and the surplus (if any) must be dealt with as if they were unclaimed moneys paid to the Official Receiver under section 197.


document_id: irda-2018
provision_ref: s215
chapter: PART 8 - WINDING UP
section: 215
title: Liability of Official Receiver and Government as to property vested in Official Receiver
content:
215. —(1) Property vested in the Official Receiver by operation of this Subdivision, or by operation of any previous written law corresponding to this Subdivision, is liable and subject to all charges, claims and liabilities imposed on such property or affecting such property by reason of any statutory provision as to rates, taxes, charges or any other matter or thing to which such property would have been liable or subject had such property continued in the possession, ownership or occupation of the company. (2) Despite subsection (1), no duty, obligation or liability is imposed on the Official Receiver or the Government to do or suffer any act or thing required by any such statutory provision to be done or suffered by the owner or occupier, other than the satisfaction or payment of any such charges, claims or liabilities out of the assets of the company, so far as those assets are, in the opinion of the Official Receiver, properly available for and applicable to such payment.


document_id: irda-2018
provision_ref: s216
chapter: PART 8 - WINDING UP
section: 216
title: Accounts and audit
content:
216. —(1) The Official Receiver must — ( a ) record in a register a statement of any property that comes to the Official Receiver’s hand or under the Official Receiver’s control, or that to the Official Receiver’s knowledge is vested in the Official Receiver by operation of this Subdivision and by reason of the Official Receiver’s dealings with such property; ( b ) keep accounts of all moneys arising from such property, and of how those moneys have been disposed of; and ( c ) keep all accounts, vouchers, receipts and papers relating to the property and moneys mentioned in paragraphs ( a ) and ( b ). (2) The Auditor-General has all the powers in respect of such accounts as are conferred upon the Auditor‑General by any Act relating to audit of public accounts.


document_id: irda-2018
provision_ref: s217
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 217
title: Interpretation of this Part
content:
217. —(1) For the purposes of sections 224 to 229 — “commencement of the judicial management”, in relation to a company, means — ( a ) in a case where the judicial manager is appointed by the Court under section 91 — the time when the application for the judicial management order was made; or ( b ) in a case where the judicial manager is appointed by the creditors of the company under section 94(11)( e ) — the time when the copy of the notice of appointment of the interim judicial manager is filed with the Registrar of Companies and the Official Receiver under section 94(5)( a ); “commencement of the winding up”, in relation to a company, means — ( a ) in a case where the company is being wound up under an order of the Court made at a time when the company was being wound up voluntarily — the time of the commencement of the voluntary winding up as determined in accordance with paragraph ( d ) or ( e ); ( b ) in a case where a company is being wound up under an order of the Court on an application made while the company was in judicial management — the time of the commencement of the judicial management as determined in accordance with this section; ( c ) in a case where a company is being wound up under an order of the Court in any other case — the time of the making of the winding up application; ( d ) in a case where the company is being wound up voluntarily and a provisional liquidator has been appointed before the resolution for voluntary winding up was passed — the time when the declaration mentioned in section 161(1) was lodged with the Registrar of Companies; or ( e ) in any other case where the company is being wound up voluntarily — the time of the passing of the resolution for voluntary winding up. (2) For the purposes of this Part — ( a ) a company “enters judicial management” or is “in judicial management” within the meanings given to those terms in section 88(2)( a ) to ( e ); and ( b ) a person is connected with a company if — (i) the person is a director of the company or an associate of such a director; or (ii) the person is an associate of the company. (3) For the purposes of subsection (2)( b ), a person ( A ) is an associate of another person ( B ) if — ( a ) A is an associate of B ; or ( b ) B is an associate of A . (4) A person is an associate of an individual if that person is — ( a ) the individual’s spouse; ( b ) a relative of — (i) the individual; or (ii) the individual’s spouse; or ( c ) the spouse of a relative of — (i) the individual; or (ii) the individual’s spouse. (5) A person is an associate of — ( a ) any person with whom that person is in partnership; and ( b ) any spouse or relative of any individual with whom that person is in partnership. (6) A person is an associate of any person whom that person employs or by whom that person is employed. (7) A person in the person’s capacity as trustee of a trust is an associate of another person if the beneficiaries of the trust include, or the terms of the trust confer a power that may be exercised for the benefit of, that other person or an associate of that other person. (8) A corporation is an associate of another corporation — ( a ) if the same person has control of both corporations; ( b ) if a person has control of one of the 2 corporations and persons who are that person’s associates, or that person and persons who are that person’s associates, have control of the other corporation; or ( c ) if a group of 2 or more persons has control of each corporation, and the groups either consist of the same persons or could be regarded as consisting of the same persons by treating (in one or more cases) a member of either group as replaced by a person of whom he or she is an associate. (9) A corporation is an associate of another person if that person has control of the corporation, or if that person and persons who are that person’s associates together have control of the corporation. (10) A person is an associate of a corporation if persons who are his or her associates are employed by the corporation. (11) For the purposes of this section, an individual ( C ) is a relative of an individual ( D ) if C is D ’s brother, sister, uncle, aunt, nephew, niece, lineal ancestor or lineal descendant, treating — ( a ) any relationship of the half blood as a relationship of the whole blood and the stepchild or adopted child of any person as that person’s child; and ( b ) an illegitimate child as the legitimate child of the child’s mother and reputed father. (12) References in this section to a spouse include a former spouse and a reputed husband or wife. (13) For the purposes of this section, any director or other officer of a corporation is to be treated as employed by that corporation. (14) For the purposes of this section, a person is to be taken as having control of a corporation ( C ) if — ( a ) the directors of C or of another corporation which has control of C (or any of those directors) are accustomed to act in accordance with the person’s directions or instructions; or ( b ) the person is entitled to exercise, or control the exercise of, one third or more of the voting power at any general meeting of C or another corporation which has control of C , and where 2 or more persons together satisfy paragraph ( a ) or ( b ), they are to be taken as having control of C . (15) For the purposes of this section, “corporation” includes any body corporate (whether incorporated in Singapore or elsewhere), and references to directors and other officers of a corporation and to voting power at any general meeting of a corporation have effect with any necessary modifications. Division 2 &#x2014; Proof of debts


document_id: irda-2018
provision_ref: s218
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 218
title: Description of debts provable in judicial management or winding up
content:
218. —(1) Subject to this section, the following are provable where a company other than an insolvent company is being wound up: ( a ) any debt or liability to which the company — (i) is subject at the commencement of the winding up; or (ii) may become subject after the commencement of the winding up; ( b ) any interest payable by the company on any debt or liability mentioned in paragraph ( a ). (2) Subject to this section and section 203, the following are provable where a company is in judicial management or an insolvent company is being wound up: ( a ) any debt or liability to which the company — (i) is subject at the commencement of the judicial management or winding up, as the case may be; or (ii) may become subject after the commencement of the judicial management or winding up (as the case may be) by reason of any obligation incurred before the commencement of the judicial management or winding up, as the case may be; ( b ) any interest, on any debt or liability mentioned in paragraph ( a ), that is payable by the company in respect of any period before the commencement of the judicial management or winding up, as the case may be. (3) Demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise, breach of trust, tort or bailment, or an obligation to make restitution, are not provable in the judicial management or insolvent winding up of a company. (4) An estimate is to be made by the judicial manager or liquidator of the value of any debt or liability provable under this section that, by reason of its being subject to any contingency or contingencies, or for any other reason, does not bear a certain value. (5) Any person aggrieved by any such estimate by the judicial manager or liquidator may appeal to the Court. (6) If in the opinion of the Court the value of the debt or liability cannot be fairly estimated, the Court may make an order to that effect, and upon the making of that order the debt or liability is, for the purposes of this Act, deemed to be a debt not provable in the judicial management or winding up of the company. (7) If in the opinion of the Court the value of the debt or liability can be fairly estimated, the Court may assess the value of the debt or liability and may give all necessary directions for the purpose of valuing the debt or liability, and the amount of the value when assessed is deemed to be a debt provable in the judicial management or winding up of the company. (8) An amount payable under any order made by a court under any written law relating to the confiscation of the proceeds of crime is provable in the judicial management or winding up of a company.


document_id: irda-2018
provision_ref: s219
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 219
title: Mutual credit and set-off
content:
219. —(1) This section applies to — ( a ) a company in judicial management; and ( b ) an insolvent company that is being wound up. (2) Where there have been any mutual credits, mutual debts or other mutual dealings between a company and any creditor, the debts and liabilities to which each party is or may become subject as a result of such mutual credits, debts or dealings must be set off against each other and only the balance is a debt provable in the judicial management or the winding up of the company, as the case may be. (3) There is to be excluded from any set‑off under subsection (2) any debt or liability of the company which — ( a ) is not a debt provable in judicial management or winding up; or ( b ) arises by reason of an obligation incurred at a time when the creditor had notice that an interim judicial manager had been appointed under section 94(3), or that the application for a judicial management order or the application for winding up (as the case may be) relating to the company was pending. (4) A sum is to be regarded as being due to or from the company for the purposes of subsection (2) regardless of whether — ( a ) the sum is payable at present or in the future; ( b ) the obligation by virtue of which the sum is payable is certain or contingent; or ( c ) the sum is fixed or liquidated, or is capable of being ascertained by fixed rules or as a matter of opinion.


document_id: irda-2018
provision_ref: s220
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 220
title: Regulations as to proof of debts
content:
220. The prescribed regulations must be observed with respect to the mode of proving debts, the right of proof by secured and other creditors, the admission and rejection of proofs and any other matters relating to proof of debts.


document_id: irda-2018
provision_ref: s221
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 221
title: Contracts to which company is party
content:
221. —(1) This section applies where a contract has been made with a company that is subsequently placed under judicial management or subsequently goes into insolvent liquidation. (2) The Court may, on the application of any other party to the contract, make an order discharging obligations under the contract on such terms as to payment by the applicant or the company of damages for non‑performance or otherwise as appears to the Court to be equitable. (3) Any damages payable by the company by virtue of an order of the Court under this section is a debt provable in the judicial management or winding up of the company, as the case may be. (4) Where a company that is in judicial management or that is being wound up is a contractor in respect of any contract jointly with any person, that person may sue or be sued in respect of the contract without the joinder of the company.


document_id: irda-2018
provision_ref: s222
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 222
title: Interest on debts
content:
222. —(1) In the judicial management or insolvent winding up of a company, where interest on a debt was not previously reserved or agreed, interest is allowed on the debt, at a rate not exceeding the prescribed rate of interest, in the following circumstances: ( a ) in any case where the debt is due by virtue of a written instrument and payable at a certain time, interest is allowed for the period between that time and the date of commencement of the judicial management or winding up, as the case may be; ( b ) in any other case, if a demand for payment was made in writing by or on behalf of the creditor before the commencement of the judicial management or winding up (as the case may be) and notice was given that interest would be payable from the date of the demand to the date of the payment, interest is allowed for the period between the date of the demand and the date of commencement of the judicial management or winding up, as the case may be. (2) For the purposes of distribution of dividend — ( a ) where a debt, which has been proved in the judicial management or winding up (as the case may be) includes interest, and the rate of such interest was previously agreed or reserved, the interest is calculated — (i) from the date the interest was payable to the date of commencement of the judicial management or winding up, as the case may be; and (ii) at the rate previously agreed or reserved; and ( b ) where a debt, which has been proved in the judicial management or winding up (as the case may be) includes interest, and the rate of such interest was not previously agreed or reserved, the interest is calculated — (i) from the date the interest was payable to the date of commencement of the judicial management or winding up, as the case may be; and (ii) at the prescribed rate of interest. (3) Interest on preferential debts ranks equally with interest on other debts. (4) In this section, “interest” includes any pecuniary consideration in lieu of interest and any penalty or late payment charge by whatever name called. (5) This section applies subject to any express provision of any creditor’s compromise or arrangement.


document_id: irda-2018
provision_ref: s223
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 223
title: Realisation of security
content:
223. —(1) In the insolvent winding up of a company, no secured creditor is entitled to any interest in respect of the secured creditor’s debt after the commencement of the winding up, if the secured creditor does not realise the secured creditor’s security within 12 months after the commencement of the winding up or such further period as the liquidator may determine. (2) Where a company is in judicial management and a secured creditor has obtained the permission of the Court or consent of the judicial manager to enforce any security over the company’s property under section 96(4)( e ), that secured creditor is not entitled to any interest in respect of the secured creditor’s debt from the date that such permission or consent is obtained, if the secured creditor does not realise the secured creditor’s security within 12 months after the date on which the permission or consent to enforce the security was given or such further period as the judicial manager may determine. [Act 25 of 2021 wef 01/04/2022] Division 3 &#x2014; Adjustment of prior transactions


document_id: irda-2018
provision_ref: s224
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 224
title: Transactions at undervalue
content:
224. —(1) Subject to this section and sections 226 and 227, where a company is in judicial management or is being wound up, and the company has at the relevant time (as defined in section 226) entered into a transaction with any person at an undervalue, the judicial manager or liquidator (as the case may be) may apply to the Court for an order under this section. (2) The Court may, on such an application, make such order as it thinks fit for restoring the position to what it would have been if the company had not entered into that transaction. (3) For the purposes of this section and sections 226 and 227, a company enters into a transaction with a person at an undervalue if — ( a ) the company makes a gift to that person or otherwise enters into a transaction with that person on terms that provide for the company to receive no consideration; or ( b ) the company enters into a transaction with that person for a consideration the value of which, in money or money’s worth, is significantly less than the value, in money or money’s worth, of the consideration provided by the company. (4) The Court must not make an order under this section in respect of a transaction at an undervalue if — ( a ) the company entered into the transaction in good faith and for the purpose of carrying on its business; and ( b ) at the time the company entered into the transaction, there were reasonable grounds for believing that the transaction would benefit the company.


document_id: irda-2018
provision_ref: s225
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 225
title: Unfair preferences
content:
225. —(1) Subject to this section and sections 226 and 227, where a company is in judicial management or is being wound up, and the company has at the relevant time (as defined in section 226), given an unfair preference to any person, the judicial manager or liquidator (as the case may be) may apply to the Court for an order under this section. (2) The Court may, on such an application, make such order as it thinks fit for restoring the position to what it would have been if the company had not given that unfair preference. (3) For the purposes of this section and sections 226 and 227, a company gives an unfair preference to a person if — ( a ) that person is one of the company’s creditors or a surety or guarantor for any of the company’s debts or other liabilities; and ( b ) the company does anything or suffers anything to be done which (in either case) has the effect of putting that person into a position which, in the event of the company’s winding up, will be better than the position that person would have been in if that thing had not been done. (4) The Court must not make an order under this section in respect of an unfair preference given to any person unless the company which gave the preference was influenced in deciding to give the unfair preference by a desire to produce in relation to that person the effect mentioned in subsection (3)( b ). (5) A company which has given an unfair preference to a person who, at the time the unfair preference was given, was connected with the company (otherwise than by reason only of being the company’s employee) is presumed, unless the contrary is shown, to have been influenced in deciding to give the unfair preference by such a desire as is mentioned in subsection (4). (6) The fact that something has been done pursuant to an order of a court does not, without more, prevent the doing or suffering of that thing from constituting the giving of an unfair preference.


document_id: irda-2018
provision_ref: s226
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 226
title: Relevant time under sections 224 and 225
content:
226. —(1) Subject to this section, the time at which a company enters into a transaction at an undervalue or gives an unfair preference is a relevant time if the transaction is entered into or the preference given — ( a ) in the case of a transaction at an undervalue — within the period starting 3 years before the commencement of the judicial management or winding up (as the case may be) and ending on the date of the commencement of the judicial management or winding up, as the case may be; ( b ) in the case of an unfair preference which is not a transaction at an undervalue and which is given to a person who is connected with the company (otherwise than by reason only of being the company’s employee) — within the period starting 2 years before the commencement of the judicial management or winding up (as the case may be) and ending on the date of the commencement of the judicial management or winding up, as the case may be; and ( c ) in any other case of an unfair preference — within the period starting one year before the commencement of the judicial management or winding up (as the case may be) and ending on the date of the commencement of the judicial management or winding up, as the case may be. (2) Where a company enters into a transaction at an undervalue or gives an unfair preference at a time mentioned in subsection (1)( a ), ( b ) or ( c ), that time is not a relevant time for the purposes of sections 224 and 225 unless the company — ( a ) is unable to pay its debts at that time within the meaning of section 125(2); or ( b ) becomes unable to pay its debts within the meaning of section 125(2) in consequence of the transaction or preference. (3) Where a transaction is entered into at an undervalue by a company with a person who is connected with the company (otherwise than by reason only of being the company’s employee), the requirements under subsection (2) are presumed to be satisfied unless the contrary is shown. (4) Despite subsection (1), the time at which a company enters into a transaction at an undervalue or gives an unfair preference is a relevant time if the transaction is entered into or the preference given during the period starting on the date of the commencement of the judicial management in respect of the company and ending on the date the company entered judicial management. (5) Where any period mentioned in subsection (6) in respect of a company coincides with any period mentioned in subsection (1)( a ), ( b ) or ( c ) in respect of that company, the time at which a transaction at an undervalue is entered into or an unfair preference is given by that company is a relevant time if that transaction is entered into or that preference is given during the period immediately before that period mentioned in subsection (1)( a ), ( b ) or ( c ) (as the case may be) that is equal to the sum of all such periods mentioned in subsection (6) coinciding with the period mentioned in subsection (1)( a ), ( b ) or ( c ), as the case may be. (6) The periods mentioned in subsection (5) are any of the following: ( a ) the automatic moratorium period mentioned in section 64(8); ( b ) the period during which an order under section 64(1)( a ) is in force in relation to the company, including any extension of that period under section 64(7); ( c ) the period during which an order under section 65(1)( a ) is in force in relation to the company, including any extension of that period under section 65(5); ( ca ) the period during which a moratorium period under Part 5A is in force in relation to the company; [Act 3 of 2025 wef 29/01/2026] ( d ) the period during which an order under section 210(10) of the Companies Act 1967 is in force in relation to the company.


document_id: irda-2018
provision_ref: s227
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 227
title: Orders under sections 224 and 225
content:
227. —(1) Without affecting the generality of sections 224(2) and 225(2), an order under section 224 or 225 with respect to a transaction or preference entered into or given by a company may, subject to this section — ( a ) require any property transferred as part of the transaction, or in connection with the giving of the preference, to be vested in the company; ( b ) require any property to be so vested if it represents in any person’s hands the application of the proceeds of sale of property so transferred or of money so transferred; ( c ) release or discharge (in whole or in part) any security given by the company; ( d ) require any person to pay, in respect of benefits received by the person from the company, such sums to the company, the judicial manager or the liquidator as the Court may direct; ( e ) provide for any surety or guarantor, whose obligations to any person were released or discharged (in whole or in part) under the transaction or by the giving of the preference, to be under such new or revived obligations to that person as the Court thinks appropriate; ( f ) provide for security to be provided for the discharge of any obligation imposed by or arising under the order, for such an obligation to be charged on any property and for the security to have the same priority as a security released or discharged (in whole or in part) under the transaction or by the giving of the unfair preference; or ( g ) provide for the extent to which any person whose property is vested by the order in the company, or on whom obligations are imposed by the order, is to be able to prove in the judicial management or the winding up of the company for debts or other liabilities which arose from, or were released or discharged (in whole or in part) under or by, the transaction or the giving of the unfair preference. (2) An order under section 224 or 225 may affect the property of, or impose any obligation on, any person whether or not that person is the person with whom the company in question entered into the transaction or the person to whom the unfair preference was given, as the case may be. (3) An order under section 224 or 225 does not — ( a ) prejudice any interest in property which was acquired from a person other than the company in question and was acquired in good faith and for value, or prejudice any interest deriving from such an interest; or ( b ) require a person who received a benefit from the transaction or unfair preference in good faith and for value to pay a sum to the company, the judicial manager or the liquidator, except where that person was a party to the transaction or the payment is to be in respect of an unfair preference given to that person at a time when that person was a creditor of the company in question. (4) For the purposes of subsection (3)( a ) and ( b ), a person (called in this section the relevant person) who has acquired an interest in property from a person other than the company in question, or who has received a benefit from the transaction or unfair preference, is presumed (unless the contrary is shown) to have acquired the interest or received the benefit (as the case may be) otherwise than in good faith if, at the time of that acquisition or receipt — ( a ) the relevant person had notice of the relevant surrounding circumstances and of the relevant proceedings; or ( b ) the relevant person was connected with — (i) the company in question; or (ii) the person with whom the company in question entered into the transaction, or to whom the company gave the unfair preference, as the case may be. (5) For the purposes of subsection (4)( a ), the relevant surrounding circumstances are — ( a ) the fact that the company in question entered into the transaction at an undervalue; or ( b ) the circumstances which amounted to the giving of the unfair preference by the company in question. (6) For the purposes of subsection (4)( a ), the relevant person has notice of the relevant proceedings if the relevant person has notice of — ( a ) the appointment of an interim judicial manager under section 94(3), the making of an application for a judicial management order, the making of an application for winding up in respect of the company, or the appointment of or the obligation to appoint a provisional liquidator under section 161; or ( b ) the fact that the company has entered judicial management or is being wound up. (7) The provisions of sections 224, 225 and 226 and this section apply without prejudice to the availability of any other remedy, even in relation to a transaction or preference which the company had no power to enter into or give.


document_id: irda-2018
provision_ref: s228
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 228
title: Extortionate credit transactions
content:
228. —(1) This section applies where a company is in judicial management or is being wound up, and the company is or has been a party to a transaction for or involving the provision to that company of credit. (2) The Court may, on the application of the judicial manager or liquidator of the company, make an order with respect to the transaction if the transaction is or was extortionate and was entered into within 3 years before the commencement of the judicial management or winding up, as the case may be. (3) For the purposes of this section, a transaction is presumed to be extortionate, unless the contrary is proved, if, having regard to the risk accepted by the person providing the credit — ( a ) the terms of it are or were such as to require grossly exorbitant payments to be made (whether unconditionally or in certain contingencies) in respect of the provision of the credit; or ( b ) it is harsh and unconscionable or substantially unfair. (4) An order under this section may contain one or more of the following: ( a ) provision setting aside the whole or part of any obligation created by the transaction; ( b ) provision varying the terms of the transaction or varying the terms on which any security for the purposes of the transaction is held; ( c ) provision requiring any person who is or was party to the transaction to pay the company or the liquidator any sums paid to that person, by virtue of the transaction, by the company; ( d ) provision requiring any person to surrender to the company or the liquidator any property held by the person as security for the purposes of the transaction; ( e ) provision directing accounts to be taken between any persons.


document_id: irda-2018
provision_ref: s229
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 229
title: Avoidance of certain floating charges
content:
229. —(1) A floating charge on the company’s property created at a relevant time is invalid except to the extent of the aggregate of — ( a ) the value of so much of the consideration for the creation of the charge as consists of money paid, or goods or services supplied, to the company at the same time as, or after, the creation of the charge; ( b ) the value of so much of that consideration as consists of the discharge or reduction, at the same time as, or after, the creation of the charge, of any debt of the company; and ( c ) the amount of such interest (if any) as is payable on the amount falling within paragraph ( a ) or ( b ) pursuant to any agreement under which the money was so paid, the goods or services were so supplied or the debt was so discharged or reduced. (2) Subject to subsections (3) and (5), the time at which a floating charge is created by a company is a relevant time for the purposes of this section if the charge is created — ( a ) in the case of a charge which is created in favour of a person who is connected with the company, at a time within the period of 2 years ending on the commencement of the judicial management or winding up, as the case may be; ( b ) in the case of a charge which is created in favour of any other person, at a time within the period of one year ending on the commencement of the judicial management or winding up, as the case may be; or ( c ) at a time within the period starting on the commencement of the judicial management of the company and ending on the date the company enters judicial management. (3) Where a company creates a floating charge at a time mentioned in subsection (2)( b ) and the person in whose favour the charge is created is not connected with the company, that time is not a relevant time for the purposes of this section unless the company — ( a ) is at that time unable to pay its debts within the meaning of section 125(2); or ( b ) becomes unable to pay its debts within the meaning of section 125(2) in consequence of the transaction under which the charge is created. (4) For the purposes of subsection (1)( a ), the value of any goods or services supplied by way of consideration for a floating charge is the amount in money which at the time they were supplied could reasonably have been expected to be obtained for supplying the goods or services in the ordinary course of business and on the same terms (apart from the consideration) as those on which they were supplied to the company. (5) Where any period mentioned in subsection (6) in respect of a company coincides with any period mentioned in subsection (2)( a ), ( b ) or ( c ) in respect of that company, the time at which a floating charge is created by that company is a relevant time if the floating charge is created during the period immediately before that period mentioned in subsection (2)( a ), ( b ) or ( c ) (as the case may be) that is equal to the sum of all such periods mentioned in subsection (6) coinciding with the period mentioned in subsection (2)( a ), ( b ) or ( c ), as the case may be. (6) The periods mentioned in subsection (5) are any of the following: ( a ) the automatic moratorium period mentioned in section 64(8); ( b ) the period during which an order under section 64(1)( a ) is in force in relation to the company, including any extension of that period under section 64(7); ( c ) the period during which an order under section 65(1)( a ) is in force in relation to the company, including any extension of that period under section 65(5); ( d ) the period during which an order under section 210(10) of the Companies Act 1967 is in force in relation to the company. Division 4 &#x2014; Disclaimer of onerous property


document_id: irda-2018
provision_ref: s230
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 230
title: Power to disclaim onerous property
content:
230. —(1) A judicial manager or liquidator may, by the giving of the prescribed notice to the creditors and the Official Receiver, disclaim any onerous property regardless of whether the judicial manager or liquidator has taken possession of the onerous property, endeavoured to sell the onerous property, or otherwise exercised rights of ownership in relation to the onerous property. (2) The following is onerous property for the purposes of this section: ( a ) any unprofitable contract; ( b ) any other property of the company which — (i) is unsaleable; (ii) is not readily saleable; or (iii) may give rise to a liability of the company to pay money or perform any other onerous act. (3) A disclaimer under this section — ( a ) determines, as from the date of the disclaimer, the rights, interests and liabilities of the company in or in respect of the property disclaimed; and ( b ) does not, except so far as is necessary for the purpose of releasing the company from any liability, affect the rights or liabilities of any other person. (4) A notice of disclaimer may not be given under subsection (1) in respect of any property — ( a ) in the case of any property subject to any written law set out in the first column of the Second Schedule, unless — (i) the judicial manager or liquidator (as the case may be) has given written notice of his or her intention to disclaim the property to the relevant person set out opposite in the second column; and (ii) a period of 28 days starting on the date of the notice mentioned in sub‑paragraph (i) has elapsed; or ( b ) in any case, if — (i) a person interested in the property has applied in writing to the judicial manager or liquidator (as the case may be) or any of the judicial manager or liquidator’s predecessors, requiring the judicial manager or liquidator or that predecessor to decide whether he or she will disclaim the property; and (ii) the notice of disclaimer is not given under this section in respect of that property within a period of 28 days, or such longer period as the Court may allow, starting on the date of the application mentioned in sub‑paragraph (i). (5) Any person sustaining loss or damage in consequence of the operation of a disclaimer under this section is deemed to be a creditor of the company to the extent of the loss or damage and may prove for the loss or damage in the judicial management or winding up of the company.


document_id: irda-2018
provision_ref: s231
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 231
title: Disclaimer of leaseholds
content:
231. —(1) A disclaimer under section 230 of any property of a leasehold nature does not take effect unless a copy of the notice of disclaimer has been served on every person claiming under the company as sub-lessee or mortgagee and either — ( a ) no application under section 232 is made with respect to that property before the end of the period of 14 days starting on the date on which the last notice served under this subsection was served; or ( b ) where such an application has been made, the Court directs that the disclaimer takes effect. (2) Where the Court gives a direction under subsection (1)( b ), the Court may also, instead of or in addition to any order the Court makes under section 232, make such order with respect to fixtures, tenant’s improvements and other matters arising out of the lease as the Court thinks fit.


document_id: irda-2018
provision_ref: s232
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 232
title: Court order vesting disclaimed property
content:
232. —(1) This section and section 233 apply where a judicial manager or liquidator has disclaimed property under section 230. (2) An application under this section may be made to the Court by — ( a ) any person who claims an interest in the disclaimed property; or ( b ) any person who is under any liability in respect of the disclaimed property, not being a liability discharged by the disclaimer. (3) The Court may, on an application made under subsection (2), make an order to set aside the disclaimer or make such order as the Court thinks just, where the injury caused by the disclaimer outweighs any advantage likely to be gained by the judicial manager or liquidator. (4) The Court may, on an application made under subsection (2), also make an order, on such terms as the Court thinks fit, for the vesting of the disclaimed property in, or for its delivery to — ( a ) a person entitled to the disclaimed property or a trustee for such a person; or ( b ) a person subject to a liability mentioned in subsection (2)( b ) or a trustee for such a person. (5) The Court must not make an order under subsection (4)( b ) except where it appears to the Court that it would be just to do so for the purpose of compensating the person subject to the liability in respect of the disclaimer. (6) The effect of any order under this section must be taken into account in assessing for the purpose of section 230(5) the extent of any loss or damage sustained by any person in consequence of the disclaimer. (7) An order under this section vesting property in any person — ( a ) need not be completed by conveyance, assignment or transfer; but ( b ) does not have any effect or operation in transferring or otherwise vesting land until the appropriate entries are made with respect to the vesting of land by the appropriate authority.


document_id: irda-2018
provision_ref: s233
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 233
title: Order under section 232 in relation to leaseholds
content:
233. —(1) The Court must not make an order under section 232 vesting property of a leasehold nature in any person claiming under the company as sub‑lessee or mortgagee except on terms making that person — ( a ) subject to the same liabilities and obligations as the company was subject to under the lease at the commencement of the judicial management or winding up; or ( b ) if the Court thinks fit, subject to the same liabilities and obligations as that person would be subject to if the lease had been assigned to that person at the commencement of the judicial management or winding up. (2) The Court must not make an order under section 232 vesting part of any property comprised in a lease in any person claiming under the company as sub‑lessee or mortgagee except on terms making that person — ( a ) subject to the same liabilities and obligations as the company was subject to under the lease in relation to that part of the property at the commencement of the judicial management or winding up; or ( b ) if the Court thinks fit, subject to the same liabilities and obligations as that person would be subject to if the lease in relation to that part of the property had been assigned to that person at the commencement of the judicial management or winding up. (3) Where subsection (1) applies and no person claiming under the company as sub-lessee or mortgagee is willing to accept an order under section 232 on the terms mentioned in subsection (1), the Court may (by order under section 232) vest the company’s estate or interest in the property in — ( a ) any person who is liable (whether personally or in a representative capacity, and whether alone or jointly with the company) to perform the lessee’s covenants in the lease; or ( b ) such person mentioned in paragraph ( a ) freed and discharged from all estates, encumbrances and interests created by the company. (4) Where subsection (1) applies and a person claiming under the company as sub-lessee or mortgagee declines to accept an order under section 232, that person is excluded from all interest in the property. Division 5 &#x2014; Offences


document_id: irda-2018
provision_ref: s234
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 234
title: Offences by officers of companies in judicial management or in liquidation
content:
234. —(1) Every person who, being a past or present officer or a contributory of a company which is in judicial management or is being wound up — ( a ) does not to the best of his or her knowledge and belief fully and truly disclose to the judicial manager or liquidator all the property movable and immovable of the company, and how and to whom and for what consideration and when the company disposed of any part of such property, except such part as has been disposed of in the ordinary way of the business of the company; ( b ) does not deliver up to the judicial manager or liquidator, or as the judicial manager or liquidator directs — (i) all the movable and immovable property of the company in the person’s custody or under the person’s control and which the person is required by law to deliver up; or (ii) all books and papers in the person’s custody or under the person’s control belonging to the company and which the person is required by law to deliver up; ( c ) within 12 months immediately before the commencement of the judicial management or winding up or at any time thereafter — (i) has concealed any part of the property of the company to the prescribed value or more, or has concealed any debt due to or from the company; (ii) has fraudulently removed any part of the property of the company to the prescribed value or more; (iii) has concealed, destroyed, mutilated or falsified, or has been privy to the concealment, destruction, mutilation or falsification of, any book or paper affecting or relating to the property or affairs of the company; (iv) has made or has been privy to the making of any false entry in any book or paper affecting or relating to the property or affairs of the company; (v) has fraudulently parted with, altered or made any omission in, or has been privy to the fraudulent parting with, altering or making any omission in, any document affecting or relating to the property or affairs of the company; (vi) by any false representation or other fraud, has obtained any property for or on behalf of the company on credit which the company has not subsequently paid for; (vii) has obtained on credit, for or on behalf of the company, under the false pretence that the company is carrying on its business, any property which the company has not subsequently paid for; or (viii) has pawned, pledged or disposed of any property of the company which has been obtained on credit and has not been paid for, unless such pawning, pledging or disposing was in the ordinary way of the business of the company; ( d ) makes any material omission in any statement relating to the affairs of the company; ( e ) knowing or believing that a false debt has been proved by any person fails to inform the judicial manager or liquidator of the false debt within one month after coming to such knowledge or belief; ( f ) prevents the production of any book or paper affecting or relating to the property or affairs of the company; ( g ) within 12 months immediately before the commencement of the judicial management or winding up or at any time thereafter, has attempted to account for any part of the property of the company by fictitious losses or expenses; or ( h ) within 12 months immediately before the commencement of the judicial management or winding up or at any time thereafter, has been guilty of any false representation or other fraud for the purpose of obtaining the consent of the creditors of the company or any of them to an agreement with reference to the affairs of the company, to the judicial management or to the winding up, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years. (2) It is a good defence — ( a ) to a charge under subsection (1)( a ), ( b ) or ( d ) or subsection (1)( c )(i), (vii) or (viii) if the accused proves that he or she had no intent to defraud; and ( b ) to a charge under subsection (1)( c )(iii) or (iv) or ( f ) if the accused proves that he or she had no intent to conceal the state of affairs of the company or to defeat the law. (3) Where any person pawns, pledges or disposes of any property in circumstances which amount to an offence under subsection (1)( c )(viii), every person who takes in pawn or pledge or otherwise receives the property knowing it to be pawned, pledged or disposed of in those circumstances shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years.


document_id: irda-2018
provision_ref: s235
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 235
title: Inducement to be appointed judicial manager or liquidator
content:
235. Any person who gives or agrees or offers to give to any member or creditor of a company any valuable consideration with a view to securing his or her own appointment or nomination, or to securing or preventing the appointment or nomination of some person other than himself or herself, as the company’s judicial manager or liquidator shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 6 months.


document_id: irda-2018
provision_ref: s236
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 236
title: Penalty for destruction, falsification, etc., of books
content:
236. Every officer or contributory of any company which is in judicial management or is being wound up who destroys, mutilates, alters or falsifies any books, papers or securities, or makes or is privy to the making of any false or fraudulent entry in any register or book of account or document belonging to the company with intent to defraud or deceive any person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years.


document_id: irda-2018
provision_ref: s237
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 237
title: Liability where proper accounts not kept
content:
237. —(1) If, on an investigation under this Act or where a company is in judicial management or is being wound up, it is shown that proper books of account were not kept by the company throughout the shorter of — ( a ) the period of 2 years immediately preceding the commencement of the investigation, judicial management or winding up, as the case may be; or ( b ) the period between incorporation of the company and the commencement of the investigation, judicial management or winding up, as the case may be, every officer who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months. (2) Where a person is charged with an offence under subsection (1), it is a defence for the person charged to prove that the person acted honestly and to show that, in the circumstances in which the business of the company was carried on, the default was excusable. (3) For the purposes of this section, proper books of account are deemed not to have been kept in the case of a company — ( a ) if there have not been kept such books or accounts as are necessary to exhibit and explain the transactions and financial position of the trade or business of the company, including books containing entries from day to day in sufficient detail of all cash received and cash paid, and, where the trade or business has involved dealings in goods, statements of the annual stocktakings and (except in the case of goods sold by way of ordinary retail trade) of all goods sold and purchased, showing the goods and the buyers and sellers of the goods in sufficient detail to enable those goods and those buyers and sellers to be identified; or ( b ) if such books or accounts have not been kept in such manner as to enable them to be conveniently and properly audited, whether or not the company has appointed an auditor.


document_id: irda-2018
provision_ref: s238
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 238
title: Responsibility for fraudulent trading
content:
238. —(1) If, in the course of the judicial management or winding up of a company or in any proceedings against a company, it appears that any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose, the Court, on the application of the judicial manager, liquidator or any creditor or contributory of the company, may, if it thinks proper to do so, declare that any person who was knowingly a party to the carrying on of the business in that manner is personally responsible, without any limitation of liability, for all or any of the debts or other liabilities of the company as the Court directs. (2) Where the Court makes any declaration under subsection (1), it may give such further directions as it thinks proper for the purpose of giving effect to that declaration and in particular — ( a ) may make provision for making the liability of any person under the declaration a charge — (i) on any debt or obligation due from the company to the person liable; or (ii) on any charge or any interest in any charge on any assets of the company held by or vested in — (A) the person liable; (B) any corporation or other person on behalf of the person liable; or (C) any person claiming as assignee from or through the person liable or any corporation or person acting on behalf of the person liable; and ( b ) may from time to time make such further order as is necessary for the purpose of enforcing any charge imposed under this subsection. (3) For the purpose of subsection (2)( a )(ii)(C), “assignee” — ( a ) includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation or charge was created, issued or transferred or the interest created; but ( b ) does not include an assignee for valuable consideration (not including consideration by way of marriage) given in good faith and without notice of any of the matters on the ground of which the declaration is made. (4) Where any business of a company is carried on with the intent or for the purpose mentioned in subsection (1), every person who was knowingly a party to the carrying on of the business with that intent or purpose shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 7 years or to both. (5) Subsection (4) applies to a company whether or not it has been, or is in the course of being, wound up, and whether or not it has been, or is, in judicial management. (6) This section has effect even if the person concerned is criminally liable apart from this section in respect of the matters on the ground of which the declaration is made. (7) On the hearing of an application under subsection (1), the judicial manager or liquidator may give evidence or call witnesses.


document_id: irda-2018
provision_ref: s239
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 239
title: Responsibility for wrongful trading
content:
239. —(1) If, in the course of the judicial management or winding up of a company or in any proceedings against a company, it appears that the company has traded wrongfully, the Court, on the application of any person mentioned in subsection (5), may, if it thinks proper to do so, declare that any person who was a party to the company trading in that manner is personally responsible, without any limitation of liability, for all or any of the debts or other liabilities of the company as the Court directs, if that person — ( a ) knew that the company was trading wrongfully; or ( b ) as an officer of the company, ought, in all the circumstances, to have known that the company was trading wrongfully. (2) Where the Court makes any declaration under subsection (1), the Court may relieve, in whole or in part and on such terms as the Court thinks fit, the person declared responsible under that declaration from the personal liability for which he or she is declared responsible, if — ( a ) the person acted honestly; and ( b ) having regard to all the circumstances of the case, the person ought fairly to be relieved from the personal liability. (3) Where the Court makes any declaration under subsection (1), it may give such further directions as the Court thinks proper for the purpose of giving effect to that declaration, and in particular — ( a ) may make provision for making the liability of any person under the declaration a charge — (i) on any debt or obligation due from the company to the person liable; or (ii) on any charge or any interest in any charge on any assets of the company held by or vested in — (A) the person liable; (B) any corporation or other person on behalf of the person liable; or (C) any person claiming as assignee from or through the person liable or any corporation or other person acting on behalf of the person liable; ( b ) may from time to time make such further order as is necessary for the purpose of enforcing any charge imposed under this subsection; and ( c ) may provide that sums recovered under this section be paid to such persons or classes of persons, for such purposes, in such amounts or proportions, at such times and in such priorities between them as the Court may specify. (4) For the purpose of subsection (3)( a )(ii)(C), “assignee” — ( a ) includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation or charge was created, issued or transferred or the interest created; but ( b ) does not include an assignee for valuable consideration (not including consideration by way of marriage) given in good faith and without notice of any of the matters on the ground of which the declaration is made. (5) The following persons may make an application under subsection (1): ( a ) the judicial manager of the company; ( b ) the liquidator of the company; ( c ) the Official Receiver; ( d ) any creditor or contributory of the company, with the permission of — (i) the judicial manager or the liquidator, as the case may be; or (ii) the Court. [Act 25 of 2021 wef 01/04/2022] (6) Where a company has traded wrongfully, every person who was a party to the wrongful trading and who — ( a ) knew that the company was trading wrongfully; or ( b ) as an officer of the company, ought, in all the circumstances, to have known that the company was trading wrongfully, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both. (7) Subsection (6) applies to a company whether or not it has been, or is in the course of being, wound up, and whether or not it has been, or is, in judicial management. (8) This section has effect even if the person concerned is criminally liable apart from this section in respect of the matters on the ground of which the declaration is made. (9) On the hearing of an application under subsection (1), the judicial manager or liquidator may give evidence or call witnesses. (10) Any company or (with the company’s consent) any person party to or interested in becoming party to the carrying on of the business of the company, may apply to the Court for a declaration as to whether a particular course of conduct, a particular transaction or a particular series of transactions of the company at the time of and after such application would constitute wrongful trading and on any such application the Court may, on such terms and conditions as the Court thinks fit, declare that such course of action, transaction or series of transactions does not constitute wrongful trading within the meaning of this section. (11) The Court, when making a declaration under subsection (10), may include provisions to ensure the confidentiality or publication of the declaration, the terms and conditions of the declaration, or any part of the declaration or terms and conditions. (12) For the purposes of this section, a company trades wrongfully if — ( a ) the company, when insolvent, incurs debts or other liabilities without reasonable prospect of meeting them in full; or ( b ) the company incurs debts or other liabilities — (i) that it has no reasonable prospect of meeting in full; and (ii) that result in the company becoming insolvent.


document_id: irda-2018
provision_ref: s240
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 240
title: Power of Court to assess damages against delinquent officers, etc.
content:
240. —(1) If, in the course of the judicial management or winding up of a company, it appears that any person who has taken part in the formation or promotion of the company or any past or present judicial manager, liquidator or officer of the company has misapplied or retained or become liable or accountable for any money or property of the company or been guilty of any misfeasance or breach of trust or duty in relation to the company, the Court may, on the application of the judicial manager or liquidator or of any creditor or contributory — ( a ) examine into the conduct of such person, judicial manager, liquidator or officer; and ( b ) compel such person, judicial manager, liquidator or officer to — (i) repay or restore the money or property or any part of such money or property with interest at such rate as the Court thinks just; or (ii) contribute such sum to the property of the company by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust or duty as the Court thinks just. (2) This section extends and applies to and in respect of the receipt of any money or property by any officer of the company during the 2 years preceding the commencement of the judicial management or winding up (as the case may be) whether by way of salary or otherwise, appearing to the Court to be unfair or unjust to other members of the company. (3) This section has effect even if the offence is one for which the offender is criminally liable.


document_id: irda-2018
provision_ref: s241
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 241
title: Prosecution of delinquent officers and members of company
content:
241. —(1) If it appears to the Court, in the course of the judicial management or winding up of a company by the Court, that any past or present officer, or any member, of the company has been guilty of an offence in relation to the company for which he or she is criminally liable, the Court may, either on the application of any person interested in the judicial management or winding up (as the case may be) or of its own motion, direct the judicial manager or liquidator to prosecute the offender or to refer the matter to the Minister. (2) If it appears to the judicial manager, in the course of a judicial management, or the liquidator, in the course of a voluntary winding up, that any past or present officer, or any member, of the company has been guilty of any offence in relation to the company for which he or she is criminally liable, the judicial manager or liquidator must immediately report the matter to the Minister and must, in respect of information or documents in the judicial manager’s or liquidator’s possession or under the judicial manager’s or liquidator’s control which relate to the matter in question, furnish the Minister with such information and give to the Minister such access to and facilities for inspecting and taking copies of any document as the Minister may require. (3) If it appears to the judicial manager, in the course of a judicial management, or the liquidator, in the course of any winding up, that the company which is in judicial management or which is being wound up will be unable to pay its unsecured creditors more than 50 cents in the dollar, the judicial manager or liquidator must immediately report the matter in writing to the Official Receiver and must furnish the Official Receiver with such information and give to the Official Receiver such access to and facilities for inspecting and taking copies of any document as the Official Receiver may require. (4) Where any report is made under subsection (2) or (3), the Minister may investigate the matter and for the purposes of such an investigation has all such powers of investigating the affairs of the company as are provided by this Act in the case of a winding up by the Court, but if it appears to the Minister that the case is not one in which proceedings ought to be taken by the Minister, the Minister must inform the judicial manager or liquidator (as the case may be) accordingly, and upon being informed, subject to the prior approval of the Court, the judicial manager or liquidator (as the case may be) may take proceedings against the offender. (5) If it appears to the Court, in the course of a judicial management or a voluntary winding up, that any past or present officer, or any member, of the company has been guilty of an offence in relation to the company for which he or she is criminally liable and that no report with respect to the matter has been made by the judicial manager or liquidator (as the case may be) to the Minister, the Court may, on the application of any person interested in the judicial management or voluntary winding up or of its own motion, direct the judicial manager or liquidator (as the case may be) to make such a report, and on a report being made accordingly this section has effect as though the report has been made under subsection (2). (6) If, where any matter is reported or referred to the Minister or the Official Receiver under this section, the Minister or the Official Receiver (as the case may be) considers that the case is one in which prosecution ought to be instituted, the Minister or the Official Receiver (as the case may be) may institute proceedings accordingly, and the judicial manager, the liquidator and every officer and agent of the company past and present, other than the defendant in the proceedings, must give the Minister or the Official Receiver all assistance in connection with the prosecution which he or she is reasonably able to give. (7) For the purposes of subsection (6), “agent”, in relation to a company, includes any banker or solicitor of the company and any person employed by the company as auditor, whether or not an officer of the company. (8) If any person fails or neglects to give assistance in the manner required by subsection (6), the Court may, on the application of the Minister or the Official Receiver, direct that person to comply with the requirements of that subsection, and where any application is made under this subsection with respect to a judicial manager or liquidator the Court may, unless it appears that the failure or neglect to comply was due to the judicial manager or liquidator not having in his or her hands sufficient assets of the company to enable him or her to give assistance in the manner required by subsection (6), direct that the costs of the application be borne by the judicial manager or liquidator personally. (9) The Minister may direct that the whole or any part of any costs and expenses properly incurred by the judicial manager or liquidator in proceedings brought under this section be defrayed out of moneys provided by Parliament. (10) Subject to any direction given under subsection (9) and to any charges on the property of the company and any debts to which priority is given by this Act, all such costs and expenses are payable out of the property of the company as part of the costs of the judicial management or winding up of the company. Division 6 &#x2014; Management by judicial managers and liquidators


document_id: irda-2018
provision_ref: s242
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 242
title: Getting in company’s property
content:
242. —(1) Where a company is in judicial management or is being wound up, and any person has in his or her possession or control any property, books, papers or records to which the company appears to be entitled, the Court may require that person to immediately (or within such period as the Court may direct) pay, deliver, convey, surrender or transfer the property, books, papers or records to the judicial manager or liquidator, as the case may be. (2) Where the judicial manager or liquidator, as the case may be — ( a ) seizes or disposes of any property which is not property of the company; and ( b ) at the time of seizure or disposal believes, and has reasonable grounds for believing, that he or she is entitled (whether pursuant to an order of the Court or otherwise) to seize or dispose of that property, the judicial manager or liquidator, as the case may be — ( c ) is not liable to any person in respect of any loss or damage resulting from the seizure or disposal except insofar as that loss or damage is caused by the judicial manager’s or liquidator’s negligence, as the case may be; and ( d ) has a lien on the property, or the proceeds of its sale, for such expenses as were incurred in connection with the seizure or disposal.


document_id: irda-2018
provision_ref: s243
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 243
title: Duty to cooperate with judicial manager and liquidator
content:
243. —(1) Where a company is in judicial management or is being wound up, each of the persons mentioned in subsection (2) must — ( a ) give to the Official Receiver or liquidator (where the company is being wound up) or the judicial manager (where the company is in judicial management) such information concerning the company and its promotion, formation, business, dealings, affairs or property as the Official Receiver, liquidator or judicial manager (as the case may be) may reasonably require at any time after the commencement of the winding up or judicial management, as the case may be; and ( b ) attend on the Official Receiver or liquidator (where the company is being wound up) or the judicial manager (where the company is in judicial management) at such times as the Official Receiver, liquidator or judicial manager (as the case may be) may reasonably require. (2) The persons mentioned in subsection (1) are — ( a ) any person who is or has at any time been an officer of the company; ( b ) any person who has taken part in the formation of the company at any time within the period of one year before the commencement of the winding up or judicial management, as the case may be; ( c ) any person who — (i) is in the employment of the company (including employment under a contract for services) or has been in the employment of the company (including employment under a contract for services) within the period of one year before the commencement of the winding up or judicial management, as the case may be; and (ii) is in the opinion of the Official Receiver, liquidator or judicial manager (as the case may be), capable of giving information which the Official Receiver, liquidator or judicial manager (as the case may be) requires; and ( d ) in the case of a company being wound up by the Court, any person who has acted as judicial manager, receiver and manager or liquidator of the company. (3) Any person who, without reasonable excuse, fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction.


document_id: irda-2018
provision_ref: s244
chapter: PART 9 - PROVISIONS APPLICABLE IN JUDICIAL
section: 244
title: Inquiry into company’s dealings, etc.
content:
244. —(1) Where a company is in judicial management or is being wound up, the Court may, on the application of any person mentioned in subsection (2), summon to appear before the Court — ( a ) any officer of the company; ( b ) any person who was previously an officer of the company; ( c ) any person known or suspected to have in his or her possession any property of the company or supposed to be indebted to the company; or ( d ) any person whom the Court thinks capable of giving information concerning the promotion, formation, business, dealings, affairs or property of the company, including any banker, solicitor or auditor, and the Court may require any person mentioned in paragraphs ( a ) to ( d ) to submit an affidavit to the Court containing an account of the person’s dealings with the company or to produce any books, papers or other records in the person’s possession or under the person’s control relating to the promotion, formation, business, dealings, affairs or property of the company. (2) The persons mentioned in subsection (1) are — ( a ) in the case of a company in judicial management, the judicial manager; ( b ) in the case of a company being wound up, the Official Receiver or liquidator; or ( c ) in either case, a creditor or contributory of the company with the permission of the Court. [Act 25 of 2021 wef 01/04/2022] (3) In a case where a person, without reasonable excuse, fails to appear before the Court when he or she is summoned to do so under this section or there are reasonable grounds for believing that a person has absconded, or is about to abscond, with a view to avoiding his or her appearance before the Court under this section, the Court may, for the purpose of bringing that person and anything in his or her possession before the Court, cause a warrant to be issued to a police officer — ( a ) for the arrest of that person; and ( b ) for the seizure of any books, papers, records, money or goods in that person’s possession, and may authorise a person arrested under such a warrant to be kept in custody, and anything seized under such a warrant to be held until that person is brought before the Court under the warrant or until such other time as the Court may order. (4) Any person who appears or is brought before the Court under this section may be examined on oath concerning the promotion, formation, business, dealings, affairs or property of the company. [Act 31 of 2022 wef 01/11/2023] (5) The Court may — ( a ) direct that an examination under subsection (4) be held before any District Judge, who has for the purposes of the examination the same powers as the Court of examining witnesses, of requiring the production or delivery of documents, of punishing defaults by witnesses and of allowing costs and expenses to witnesses; or ( b ) direct that an examination under subsection (4) be held in public. (6) If it appears to the Court, on consideration of any evidence obtained under this section, that any person has in the person’s possession any property of the company, the Court may, on the application of the judicial manager, Official Receiver or liquidator, order that person to deliver the whole or any part of the property to the judicial manager, Official Receiver or liquidator (as the case may be) at such time, in such manner and on such terms as the Court thinks fit. (7) If it appears to the Court, on consideration of any evidence obtained under this section, that any person is indebted to the company, the Court may, on the application of the judicial manager, Official Receiver or liquidator, after examining that person on the matter, order that person to pay to the judicial manager, Official Receiver or liquidator (as the case may be), at such time and in such manner as the Court may direct, the whole or any part of the amount due, whether in full discharge of the debt or otherwise, as the Court thinks fit. (8) The Court may, if it thinks fit, order that any person, who if within Singapore would be summoned to appear before it under this section, be examined in a place outside Singapore.


document_id: irda-2018
provision_ref: s245
chapter: PART 10 - WINDING UP OF UNREGISTERED COMPANIES
section: 245
title: Preliminary
content:
245. —(1) For the purposes of this Division, “unregistered company” includes a foreign company and any partnership, association, club or company but does not include a company incorporated under the Companies Act 1967 or under any corresponding previous written law. (2) This Division is in addition to, and not in derogation of, any provisions contained in this or any other written law with respect to the winding up of companies by the Court and the Court may exercise any powers or do any act in the case of unregistered companies which might be exercised or done by the Court in winding up companies.


document_id: irda-2018
provision_ref: s246
chapter: PART 10 - WINDING UP OF UNREGISTERED COMPANIES
section: 246
title: Winding up of unregistered companies
content:
246. —(1) Subject to this Division, any unregistered company may be wound up under Parts 8 and 9, which apply to an unregistered company with the following adaptations: ( a ) the principal place of business of the unregistered company in Singapore is for all the purposes of the winding up the registered office of the company; ( b ) the unregistered company must not be wound up voluntarily; ( c ) the circumstances in which the unregistered company may be wound up are — (i) if the company is dissolved or has ceased to have a place of business in Singapore or has a place of business in Singapore only for the purpose of winding up its affairs or has ceased to carry on business in Singapore; (ii) if the company is unable to pay its debts; or (iii) if the Court is of the opinion that it is just and equitable that the company should be wound up; ( d ) where the unregistered company is a foreign company, it may be wound up only if it has a substantial connection with Singapore. (2) An unregistered company is deemed to be unable to pay its debts if — ( a ) a creditor by assignment or otherwise to whom the company is indebted in a sum exceeding $15,000 then due has served on the company — (i) by leaving at its principal place of business in Singapore; (ii) by delivering to the secretary or a director, manager or principal officer of the company; or (iii) by otherwise serving in such manner as the Court approves or directs, a demand under his or her hand requiring the company to pay the sum so due, and the company has for 3 weeks after the service of the demand neglected to pay the sum or to secure or compound for it to the satisfaction of the creditor; ( b ) any action or other proceeding has been instituted against any member for any debt or demand due or claimed to be due from the company or from the member in his or her character of member, and, notice in writing of the institution of the action or proceeding having been served on the company — (i) by leaving it at its principal place of business in Singapore; (ii) by delivering it to the secretary or a director, manager or principal officer of the company; or (iii) by otherwise serving it in such manner as the Court approves or directs, the company has not within 10 days after service of the notice paid, secured or compounded for the debt or demand or procured the action or proceeding to be stayed or indemnified the defendant to the reasonable satisfaction of the defendant against the action or proceeding and against all costs, damages and expenses to be incurred by the defendant by reason of the action or proceeding; ( c ) an enforcement order or other process issued to enforce a judgment, decree or order obtained in any court in favour of a creditor against the company or any member of the company as such or any person authorised to be sued as nominal defendant on behalf of the company is returned unsatisfied; or [Act 25 of 2021 wef 01/04/2022] ( d ) it is otherwise proved to the satisfaction of the Court that the company is unable to pay its debts. (3) For the purposes of subsection (1)( d ), the Court may rely on the presence of one or more of the following matters to support a determination that a foreign company has a substantial connection with Singapore: ( a ) Singapore is the centre of main interests of the company; ( b ) the company is carrying on business in Singapore or has a place of business in Singapore; ( c ) the company is a foreign company that is registered under Division 2 of Part 11 of the Companies Act 1967; ( d ) the company has substantial assets in Singapore; ( e ) the company has chosen Singapore law as the law governing a loan or other transaction, or the law governing the resolution of one or more disputes arising out of or in connection with a loan or other transaction; ( f ) the company has submitted to the jurisdiction of the Court for the resolution of one or more disputes relating to a loan or other transaction. (4) A company incorporated outside Singapore may be wound up as an unregistered company under this Division even if it is being wound up or has been dissolved or has otherwise ceased to exist as a company under the laws of the place under which it was incorporated. (5) The Minister may, by order, amend subsection (2)( a ) by substituting a different sum for the sum for the time being specified in that provision. (6) In this section, “carrying on business” and “to carry on business” have the same meaning as in section 366 of the Companies Act 1967.


document_id: irda-2018
provision_ref: s247
chapter: PART 10 - WINDING UP OF UNREGISTERED COMPANIES
section: 247
title: Contributories in winding up of unregistered company
content:
247. —(1) On an unregistered company being wound up, every person is a contributory — ( a ) who is liable to pay or contribute to the payment of — (i) any debt or liability of the company; (ii) any sum for the adjustment of the rights of the members among themselves; or (iii) the costs and expenses of winding up; or ( b ) where the company has been dissolved in the place in which it is formed or incorporated, who immediately before the dissolution was so liable, and every contributory is liable to contribute to the assets of the company all sums due from him or her in respect of any such liability. (2) On the death or bankruptcy of any contributory, the provisions of this Act with respect to the personal representatives of deceased contributories and the assignees and trustees of bankrupt contributories respectively apply.


document_id: irda-2018
provision_ref: s248
chapter: PART 10 - WINDING UP OF UNREGISTERED COMPANIES
section: 248
title: Power of Court to stay or restrain proceedings
content:
248. —(1) The provisions of this Act with respect to staying and restraining actions and proceedings against a company at any time after the making of an application for winding up and before the making of a winding up order extend, in the case of an unregistered company where the application to stay or restrain is by a creditor, to actions and proceedings against any contributory of the company. (2) Where an order has been made for winding up an unregistered company, no action or proceeding may be proceeded with or commenced against any contributory of the company in respect of any debt of the company, except by the permission of the Court and subject to such terms as the Court imposes. [Act 25 of 2021 wef 01/04/2022]


document_id: irda-2018
provision_ref: s249
chapter: PART 10 - WINDING UP OF UNREGISTERED COMPANIES
section: 249
title: Outstanding assets of defunct unregistered company
content:
249. —(1) Where an unregistered company the place of incorporation or origin of which is in a designated country has been dissolved and there remains in Singapore any outstanding property, movable or immovable, including things in action — ( a ) which was vested in the company; ( b ) to which the company was entitled; or ( c ) over which the company had a disposing power, at the time the company was dissolved, but which was not got in, realised upon or otherwise disposed of or dealt with by the company or its liquidator before the dissolution, the property, except called and uncalled capital, by the operation of this section, vests and becomes vested, for all the estate and interest in such property legal or equitable of the company or its liquidator at the date the company was dissolved, in such person as is entitled to such property according to the law of the place of incorporation or origin of the company. (2) Where the place of origin of an unregistered company is Singapore, sections 212 to 216, with such adaptations as may be necessary, apply in respect of that company. (3) Where it appears to the Minister that any law in force in any other country contains provisions similar to this section, the Minister may, by notification in the Gazette , declare that other country to be a designated country for the purposes of this section. Division 2 &#x2014; Liquidation or dissolution of foreign companies


document_id: irda-2018
provision_ref: s250
chapter: PART 10 - WINDING UP OF UNREGISTERED COMPANIES
section: 250
title: Liquidation, dissolution, etc., of foreign company in its place of incorporation
content:
250. —(1) This section applies to a foreign company which, whether or not it is registered under Division 2 of Part 11 of the Companies Act 1967, establishes a place of business or carries on business in Singapore. (2) If a foreign company goes into liquidation or is dissolved in its place of incorporation or origin, the Court may, on the application of the person who is the liquidator of the foreign company for the foreign company’s place of incorporation or the application of the Official Receiver, appoint a liquidator of the foreign company for Singapore. (3) A liquidator of a foreign company appointed for Singapore by the Court — ( a ) must, before any distribution of the foreign company’s assets is made, by advertisement in a newspaper circulating generally in each country where the foreign company had been carrying on business prior to the liquidation if no liquidator has been appointed for that place, invite all creditors to make their claims against the foreign company within a reasonable time prior to the distribution; ( b ) subject to subsection (6), must not, without obtaining an order of the Court, pay out any creditor to the exclusion of any other creditor of the foreign company; and ( c ) must, unless otherwise ordered by the Court, only recover and realise the assets of the foreign company in Singapore and, subject to paragraph ( b ) and subsection (6) — (i) in a case where the foreign company is, or was prior to the liquidation or dissolution carrying on business as, a relevant company, pay the net amount so recovered and realised to the liquidator of that foreign company for the place where it was formed or incorporated after paying any debts and satisfying any liabilities incurred in Singapore by the foreign company; or (ii) in any other case, pay the net amount so recovered and realised to the liquidator of that foreign company for the place where it was formed or incorporated. (4) Where a foreign company has been wound up so far as its assets in Singapore are concerned and there is no liquidator for the place of its incorporation or origin, the liquidator may apply to the Court for directions as to the disposal of the net amount recovered pursuant to subsection (3). (5) A liquidator of a foreign company appointed for Singapore by the Court must, before paying any amount so recovered and realised in Singapore to the liquidator of that foreign company for the place where it was formed or incorporated, be satisfied that the interests of creditors in Singapore are adequately protected. (6) Section 203 applies to a foreign company wound up or dissolved pursuant to this section as if each reference to a company in that provision were substituted with a reference to a foreign company. (7) In this section — “carrying on business” has the meaning given by section 366 of the Companies Act 1967; “relevant company” means a foreign company that is any of the following: ( a ) a banking corporation; ( b ) a merchant bank licensed under the Banking Act 1970; ( ba ) [ Deleted by Act 18 of 2022 wef 28/04/2023 ] ( c ) a finance company licensed under section 6 of the Finance Companies Act 1967; ( ca ) a financial institution approved under section 4 of the Financial Services and Markets Act 2022; [Act 18 of 2022 wef 28/04/2023] ( d ) a licensed insurer licensed under section 11 of the Insurance Act 1966; ( e ) a recognised market operator as defined in section 2(1) of the Securities and Futures Act 2001; ( f ) a licensed foreign trade repository as defined in section 2(1) of the Securities and Futures Act 2001; ( g ) a recognised clearing house as defined in section 2(1) of the Securities and Futures Act 2001; ( h ) an approved holding company as defined in section 2(1) of the Securities and Futures Act 2001; ( i ) a holder of a capital markets services licence granted under section 86 of the Securities and Futures Act 2001 that does not only carry on the business of providing credit rating services; ( j ) [ Deleted by Act 32 of 2024 wef 25/11/2024 ] ( k ) a financial adviser licensed under section 10 of the Financial Advisers Act 2001; ( l ) a licensed trust company licensed under section 5 of the Trust Companies Act 2005; ( m ) an operator of a payment system designated under section 42 of the Payment Services Act 2019; ( n ) a person that has in force a licence granted under section 6 of the Payment Services Act 2019 that entitles the person to carry on a business of providing one or more of the following payment services: (i) a cross‑border money transfer service; (ii) a domestic money transfer service; (iii) an e‑money issuance service; (iv) a merchant acquisition service. [2/2019; 1/2020]


document_id: irda-2018
provision_ref: s250A
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250A
title: Interpretation of this Part
content:
250A. In this Part, unless the context otherwise requires — “company” means any corporation liable to be wound up under Parts 8 and 9, but excludes such company or class of companies as the Minister may by order in the Gazette prescribe; “designated website” means the Internet website prescribed by regulations made under section 250R for the purpose of publishing notices to creditors and other persons under this Part; [ Deleted by Act 3 of 2025 wef 29/01/2026 ] “requirements for entry”, in relation to a company, means the following: ( a ) the company meets all the eligibility criteria in section 250F(2); ( b ) there is no circumstance in section 250F(3) which makes the company unsuitable for entry into the simplified winding up programme; [Act 3 of 2025 wef 29/01/2026] “simplified winding up programme” means the programme established under section 250C. [39/2020] 250B. [ Deleted by Act 3 of 2025 wef 29/01/2026 ] Division 2 &#x2014; Simplified winding up programme


document_id: irda-2018
provision_ref: s250C
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250C
title: Establishment of simplified winding up programme
content:
250C. There is established a programme, known as the simplified winding up programme, for the voluntary winding up of any eligible company that meets the conditions set out in this Part. [39/2020] [Act 3 of 2025 wef 29/01/2026] Division 3 &#x2014; Entry into simplified
winding up programme [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250D
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250D
title: Entry into simplified winding up programme
content:
250D. —(1) A company may, in accordance with the provisions of this Part, be wound up voluntarily under the simplified winding up programme if — ( a ) the company resolves by special resolution in general meeting authorising its entry into the simplified winding up programme on the ground that the company is unable to pay, and will not be able to pay or provide for the payment of, its debts in full; ( b ) at the general meeting mentioned in paragraph ( a ), the company nominates a liquidator (being a licensed insolvency practitioner) for the simplified winding up programme, and approves his or her proposed remuneration for the administration of the simplified winding up programme; and ( c ) the nominated liquidator has given his or her written consent to being so nominated and to the proposed remuneration. (2) A company must within 7 days after the special resolution mentioned in subsection (1)( a ) is passed, lodge a copy of the resolution with the Registrar of Companies. (3) No later than one day after the special resolution mentioned in subsection (1)( a ) is passed, the company must send to every creditor, contributory or officer of the company a notice of its intention to enter into the simplified winding up programme, which must — ( a ) contain a copy of the resolution passed at the general meeting mentioned in subsection (1)( a ) together with the name of the company and its Unique Entity Number (UEN); ( b ) include a notification that the company may proceed to enter the simplified winding up programme unless an objection to either of the following is received within the period of 21 days after the date of the notice of intention: (i) the company’s entry into the simplified winding up programme on the ground that the company does not meet the requirements for entry; (ii) the nominated liquidator; ( c ) contain the form of, and set out the manner of giving, a notice of objection to the nominated liquidator; ( d ) include the name of the nominated liquidator and his or her proposed remuneration; and ( e ) include a list with the name and address of each creditor of the company and the amounts owed to each creditor. (4) A failure to lodge the requisite documents with the Registrar of Companies within the time specified in subsection (2), or a failure to notify each creditor, contributory or officer of the company in accordance with subsection (3), renders the special resolution void. (5) If no objection is received within the time specified in subsection (3)( b ), the company must, within 7 days thereafter, provide to the nominated liquidator — ( a ) a statement from the board of directors of the company that it reasonably believes that the liabilities of the company (including contingent and prospective liabilities) do not exceed $2 million (or any amount that may be prescribed in substitution by the Minister by order in the Gazette ), and that it is not aware of any circumstances mentioned in section 250F(1)( b ) that would make the company unsuitable for entry into the simplified winding up programme; ( b ) the company’s statement of affairs under section 250E; and ( c ) an update as to whether there was any reply to any notice sent under subsection (3). (6) Sections 443 and 444 (read with sections 441 and 442) apply to a notice under subsection (3) sent by electronic means as if a reference to a “relevant officeholder” in sections 443 and 444 were a reference to the directors of the company. (7) If a company has made any statement, or provided any information or document, to the nominated liquidator under subsection (5) that is false or misleading in a material particular, any officer of the company who — ( a ) consented or connived, or conspired with others, to effect the making of the statement or provision of the information or document; ( b ) is in any other way, whether by act or omission, knowingly concerned in, or party to, the making of the statement or the provision of the information or document; or ( c ) knew or ought reasonably to have known that the statement to be made or being made, or the information or document to be given or being given, by the company is false or misleading in a material particular, and failed to take all reasonable steps to prevent or stop the making of the statement or the provision of the information or document, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. (8) For the purposes of subsection (7), an officer of a company is a director or secretary of the company or a person employed in an executive capacity by the company. (9) In lieu of a special resolution of the company in the general meeting specified in subsection (1), the company’s directors may, if (and only if) all the conditions in subsection (10) are satisfied, pass a resolution at the meeting of the directors — ( a ) authorising the company to be wound up voluntarily under the simplified winding up programme on the ground that the company is unable to pay, and will not be able to pay or provide for the payment of, its debts in full; and ( b ) nominating a liquidator (being a licensed insolvency practitioner), and proposing the remuneration of the liquidator, for the administration of the simplified winding up programme, subject to the nominated liquidator having given written consent to the nomination and his or her proposed remuneration, and subsections (2) to (7) apply accordingly as if a reference to the special resolution were a reference to the resolution at the meeting of the directors. (10) The conditions for the purpose of subsection (9) are — ( a ) despite exercising reasonable diligence, the company was unable to contact enough members who together hold the majority in value of its shares for a period of not less than 3 consecutive years prior to the date of the directors’ resolution; ( b ) the company’s operations have been dormant for at least 3 consecutive years prior to the date of the directors’ resolution; and ( c ) as a consequence of the circumstance in paragraph ( a ), the company is unable to hold an extraordinary general meeting for the purpose of resolving to wind up the company on the ground that the quorum at the meeting cannot be met. (11) For the purposes of subsection (10)( a ), reasonable diligence is deemed to be exercised to contact a member if the company has — ( a ) made at least 2 attempts in sending correspondence to the last registered address of the member in the period of 3 consecutive years, with a reasonable interval in between the attempts; ( b ) where the member has a registered address in Singapore, published a notice in at least one English local daily newspaper in Singapore after the last failed attempt to identify the whereabouts of the member; and ( c ) failed to receive any reply at the expiry of one month after — (i) in a case where the member has a registered address in Singapore — the date of the notice in the newspaper under paragraph ( b ); or (ii) in a case where the member only has a registered address outside Singapore — the date of the last correspondence under paragraph ( a ). [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250E
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250E
title: Statement of affairs by company
content:
250E. —(1) For the purpose of section 250D(5)( b ), the statement of affairs of the company is a statement that contains the following information and particulars as at the latest practicable date before the making of the statement: ( a ) the particulars of the assets, debts and liabilities of the company; ( b ) the name and address of each creditor of the company; ( c ) the securities (if any) held by each creditor of the company; ( d ) the dates when the securities mentioned in paragraph ( c ) were respectively given; ( e ) any further information as may be prescribed. [39/2020] [Act 3 of 2025 wef 29/01/2026] (2) The statement must be made by — ( a ) one or more of the persons who are, at the date of making of the statement of affairs under section 250D, directors of the company; and ( b ) the secretary of the company. [39/2020] [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250F
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250F
title: Entry into the simplified winding up programme
content:
250F. —(1) A company may enter into the simplified winding up programme if, and only if, all of the following requirements are met: ( a ) the company meets all the eligibility criteria set out in subsection (2); [Act 3 of 2025 wef 29/01/2026] ( b ) there is no circumstance in subsection (3) known to the nominated liquidator which makes the company unsuitable for entry into the simplified winding up programme; [Act 3 of 2025 wef 29/01/2026] ( c ) during the period mentioned in section 250D(3)( b ), no objection is received or, if an objection is received — (i) where the objection is that the company does not satisfy any requirement for entry — the liquidator is satisfied on reasonable grounds that the company satisfies that requirement; or (ii) where the objection is to the nominated liquidator — the conditions in section 250G(3) are met. [39/2020] [Act 3 of 2025 wef 29/01/2026] (2) For the purposes of subsection (1)( a ), the eligibility criteria are as follows: ( a ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] ( b ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] ( c ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] ( d ) the liabilities of the company (including contingent and prospective liabilities, and any liabilities to any related party of the company) do not exceed $2 million (or any amount that may be prescribed in substitution by the Minister by order in the Gazette ); [Act 3 of 2025 wef 29/01/2026] ( e ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] ( f ) any other criteria as may be prescribed by the Minister by order in the Gazette . [39/2020] (3) For the purposes of subsection (1)( b ), each of the following is a circumstance that makes a company unsuitable for entry into the simplified winding up programme: ( a ) the company is being wound up pursuant to — (i) an order for the winding up of a company under section 216(2)( f ) of the Companies Act 1967; (ii) an order for winding up made under section 124 (or any previous written law corresponding to that provision); or (iii) a resolution passed for the winding up of a company under section 160 (or any previous written law corresponding to that provision); [Act 3 of 2025 wef 29/01/2026] ( b ) the company is in judicial management — (i) within the meaning of section 88(2); or (ii) pursuant to an application made under the repealed section 227B(1) of the Companies Act 1967 as in force before 30 July 2020; [Act 3 of 2025 wef 29/01/2026] ( c ) an application has been made in respect of the company under any of the following provisions and the application is pending: (i) section 210(1), (4) or (10) of the Companies Act 1967; (ii) section 71 (or any previous written law corresponding to that provision); (iii) section 91 (or any previous written law corresponding to that provision); (iv) section 124 (or any previous written law corresponding to that provision); [Act 3 of 2025 wef 29/01/2026] ( d ) an order under section 210(10) of the Companies Act 1967, one or more orders under section 64(1) (or any previous written law corresponding to that provision) or an automatic moratorium mentioned in section 64(8) (or any previous written law corresponding to that provision), is in force in relation to the company; [Act 3 of 2025 wef 29/01/2026] ( e ) a provisional liquidator of the company has been appointed under section 161 (or any previous written law corresponding to that provision); [Act 3 of 2025 wef 29/01/2026] ( f ) an interim judicial manager has been appointed by the Court under section 92 (or any previous written law corresponding to that provision) or by the company under section 94(3), and the term of the appointment of the interim judicial manager has not ended; [Act 3 of 2025 wef 29/01/2026] ( g ) the company has entered into the simplified debt restructuring programme under section 72E; [Act 3 of 2025 wef 29/01/2026] ( h ) there is any dispute or disagreement between 2 or more relevant persons as to the affairs of the company; [Act 3 of 2025 wef 29/01/2026] ( i ) there is any allegation made in writing to the Official Receiver or a nominated liquidator by a past judicial manager or liquidator, a creditor or contributory, or an employee or officer (whether past or present), of the company, that — (i) any business of the company has been carried on with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose within the meaning of section 238 (or any previous written law corresponding to that provision); [Act 3 of 2025 wef 29/01/2026] (ii) the company has traded wrongfully within the meaning of section 239(12) (or any previous written law corresponding to that provision); or [Act 3 of 2025 wef 29/01/2026] (iii) any person who has taken part in the formation or promotion of the company, or any past or present officer or past judicial manager or liquidator of the company, has misapplied or retained or become liable or accountable for any money or property of the company or been guilty of any misfeasance or breach of trust or duty in relation to the company within the meaning of section 240 (or any previous written law corresponding to that provision); [Act 3 of 2025 wef 29/01/2026] ( j ) the company is a party to any legal proceedings before a court, an arbitral tribunal or other body (whether in Singapore or elsewhere) which are pending; [Act 3 of 2025 wef 29/01/2026] ( k ) the winding up of the company is likely to require significant resources or specialised knowledge or expertise; [Act 3 of 2025 wef 29/01/2026] ( l ) the winding up of the company — (i) requires greater supervision of the Court or participation of the creditors or contributories than is provided for or applicable to a winding up under the simplified winding up programme; or (ii) is likely to require the exercise of a power by the Court or the liquidator under Part 8 or 9 that is disapplied by section 250L or is otherwise unavailable in a winding up under the simplified winding up programme; [Act 3 of 2025 wef 29/01/2026] ( m ) any other circumstances as may be prescribed by order in the Gazette . [39/2020] [Act 3 of 2025 wef 29/01/2026] (4) Any order made under subsection (2)( d ) or ( f ) or (3)( m ) must be presented to Parliament as soon as possible after publication in the Gazette . [39/2020] [Act 3 of 2025 wef 29/01/2026] (5) A reference in subsection (3)( h ) to the affairs of the company is to the affairs of a company as defined in section 62. [39/2020] [Act 3 of 2025 wef 29/01/2026] (6) In this section — [ Deleted by Act 3 of 2025 wef 29/01/2026 ] [ Deleted by Act 3 of 2025 wef 29/01/2026 ] [ Deleted by Act 3 of 2025 wef 29/01/2026 ] “employee”, in relation to a company, means an individual who has entered into or works under a contract of service with the company; [Act 3 of 2025 wef 29/01/2026] [ Deleted by Act 3 of 2025 wef 29/01/2026 ] “relevant person”, in relation to a company, means an officer or a member (whether past or present) of the company. [Act 3 of 2025 wef 29/01/2026] [ Deleted by Act 3 of 2025 wef 29/01/2026 ] [ 39/2020 ]


document_id: irda-2018
provision_ref: s250G
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250G
title: Notice of objection
content:
250G. —(1) Where a notice of objection is received within the period specified in section 250D(3)( b ) objecting to the company’s entry into the simplified winding up programme on the ground that the company does not satisfy any requirement for entry, and the liquidator is not satisfied, on reasonable grounds, that the company satisfies that requirement, the simplified winding up process comes to an end. (2) Where a notice of objection is received within the period specified in section 250D(3)( b ) objecting to the nominated liquidator only, the company may proceed to hold a meeting of the creditors to pass a resolution, by a majority of the creditors in value, within 14 days after the last day of that period, to nominate a liquidator (being a licensed insolvency practitioner), together with the proposed remuneration. (3) In the circumstance in subsection (2), the company may only enter the simplified winding up programme when both of the following conditions are satisfied: ( a ) within 7 days after the passing of the resolution nominating the substitute liquidator, the company provides to the substitute liquidator the documents specified in section 250D(5); ( b ) the nominated liquidator is satisfied on reasonable grounds that the company meets the requirements for entry. (4) If the company fails to pass a resolution mentioned in subsection (2) within the time specified in that subsection, the simplified winding up process comes to an end. (5) To avoid doubt, a notice of objection to the nominated liquidator under subsection (2) is only to the choice of the nominated liquidator and not to the nominated liquidator’s proposed remuneration. [Act 3 of 2025 wef 29/01/2026] 250H. [ Deleted by Act 3 of 2025 wef 29/01/2026 ] 250I. [ Deleted by Act 3 of 2025 wef 29/01/2026 ] 250J. [ Deleted by Act 3 of 2025 wef 29/01/2026 ] Division 4 &#x2014; Voluntary winding up of company under simplified
winding up programme


document_id: irda-2018
provision_ref: s250K
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250K
title: Commencement of simplified winding up programme and effect
content:
250K. —(1) When the nominated liquidator (including any substitute liquidator) assesses that the requirements in section 250F(1)( a ) to ( c ) are met, the nominated liquidator must — ( a ) publish a notice of the company’s entry into the simplified winding up programme on the designated website; and ( b ) lodge with the Registrar of Companies a notice of the company’s entry into the simplified winding up programme. (2) The simplified winding up programme for the company is deemed to commence on the date of the events mentioned in subsection (1)( a ) and ( b ) or, if they occur on different dates, the later of those dates. (3) For the purposes of paragraph ( e ) of the definition of “commencement of the winding up” in section 217(1), the time of commencement of the simplified winding up programme referred to in subsection (2) is deemed to be the time of the passing of the resolution for voluntary winding up. (4) The voluntary winding up of the company under the simplified winding up programme is to be treated as if it were a creditors’ voluntary winding up. (5) The appointment of the nominated liquidator (including any substitute liquidator) as liquidator of the company is deemed to take effect upon the commencement of the simplified winding up programme for the company and is on the terms and the remuneration approved at the meeting mentioned in section 250D(1) or 250G(2), as the case may be. [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250L
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250L
title: Modifications and disapplication of certain provisions of Parts 8 and 9
content:
250L. —(1) To avoid doubt, a voluntary winding up of a company that enters into the simplified winding up programme is a voluntary winding up within the meaning of sections 119 and 160(1)( b ), and Division 1, Subdivisions 1, 3 and 4 of Division 3, and Division 4, of Part 8, and Part 9, apply subject to the modifications set out in this section. [39/2020] [Act 3 of 2025 wef 29/01/2026] (2) The following provisions (which otherwise apply to or in relation to a company that is being wound up under a creditors’ voluntary winding up) do not apply to or in relation to a company that is being wound up voluntarily under the simplified winding up programme: ( a ) sections 160, 161 and 163 (in Subdivision 1 of Division 3 of Part 8); [Act 3 of 2025 wef 29/01/2026] ( b ) sections 166, 167 (except section 167(4)) and 169 (in Subdivision 3 of Division 3 of Part 8); [Act 3 of 2025 wef 29/01/2026] ( c ) sections 171, 179, 182 and 185 (in Subdivision 4 of Division 3 of Part 8); [Act 3 of 2025 wef 29/01/2026] ( d ) sections 189, 192 (except section 192(3) and (4)), 194(2) and (3), 196, 198, 199 and 204 (in Subdivision 1 of Division 4 of Part 8); [Act 3 of 2025 wef 29/01/2026] ( e ) sections 209 and 211 (in Subdivision 3 of Division 4 of Part 8). [Act 3 of 2025 wef 29/01/2026] ( f ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] (3) The following subsections are inserted after subsection (4) of section 167: “(4A) After the simplified winding up programme has commenced for a company, its liquidator may at any time give notice to all the creditors of the company — ( a ) that the scope of work covered by the remuneration approved at the general meeting of the company under section 250D(1)( b ), or the meeting of the creditors under section 250G(2) (as the case may be) has changed, and that the amount of the remuneration needs to be revised to account for the additional work; ( b ) of the amount of the revised remuneration; and ( c ) that the creditors may object to the amount of the revised remuneration by giving a notice of objection to the liquidator in the form and manner specified in the notice within 14 days after receipt of the notice. (4B) If no notice of objection is received within the period specified in subsection (4A), the company is liable to pay the liquidator the revised amount of the remuneration. (4C) If a notice of objection is received within the period specified in subsection (4A), the company is not liable to pay the liquidator the revised amount of the remuneration unless the creditors approve, by a majority in value of its creditors, at a meeting, the remuneration to be paid to the liquidator at the completion of the administration of the simplified winding up programme.”. [Act 3 of 2025 wef 29/01/2026] (4) Section 168 applies as if the words “statement of affairs mentioned in section 166(4)” in subsection (1) of that section were replaced by the words “statement of affairs mentioned in section 250E”. [39/2020] [Act 3 of 2025 wef 29/01/2026] (5) Section 170 applies as if — ( a ) the words “commencement of a creditors’ voluntary winding up” in subsection (1) of that section were replaced by the words “commencement of the winding up of a company that is being wound up voluntarily under the simplified winding up programme”; and ( b ) the words “action or proceeding” in subsection (2) of that section were replaced by the words “action or proceeding (except an application under section 124)”. [39/2020] (6) Section 177(1) applies as if paragraph ( a ) of that provision were replaced by the following paragraphs: “( a ) exercise any of the powers in section 144(1)( b ), ( c ), ( d ) and ( f )(i); ( aa ) exercise the power in section 144(1)( e ) or ( f )(ii), but only if — (i) any period of limitation prescribed by any rule of law or in any contract for the bringing of an action or other legal proceeding will expire during the voluntary winding up of the company, if the action or legal proceeding is not brought in the name and on behalf of the company; or (ii) the failure to bring or defend an action or a legal proceeding in the name and on behalf of the company at any time during the voluntary winding up will cause prejudice to the company;”. [39/2020] (7) Section 180 applies as if that section was replaced by the following section: “ Final account and dissolution 180. —(1) The following paragraphs apply after the affairs of the company are fully wound up: ( a ) the liquidator must as soon as possible make up an account showing how the winding up has been conducted and the property of the company has been disposed of; ( b ) after making up the account, the liquidator must send to every creditor and member of the company a notice specifying the matters set out in subsection (2); ( c ) the notice must be accompanied by a copy of the account in paragraph ( a ); ( d ) no later than 7 days after the notice in paragraph ( b ) is sent to every creditor and member of the company, the liquidator must publish on the designated website — (i) a notice stating that the liquidator — (A) has made up the account mentioned in paragraph ( a ); and (B) intends to lodge with the Registrar of Companies a notice to dissolve the company; and (ii) a copy of the account. (2) The notice in subsection (1)( b ) must — ( a ) state that the liquidator intends to lodge with the Registrar of Companies the documents mentioned in subsection (4) to dissolve the company; and ( b ) state that every creditor, contributory or officer of the company may make a written request to the liquidator for any information relating to the account mentioned in subsection (1)( a ) or any matter relating to the proposed dissolution of the company within 14 days after being served the notice in subsection (1)( b ). (3) Within 14 days after receiving a request mentioned in subsection (2)( b ), the liquidator must provide to the maker of the request the information requested, or decline to provide the information requested or any of it, and the reasons for not doing so. (4) Upon the expiration of the period of 30 days after the publication of the notice specified in subsection (1)( d )(i) on the designated website, the liquidator must lodge with the Registrar of Companies — ( a ) a declaration (as the case may be) that no request mentioned in subsection (2)( b ) was received within the period specified in that provision or, if a request was received within that period, that the liquidator has complied with subsection (3) as regards each such request; and ( b ) a notice in the prescribed form to dissolve the company. (5) Upon receipt of the notice to dissolve the company mentioned in subsection (4), the company is dissolved. (6) Despite subsection (5), the Court may, on the application of the liquidator or of any other person who appears to the Court to be interested, make an order deferring the date on which the dissolution of the company is to take effect for such time as the Court thinks fit. (7) The person on whose application an order of the Court under this section is made must, within 7 days after the making of the order, lodge with the Registrar of Companies and with the Official Receiver a copy of the order, and if the person fails to do so, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (8) A liquidator who — ( a ) fails to comply with subsection (1), (3) or (4); or ( b ) lodges a false declaration under subsection (4)( a ), commits an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty.”. [Act 3 of 2025 wef 29/01/2026] (8) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] (9) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] (10) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] (11) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] (12) Section 205(2) applies as if paragraph ( a ) of that provision were replaced by the following paragraph: “( a ) pursuant to the terms of a compromise or an arrangement proposed by the company under section 210 of the Companies Act 1967 or section 71 or 72M, that is approved by the creditors; or”. [39/2020] (13) Section 206(1) applies as if paragraph ( a ) of that provision were replaced by the following paragraph: “( a ) where any creditor has had notice that a notice mentioned in section 250K(1)( a ) in respect of the company has been published on the designated website the date on which the creditor so had notice is for the purposes of this section substituted for the date of the commencement of the winding up;”. [Act 3 of 2025 wef 29/01/2026] (14) Section 207(1) applies as if paragraphs ( a ), ( b ) and ( c ) of that provision were replaced by the following paragraph: “( a ) a notice of the company’s entry into the simplified winding up programme has been published on the designated website or lodged with the Registrar of Companies, whichever is later,”. [Act 3 of 2025 wef 29/01/2026] (15) Section 207(2) applies as if paragraph ( b ) of that provision were replaced by the following paragraph: “( b ) if within that time notice is served on the bailiff that a notice of the company’s entry into the simplified winding up programme has been published on the designated website or filed with the Registrar of Companies, the bailiff must pay the balance to the liquidator who is entitled to retain the balance as against the enforcement creditor.”. [Act 3 of 2025 wef 29/01/2026] (16) Section 210 applies as if subsections (2), (3), (4), (5), (6), (7), (8), (9) and (10) of that section were replaced by the following subsections: “(2) Where this section applies — ( a ) the liquidator must as soon as possible make up an account showing how the winding up has been conducted and how the property of the company has been disposed of; ( b ) after the making up of the account, the liquidator must send to all persons specified in paragraph ( c ), a notice specifying the matters set out in subsection (3); ( c ) the notice mentioned in paragraph ( b ) must be sent to — (i) all the creditors of the company who have filed proofs of debt, and whose proofs have not been rejected; (ii) every person who, to the knowledge of the liquidator, claims to be a creditor of the company, and has not filed a proof of debt; (iii) every person mentioned in the statement of affairs as a creditor, who has not filed a proof of debt; (iv) any receiver or manager of the company; and (v) all contributories of the company; ( d ) the notice mentioned in paragraph ( b ) must be accompanied by a copy of the account mentioned in paragraph ( a ); ( e ) not more than 7 days after the notice mentioned in paragraph ( b ) is sent to the persons mentioned in paragraph ( c ), the liquidator must publish on the designated website — (i) a notice stating that the liquidator — (A) has made up the account mentioned in paragraph ( a ); and (B) intends to lodge with the Registrar of Companies a notice to strike the name of the company off the register; and (ii) a copy of the account. (3) The notice mentioned in subsection (2)( b ) must — ( a ) state that the liquidator intends to lodge with the Registrar of Companies the documents mentioned in subsection (5) to strike the name of the company off the register unless — (i) action is taken in accordance with subsection (6) for the company to be wound up; or (ii) an order is made by the Court under subsection (6) that the name of the company not be struck off the register and that the company not be dissolved; and ( b ) state that any recipient of the notice mentioned in subsection (2)( b ) may make a written request to the liquidator for any information relating to the account mentioned in paragraph (1)( a ) or any matter relating to the proposed dissolution of the company within 14 days after being served the notice mentioned in subsection (2)( b ). (4) Within 14 days after receiving a request mentioned in subsection (3)( b ), the liquidator must provide to the maker of the request the info


document_id: irda-2018
provision_ref: s250M
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250M
title: Qualification and conduct of liquidator
content:
250M. —(1) The liquidator appointed to administer the simplified winding up programme for a company must be a qualified person. (2) Without limiting the powers of the Official Receiver, the Official Receiver is to take cognisance of the conduct of a liquidator appointed to administer the simplified winding up programme for a company under this Part, and may inquire into any matter and take such action on the matter as the Official Receiver thinks expedient. (3) In this section, “qualified person” means any person — ( a ) who — (i) is a public accountant; (ii) is a chartered accountant within the meaning of section 2(1) of the Accounting and Corporate Regulatory Authority Act 2004; or (iii) possesses any other qualification or any relevant experience as the Minister may prescribe by regulations made under section 72V; and ( b ) who is a licensed insolvency practitioner. [Act 3 of 2025 wef 29/01/2026] Division 5 &#x2014; Discharge from simplified winding up programme


document_id: irda-2018
provision_ref: s250N
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250N
title: When company is discharged from simplified winding up programme
content:
250N. A company that has entered into the simplified winding up programme and that is being wound up voluntarily under the programme is discharged from the programme on the earliest of the following dates: ( a ) the date that the company is dissolved under section 180(5) (as replaced by section 250L(7)) or has its name struck off the register under section 210(9) (as replaced by section 250L(16)); [Act 3 of 2025 wef 29/01/2026] ( b ) the date that an order is made by the Court for the winding up of the company; ( c ) the date that an order is made by the Court under section 186 for the stay altogether of the proceedings in relation to the winding up or for the termination of the winding up. [39/2020] [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250O
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250O
title: Winding up by Court of company
content:
250O. —(1) The liquidator of a company that is being wound up voluntarily under the simplified winding up programme, may make an application under section 124(1)( e ) for the company to be wound up under an order of the Court if the liquidator is satisfied — ( a ) on the basis of any information or document that is not known to or in the possession of the liquidator at the time of the company’s entry into the simplified winding up programme but that is made known to or available to the liquidator after the entry, that — (i) the company did not meet all the eligibility criteria mentioned in section 250F(2) at the time of the entry; or [Act 3 of 2025 wef 29/01/2026] (ii) any circumstance mentioned in section 250F(3) existed in relation to the company at the time of the entry; [Act 3 of 2025 wef 29/01/2026] ( b ) that the company ceases to fulfil all of the eligibility criteria mentioned in section 250F(2); ( c ) that any circumstance mentioned in section 250F(3) has arisen after the company entered the simplified winding up programme; or [Act 3 of 2025 wef 29/01/2026] ( d ) that the company’s entry into the simplified winding up programme has been obtained on the basis of any false or misleading particulars, information or document submitted by the company to the liquidator. [39/2020] [Act 3 of 2025 wef 29/01/2026] (2) To avoid doubt, subsection (1) does not affect the right of any person to make an application under section 124(1) for an order that a company that is being wound up voluntarily under the simplified winding up programme, be wound up under an order of the Court. [39/2020] (3) Section 124(2)( e ) does not apply in relation to an application made by the liquidator or any other person for an order for the winding up of a company that is being wound up voluntarily under the simplified winding up programme. [39/2020] [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250OA
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250OA
title: Modifications to sections 124, 125 and 126
content:
250OA. —(1) Where the simplified winding up programme has commenced for a company, and the liquidator is subsequently of the view that the company is unsuitable to enter or to remain in the simplified winding up programme in view of the occurrence of any of the circumstances in section 250F(3) in relation to the company, the liquidator may apply under section 124 to the Court for an order that the company be wound up. (2) For the purpose of subsection (1) — ( a ) section 124 applies as if the liquidator of the company were entitled to make an application for the winding up of the company under that section; and ( b ) section 125(1) applies as if the circumstances for the Court to order the winding up of a company included the circumstance mentioned in subsection (1). (3) Despite section 126, where the Court has made an order to wind up the company, the winding up of the company is deemed to have commenced from the date of commencement of the simplified winding up programme for the company under section 250K. (4) The company is deemed to have been discharged from the simplified winding up programme on the date it is wound up pursuant to the order of the Court. [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250OB
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250OB
title: Duty of liquidator to inform creditors of potential claims
content:
250OB. —(1) If the liquidator has reasonable cause to believe that — ( a ) the company is likely to have a claim against any party; and ( b ) the realisable assets of the company are insufficient to cover the expenses of an investigation into such claim, the liquidator must publish a notice to all the creditors, on the designated website, that the liquidator will conduct an investigation with a view to augmenting the assets of the company, but only if the creditors are able to provide the necessary funding to cover the costs and expenses of the investigation within 14 days of the notice, failing which the liquidator will take no further action on the investigation and proceed with the simplified winding up and dissolve the company. (2) In the event that the liquidator conducts the investigation under subsection (1) and finds that no claim against a third party is warranted, the liquidator must — ( a ) publish a notice of this to all the creditors and members of the company on the designated website; ( b ) state in the notice specified in paragraph ( a ) that any creditor or member of the company may make a written request to the liquidator for further information relating to the investigations within 14 days of the publication of the notice; and ( c ) within 14 days after the receipt of such request, respond to the creditor or member of the company by providing some or all of the information requested, or declining to provide the information requested or any of it, and provide the reasons for not doing so. (3) Upon the completion of the actions in subsection (2), the liquidator may proceed to effect the dissolution pursuant to section 210 as modified by section 250L. (4) If, in the course of an investigation under subsection (1), the liquidator finds that that there is a reasonable basis for the company to make a claim against the party concerned — ( a ) the liquidator must summon a meeting of the creditors not later than 30 days after the day on which he or she makes the finding and lay before the meeting a statement of assets and liabilities of the company; and ( b ) subject to paragraph ( a ), section 165(2), (3) and (4) applies to the summoning of the meeting of creditors and the statement of assets and liabilities mentioned in paragraph ( a ). (5) At the meeting summoned under subsection (4), the creditors may convert the proceedings from a simplified winding up to a creditors’ voluntary winding up and may appoint a new liquidator for the purpose of winding up the affairs and distributing the assets of the company in place of the liquidator appointed by the company to administer the simplified winding up programme. (6) Upon the conversion of the proceedings to a creditors’ voluntary winding up, the winding up is to proceed as if it were a creditors’ voluntary winding up under this Act, except that any assets realised in the simplified winding up programme are to be transferred to the liquidator who is appointed for the purpose of winding up the affairs and distributing the assets of the company under subsection (5). (7) Within 7 days after the meeting summoned under subsection (4) converting the proceedings to a creditors’ voluntary winding up — ( a ) the liquidator under the simplified winding up programme; or ( b ) if some other person has been appointed by the creditors to be the new liquidator under subsection (5), the person so appointed, must lodge with the Registrar of Companies and with the Official Receiver a notice under section 191, and if default is made in complying with this subsection, the liquidator or the person so appointed (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty. (8) Where at a meeting summoned under subsection (4), the creditors do not pass a resolution to convert the winding up in accordance with subsection (5), the liquidator under the simplified winding up programme must proceed to effect the dissolution pursuant to section 210 as modified by section 250L. (9) Nothing in this section absolves any liquidator from an obligation to make any report to the Official Receiver or other public authorities pursuant to a provision of this Act, concerning matters giving rise to his or her belief under subsection (1)( b ) or which he or she discovers during an investigation. [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s250P
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250P
title: Notification of discharge, etc.
content:
250P. —(1) Where a company is discharged from the simplified winding up programme otherwise than when the company is dissolved, the liquidator must, within 7 days after the discharge of the company from the simplified winding up programme — ( a ) publish on the designated website a notice of the discharge; and [Act 3 of 2025 wef 29/01/2026] ( b ) lodge a copy of the notice of the discharge with the Registrar of Companies. [39/2020] [Act 3 of 2025 wef 29/01/2026] (2) The notice of discharge mentioned in subsection (1) must contain — ( a ) the name of the company that is discharged from the simplified winding up programme and its Unique Entity Number (UEN); ( b ) the date of and the reason for the discharge; and [Act 3 of 2025 wef 29/01/2026] ( c ) any other information as may be prescribed by regulations made under section 250R. [39/2020] Division 6 &#x2014; Miscellaneous 250Q. [ Deleted by Act 3 of 2025 wef 29/01/2026 ]


document_id: irda-2018
provision_ref: s250R
chapter: PART 10A - SIMPLIFIED WINDING UP
section: 250R
title: Regulations for this Part
content:
250R. —(1) The Minister may make regulations for the purposes of carrying into effect the objects of this Part. [39/2020] (2) Without limiting subsection (1), the Minister may make regulations with respect to — ( a ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] ( b ) the Internet website to be prescribed as the designated website; ( c ) the procedure and the information and documents to be submitted, for entry into the simplified winding up programme, or for making an objection to such entry; [Act 3 of 2025 wef 29/01/2026] ( d ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] ( e ) [ Deleted by Act 3 of 2025 wef 29/01/2026 ] ( f ) all matters or things which by this Part are required or permitted to be prescribed otherwise than by Rules or which are necessary or expedient to be prescribed for giving effect to this Part; and ( g ) the form of, and the information to be contained in, reports that must be submitted by the liquidator of the company to the Official Receiver after the company has been discharged from the simplified winding up programme. [39/2020] [Act 3 of 2025 wef 29/01/2026]


document_id: irda-2018
provision_ref: s251
chapter: PART 11 - CROSS-BORDER INSOLVENCY
section: 251
title: Interpretation of this Part
content:
251. In this Part, “Model Law” means the UNCITRAL Model Law on Cross‑Border Insolvency adopted by the United Nations Commission on International Trade Law on 30 May 1997.


document_id: irda-2018
provision_ref: s252
chapter: PART 11 - CROSS-BORDER INSOLVENCY
section: 252
title: Model Law to have force of law
content:
252. —(1) The Model Law (with certain modifications to adapt it for application in Singapore) as set out in the Third Schedule has the force of law in Singapore. (2) In the interpretation of any provision of the Third Schedule, the following documents are relevant documents for the purposes of section 9A(3)( f ) of the Interpretation Act 1965: ( a ) any document relating to the Model Law that is issued by, or that forms part of the record on the preparation of the Model Law maintained by, the United Nations Commission on International Trade Law and its working group for the preparation of the Model Law; ( b ) the Guide to Enactment of the UNCITRAL Model Law on Cross‑Border Insolvency (UN document A/CN.9/442).


document_id: irda-2018
provision_ref: s253
chapter: PART 11 - CROSS-BORDER INSOLVENCY
section: 253
title: Interaction with Singapore insolvency law
content:
253. —(1) Singapore insolvency law applies with such modifications as the context requires for the purpose of giving effect to this Part and the Third Schedule. (2) This Part and the Third Schedule do not derogate from the operation of section 250. (3) In this section, “Singapore insolvency law” has the same meaning as in Article 2( k ) of the Third Schedule.


document_id: irda-2018
provision_ref: s254
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 254
title: Registers, etc.
content:
254. —(1) The Registrar of Companies must, subject to Parts 4 to 11, keep such registers as the Registrar of Companies considers necessary in such form as the Registrar of Companies thinks fit. (2) Any person may, on payment of the prescribed fee, inspect any document, or if there is a microfilm of any such document, that microfilm, filed or lodged with the Registrar of Companies. (2A) Any person may, on payment of the prescribed fee, require a copy of or an extract from any document kept by the Registrar of Companies to be given or certified by the Registrar of Companies. [Act 21 of 2024 wef 9/12/2024] (3) A copy of or an extract from any document (including a copy produced by way of microfilm) filed or lodged with the Registrar of Companies using a non‑electronic medium that is certified to be a true copy or extract by the Registrar of Companies is in any proceedings admissible in evidence as of equal validity with the original document. (3A) Subsections (2) and (2A) do not apply to any document prescribed as an excluded document for the purposes of this subsection. [Act 21 of 2024 wef 9/12/2024] (3B) Where a document is submitted on or after the date of commencement of section 51 of the ACRA (Registry and Regulatory Enhancements) Act 2024 using a form on the electronic transaction system established under Part 6A of the Accounting and Corporate Regulatory Authority Act 2004, the references to the document in subsections (2) and (2A) exclude the following entries in the form: ( a ) a means of notification provided by a person for the purposes of section 28A(1)( b ) of the Accounting and Corporate Regulatory Authority Act 2004; ( b ) an individual’s date of birth obtained under this Act or section 28(1A) of the Accounting and Corporate Regulatory Authority Act 2004; ( c ) any other prescribed information. [Act 21 of 2024 wef 9/12/2024] (4) In any legal proceedings, a certificate issued by the Registrar of Companies that a requirement of Parts 4 to 11 specified in the certificate — ( a ) had or had not been complied with at a date or within a period specified in the certificate; or ( b ) had been complied with upon a date specified in the certificate but not before that date, is prima facie evidence of the matters specified in the certificate. (5) If the Registrar of Companies is of the opinion that any document submitted to the Registrar of Companies — ( a ) contains any matter contrary to law; ( b ) by reason of any omission or misdescription has not been duly completed; ( c ) does not comply with the requirements of Parts 4 to 11; or ( d ) contains any error, alteration or erasure, the Registrar of Companies may refuse to register or receive the document and request that the document be appropriately amended or completed and resubmitted or that a fresh document be submitted in its place. (6) If the Registrar of Companies is of the opinion that it is no longer necessary or desirable to retain any document lodged, filed or registered with the Registrar of Companies and which has been microfilmed or converted to electronic form, the Registrar of Companies may — ( a ) destroy the document with the authorisation of the National Library Board under section 17 of the National Library Board Act 1995; or ( b ) transfer the document to the National Archives of Singapore under section 16 of that Act. (7) In subsection (3), “non-electronic medium” means a medium other than the electronic transaction system established under Part 6A of the Accounting and Corporate Regulatory Authority Act 2004.


document_id: irda-2018
provision_ref: s255
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 255
title: Electronic transaction system
content:
255. —(1) The Registrar of Companies may — ( a ) require or permit any person to carry out any transaction with the Registrar of Companies under Parts 4 to 11; and ( b ) issue any approval, certificate, notice, determination or other document pursuant or connected to a transaction mentioned in paragraph ( a ), using the electronic transaction system established under Part 6A of the Accounting and Corporate Regulatory Authority Act 2004. (2) If the Registrar of Companies is satisfied that a transaction should be treated as having been carried out at some earlier date and time, than the date and time which is reflected in the electronic transaction system, the Registrar of Companies may cause the electronic transaction system and the registers kept by the Registrar of Companies to reflect such earlier date and time. (3) The Registrar of Companies must keep a record whenever the electronic transaction system or the registers are altered under subsection (2). (4) In this section — “document” includes any application, form, report, certification, notice, confirmation, declaration, return or other document (whether in electronic form or otherwise) filed or lodged with, or submitted to the Registrar of Companies; “transaction”, in relation to the Registrar of Companies, means — ( a ) the filing or lodging of any document with the Registrar of Companies, or the submission, production, delivery, furnishing or sending of any document to the Registrar of Companies; ( b ) any making of any application, submission or request to the Registrar of Companies; ( c ) any provision of any undertaking or declaration to the Registrar of Companies; and ( d ) any extraction, retrieval or accessing of any document, record or information maintained by the Registrar of Companies.


document_id: irda-2018
provision_ref: s256
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 256
title: Rectification by Court
content:
256. —(1) Where it appears to the Court, as a result of evidence adduced before it by an applicant company, that any particular recorded in a register is erroneous or defective, the Court may, by order, direct the Registrar of Companies to rectify the register on such terms and conditions as seem to the Court just and expedient, as are specified in the order and the Registrar of Companies must, upon receipt of the order, rectify the register accordingly. [40/2019] (2) An order of the Court made under subsection (1) may require that a fresh document, showing the rectification, must be filed by the applicant company with the Registrar of Companies together with a copy of the Court order, and a copy of the Court application.


document_id: irda-2018
provision_ref: s257
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 257
title: Rectification by Registrar of Companies on application
content:
257. —(1) Despite section 256, an officer of a company may notify the Registrar of Companies in the prescribed form of — ( a ) any error contained in any document relating to the company filed or lodged with the Registrar of Companies; or ( b ) any error in the filing or lodgment of any document relating to the company with the Registrar of Companies. (2) The Registrar of Companies may, upon receipt of any notification mentioned in subsection (1) and if satisfied that — ( a ) the error mentioned in subsection (1)( a ) is typographical or clerical in nature; or ( b ) the error mentioned in subsection (1)( b ) is, in the opinion of the Registrar of Companies, unintended and does not prejudice any person, rectify the register accordingly. (3) In rectifying the register under subsection (2), the Registrar of Companies must not expunge any document from the register. (4) The decision made by the Registrar of Companies on whether to rectify the register under subsection (2) is final.


document_id: irda-2018
provision_ref: s258
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 258
title: Rectification or updating on initiative of Registrar of Companies
content:
258. —(1) The Registrar of Companies may rectify or update any particulars or document in a register kept by the Registrar of Companies, if the Registrar of Companies is satisfied that — ( a ) there is a defect or error in the particulars or document arising from any grammatical, typographical or similar mistake; or ( b ) there is evidence of a conflict between the particulars of a company or person and — (i) other information in the register relating to that company or person; or (ii) other information relating to that company or person obtained from such department or ministry of the Government, or statutory body or other body corporate as may be prescribed. (2) Before the Registrar of Companies rectifies or updates the register under subsection (1), the Registrar of Companies must, except under prescribed circumstances, give written notice to the company or person whose documents or particulars are to be rectified or updated of the Registrar of Companies’ intention to do so, and state in the notice — ( a ) the reasons for and details of the proposed rectification or updating to be made to the register; and ( b ) the date by which any written objection to the proposed rectification or updating must be delivered to the Registrar of Companies, being a date at least 30 days after the date of the notice. (3) The company or person notified under subsection (2) may deliver to the Registrar of Companies, not later than the date specified under subsection (2)( b ), a written objection to the proposed rectification or updating of the register. (4) The Registrar of Companies must not rectify or update the register if the Registrar of Companies receives a written objection under subsection (3) to the proposed rectification or updating by the date specified under subsection (2)( b ), unless the Registrar of Companies is satisfied that the objection is frivolous or vexatious or has been withdrawn. (5) The Registrar of Companies may rectify or update the register if the Registrar of Companies does not receive a written objection under subsection (3) by the date specified under subsection (2)( b ). (6) The Registrar of Companies may include such notation as the Registrar of Companies thinks fit on the register for the purposes of providing information relating to any error or defect in any particulars or document in the register, and may remove such notation if the Registrar of Companies is satisfied that it no longer serves any useful purpose. (7) Despite anything in this section, the Registrar of Companies may, if the Registrar of Companies is satisfied that there is any error or defect in any particulars or document in a register, by notice in writing, request that the company to which the particulars or document relate, or its officers take such steps within such time as the Registrar of Companies may specify to ensure that the error or defect is rectified.


document_id: irda-2018
provision_ref: s259
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 259
title: Enforcement of duty to make returns
content:
259. —(1) If a corporation or person, having defaulted in complying with — ( a ) any provision of Parts 4 to 11 or of any other law that requires the filing or lodgment in any manner with the Official Receiver of any return, account or other document or the giving of notice to the Official Receiver of any matter; ( b ) any provision of Parts 4 to 11 that requires the filing or lodgment in any manner with the Registrar of Companies of any return, account or other document or the giving of notice to the Registrar of Companies of any matter; ( c ) any request of the Registrar of Companies or the Official Receiver to amend or complete and resubmit any document or to submit a fresh document; or ( d ) any request of the Registrar of Companies under section 258(7) to rectify any error or defect in any particulars or document in the register, fails to make good the default within 14 days after the service on the corporation or person of a notice requiring it to be done, the Court may, on an application by any member or creditor of the corporation or by the Registrar of Companies or the Official Receiver, make an order directing the corporation and any officer of the corporation or such person to make good the default within such time as is specified in the order. (2) Any order made under subsection (1) may provide that all costs of and incidental to the application must be borne by the corporation or by any officer of the corporation responsible for the default or by the person in default. (3) Nothing in this section limits the operation of any written law imposing penalties on a corporation or its officers or such person in respect of any such default.


document_id: irda-2018
provision_ref: s260
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 260
title: Relodging of lost registered documents
content:
260. —(1) If any document filed or lodged with the Registrar of Companies under Parts 4 to 11 has been lost or destroyed, the corporation may apply to the Registrar of Companies for permission to lodge a copy of the document as originally filed or lodged. [Act 25 of 2021 wef 01/04/2022] (2) On an application under subsection (1) being made, the Registrar of Companies may direct notice of the application to be given to such persons and in such manner as the Registrar of Companies thinks fit. (3) The Registrar of Companies upon being satisfied — ( a ) that the original document has been lost or destroyed; ( b ) of the date of the filing or lodging of the original document with the Registrar of Companies; and ( c ) that a copy of such document produced to the Registrar of Companies is a correct copy, may certify upon that copy that the Registrar of Companies is so satisfied and direct that that copy be lodged in the manner required by law in respect of the original. (4) Upon the lodgment, that copy for all purposes has, from such date as is mentioned in the certificate as the date of the filing or lodging of the original with the Registrar of Companies, the same force and effect as the original. (5) The Court may, by order upon application by any person aggrieved and after notice to any other person whom the Court directs, confirm, vary or rescind the certificate. (6) An order under subsection (5) may be lodged with the Registrar of Companies and if lodged, must be registered by the Registrar of Companies. (7) No payment, contract, dealing, act or thing made, had or done in good faith before the registration of an order under subsection (5) and upon the faith of and in reliance upon the certificate is to be invalidated or affected by such variation or rescission. (8) No fee is payable upon the lodging of a document under this section.


document_id: irda-2018
provision_ref: s261
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 261
title: Size, durability and legibility of documents delivered to Registrar of Companies
content:
261. —(1) For the purposes of securing that the documents delivered to the Registrar of Companies under the provisions of Parts 4 to 11 are of a standard size, durable and easily legible, the Minister may by regulations prescribe such requirements (whether as to size, weight, quality or colour of paper, size, type or colour of lettering, or otherwise) as the Minister may consider appropriate and different requirements may be prescribed for different documents or classes of documents. (2) If under any provision of Parts 4 to 11, there is delivered to the Registrar of Companies a document (whether an original document or a copy) which in the opinion of the Registrar of Companies does not comply with the requirements prescribed under this section that are applicable to it, the Registrar of Companies may serve on any person by whom under that provision the document was required to be delivered (or, if there are 2 or more such persons, may serve on any of them) a notice stating the Registrar of Companies’ opinion to that effect and indicating the prescribed requirements with which in the Registrar of Companies’ opinion the document does not comply. (3) Where the Registrar of Companies serves a notice under subsection (2) with respect to a document delivered under any such provision, then, for the purposes of any written law which enables a penalty to be imposed in respect of any omission to deliver to the Registrar of Companies a document required to be delivered under that provision (and, in particular, for the purposes of any such law under which such a penalty may be imposed by reference to each day during which the omission continues) — ( a ) any duty imposed by that provision to deliver such a document to the Registrar of Companies is to be treated as not having been discharged by the delivery of that document; but ( b ) no account is to be taken of any days falling within the period specified in subsection (4). (4) The period mentioned in subsection (3)( b ) is the period beginning on the day on which the document was delivered to the Registrar of Companies as mentioned in subsection (2) and ending on the fourteenth day after the date of service of the notice under subsection (2) by virtue of which subsection (3) applies. (5) In this section, any reference to delivering a document is to be construed as including a reference to sending, forwarding, producing or (in the case of a notice) giving it.


document_id: irda-2018
provision_ref: s262
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 262
title: False and misleading statement
content:
262. Any person who, for any purpose under Parts 4 to 11 — ( a ) lodges or files with or submits to the Registrar of Companies any document; or ( b ) authorises another person to lodge or file with or submit to the Registrar of Companies any document, knowing that document to be false or misleading in a material respect, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: irda-2018
provision_ref: s263
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 263
title: Power to grant relief
content:
263. —(1) If, in any proceedings for negligence, default, breach of duty or breach of trust against a person to whom this section applies, it appears to the court before which the proceedings are taken that the person is or may be liable in respect of the negligence, default or breach, but that the person has acted honestly and reasonably and that, having regard to all the circumstances of the case including those connected with the person’s appointment, the person ought fairly to be excused for the negligence, default or breach, the court may relieve the person either wholly or partly from his or her liability on such terms as the court thinks fit. (2) To avoid doubt and without limiting subsection (1), in subsection (1), “liability” includes the liability of a person to whom this section applies to account for profits made or received. (3) Where any person to whom this section applies has reason to apprehend that any claim will or might be made against him or her in respect of any negligence, default, breach of duty or breach of trust, he or she may apply to the Court for relief, and the Court has the same power to relieve him or her as under this section it would have had if it had been a court before which proceedings against him or her for negligence, default, breach of duty or breach of trust had been brought. (4) The persons to whom this section applies are — ( a ) any officer of a corporation; ( b ) any person employed by a corporation as an auditor, whether the person is or is not an officer of the corporation; and ( c ) any person who is a receiver, receiver and manager, judicial manager or liquidator appointed or directed by the Court to carry out any duty under Parts 4 to 11 in relation to a corporation and every other person so appointed or so directed.


document_id: irda-2018
provision_ref: s264
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 264
title: Irregularities
content:
264. —(1) In this section, unless the contrary intention appears, a reference to a procedural irregularity includes a reference to — ( a ) the absence of a quorum at a meeting of a corporation, at a meeting of directors or creditors of a corporation or at a joint meeting of creditors and members of a corporation; and ( b ) a defect, irregularity or deficiency of notice or time. (2) A proceeding under Parts 4 to 11 is not invalidated by reason of any procedural irregularity unless the Court is of the opinion that the irregularity has caused or may cause substantial injustice that cannot be remedied by any order of the Court and by order declares the proceeding to be invalid. (3) A meeting held for the purposes of Parts 4 to 11, or a meeting notice of which is required to be given in accordance with the provisions of Parts 4 to 11, or any proceeding at such a meeting, is not invalidated by reason only of the accidental omission to give notice of the meeting or the non‑receipt by any person of notice of the meeting, unless the Court, on the application of the person concerned, a person entitled to attend the meeting, the Official Receiver or the Registrar of Companies, declares proceedings at the meeting to be void. (4) Subject to subsections (5) and (6) and without limiting any other provision of Parts 4 to 11, the Court may, on application by any interested person, make all or any of the following orders, either unconditionally or subject to such conditions as the Court imposes: ( a ) an order declaring that any act, matter or thing purporting to have been done, or any proceeding purporting to have been instituted or taken, under Parts 4 to 11 or in relation to a corporation is not invalid by reason of any contravention of, or failure to comply with, a provision of Parts 4 to 11 or a provision of any of the constituent documents of a corporation; ( b ) an order relieving a person in whole or in part from any civil liability in respect of a contravention or failure of a kind referred to in paragraph ( a ); ( c ) an order extending the period for doing any act, matter or thing or instituting or taking any proceeding under Parts 4 to 11 or in relation to a corporation (including an order extending a period where the period concerned expired before the application for the order was made) or abridging the period for doing such an act, matter or thing or instituting or taking such a proceeding, and may make such consequential or ancillary orders as the Court thinks fit. (5) An order may be made under subsection (4)( a ) or ( b ) even though the contravention or failure mentioned in subsection (4)( a ) resulted in the commission of an offence. (6) The Court must not make an order under this section unless it is satisfied — ( a ) in the case of an order mentioned in subsection (4)( a ) — (i) that the act, matter or thing, or the proceeding, mentioned in that paragraph is essentially of a procedural nature; (ii) that the person or persons concerned in or party to the contravention or failure acted honestly; or (iii) that it is in the public interest that the order be made; ( b ) in the case of an order mentioned in subsection (4)( b ), that the person subject to the civil liability concerned acted honestly; and ( c ) in every case, that no substantial injustice has been or is likely to be caused to any person.


document_id: irda-2018
provision_ref: s265
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 265
title: Translations of instruments, etc.
content:
265. —(1) Where under Parts 4 to 11 a corporation is required to lodge with the Registrar of Companies or the Official Receiver any instrument, certificate, contract or document or a certified copy of any instrument, certificate, contract or document and the instrument, certificate, contract or document is not written in the English language, the corporation must lodge at the same time with the Registrar of Companies or the Official Receiver (as the case may be) a certified translation of the instrument, certificate, contract or document in the English language. (2) Where under Parts 4 to 11 a corporation is required to make available for public inspection any instrument, certificate, contract or document and the instrument, certificate, contract or document is not written in the English language, the corporation must keep at its registered office in Singapore a certified translation of the instrument, certificate, contract or document in the English language. (3) Where any accounts, financial statements, minute books or other records of a corporation required by Parts 4 to 11 to be kept are not kept in the English language, the directors of the corporation must cause a true translation of such accounts, financial statements, minute books and other records to be made from time to time at intervals of not more than 7 days and must cause such translations to be kept with the original accounts, financial statements, minute books and other records for so long as the original accounts, financial statements, minute books and other records are required by Parts 4 to 11 to be kept.


document_id: irda-2018
provision_ref: s266
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 266
title: General penalty provisions
content:
266. —(1) A person who — ( a ) does that which under Parts 4 to 11 the person is forbidden to do; ( b ) does not do that which under Parts 4 to 11 the person is required or directed to do; or ( c ) otherwise contravenes or fails to comply with any provision of Parts 4 to 11, shall be guilty of an offence. (2) A person who is guilty of an offence under subsection (1) or Parts 4 to 11 shall be liable on conviction to a penalty or punishment not exceeding the penalty or punishment expressly mentioned as the penalty or punishment for the offence, or if a penalty or punishment is not so mentioned, to a fine not exceeding $1,000. (3) Every summons issued for an offence committed by an officer of a company or other person under subsection (1) or Parts 4 to 11 or any regulations may, despite anything in this Act, be served — ( a ) by delivering it to him or her; ( b ) by delivering it to any adult person residing at his or her last known place of residence or employed at his or her last known place of business; or ( c ) by forwarding it by registered post in a cover addressed to him or her at his or her last known place of residence or business or at any address furnished by him or her. (4) In proving service by registered post, it is sufficient to prove that the registered cover containing the summons was duly addressed and posted.


document_id: irda-2018
provision_ref: s267
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 267
title: Default penalties
content:
267. —(1) Where a default penalty is provided in any section of Parts 4 to 11, any person who is convicted of an offence under Parts 4 to 11 or who has been dealt with under section 271 for an offence under Parts 4 to 11 in relation to that section shall be guilty of a further offence under this Act if the offence continues after the person is so convicted or after the person has been so dealt with and liable to an additional penalty for each day during which the offence so continues of not more than the amount expressed in the section as the amount of the default penalty or, if an amount is not so expressed, of not more than $200. (2) Where any offence is committed by a person by reason of the person’s failure to comply with any provision of Parts 4 to 11 under which the person is required or directed to do anything within a particular period, that offence, for the purposes of subsection (1), is deemed to continue so long as the thing so required or directed to be done by him or her remains undone, despite such period having elapsed. (3) For the purposes of any provision of Parts 4 to 11 which provides that an officer of a company or corporation who is in default is guilty of an offence under Parts 4 to 11 or is liable to a penalty or punishment, the phrase “officer who defaults” or any like phrase means any officer of the company or corporation who knowingly and wilfully — ( a ) is guilty of the offence; or ( b ) authorises or permits the commission of the offence.


document_id: irda-2018
provision_ref: s268
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 268
title: Powers of enforcement
content:
268. —(1) For the purposes of investigating any offence under this Part or Parts 4 to 11, an enforcement officer may — ( a ) require any person whom the enforcement officer reasonably believes to have committed that offence to furnish evidence of the person’s identity; ( b ) require any person to furnish any information or produce any book or document, or any copy of a book or document, in the possession of that person, and may, without fee or reward, inspect, make copies of or take extracts from such book or document; ( c ) require, by order in writing, the attendance before the enforcement officer of any person within the limits of Singapore who, from any information given or otherwise obtained by the enforcement officer, appears to be acquainted with the circumstances of the case; ( d ) examine orally any person reasonably believed to be acquainted with the facts or circumstances of the case or with such other matter as the enforcement officer may specify, and reduce into writing the answer given or statement made by that person; ( e ) take such photographs or video recordings, as the enforcement officer thinks necessary, of — (i) the premises in which or in connection with which the enforcement officer reasonably believes an offence has been committed; and (ii) the persons reasonably believed to be acquainted with the facts or circumstances of the case or with such other matter as the enforcement officer may specify; and ( f ) require the owner or occupier of any premises in which or in connection with which the enforcement officer reasonably believes an offence has been committed, to give the enforcement officer access to such premises without charge for the purpose of investigating that offence. (2) The person mentioned in subsection (1)( d ) is bound to state truly what the person knows of the facts and circumstances with which the person is acquainted, except that the person need not say anything that might expose the person to a criminal charge, penalty or forfeiture. (3) A statement made by the person mentioned in subsection (2) must — ( a ) be reduced to writing; ( b ) be read over to that person; ( c ) if that person does not understand English, be interpreted in a language which that person understands; and ( d ) after correction, if necessary, be signed by that person. (4) An enforcement officer when exercising any power under this section must — ( a ) declare the office of the enforcement officer; and ( b ) produce to the person against whom the enforcement officer is acting, such identification card as the Minister may direct to be carried by an enforcement officer exercising powers under this section. (5) Any person who, without reasonable excuse — ( a ) refuses to give access to, or assaults, obstructs, hinders or delays, an enforcement officer in the discharge of the enforcement officer’s duties under this section; ( b ) wilfully misstates or without lawful excuse refuses to give any information or produce any book or document, or any copy of a book or document, required of that person by an enforcement officer under subsection (1); or ( c ) fails to comply with a lawful demand of an enforcement officer in the discharge by the enforcement officer of the enforcement officer’s duties under this section, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both. (6) The Official Receiver may authorise either generally or specifically the Registrar of Companies, or one or more officers of the Registrar of Companies, to exercise all or any of the powers in subsection (1) for the purposes of investigating any offence under this Part or Parts 4 to 11, and for the purposes of such authorisation — ( a ) any reference to an enforcement officer in subsections (1), (4) and (5) is to be read as a reference to the Registrar of Companies, or an officer of the Registrar of Companies, so authorised; and ( b ) the reference to the Minister in subsection (4)( b ) is to be read as a reference to the Chief Executive of the Accounting and Corporate Regulatory Authority appointed under section 10 of the Accounting and Corporate Regulatory Authority of Singapore Act 2004. (7) In this section, “enforcement officer” means the Official Receiver or any officer of the Official Receiver authorised by the Official Receiver.


document_id: irda-2018
provision_ref: s269
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 269
title: Proceedings how and when taken
content:
269. —(1) Except where provision is otherwise made in this Act, proceedings for any offence under this Part or Parts 4 to 11 may, with the authorisation of the Public Prosecutor, be taken — ( a ) by the Registrar of Companies or the Official Receiver; or ( b ) with the written consent of the Minister, by any person. (2) Proceedings for any offence under this Part or Parts 4 to 11, other than an offence punishable with imprisonment for a term exceeding 6 months, may be prosecuted in a Magistrate’s Court and in the case of an offence punishable with imprisonment for a term of 6 months or more may be prosecuted in a District Court. (3) Any punishment authorised by this Part or Parts 4 to 11 may be imposed by a District Court, even though it is a greater punishment than that court is otherwise empowered to impose. (4) The Registrar of Companies, the Official Receiver and any officer authorised by the Registrar of Companies or the Official Receiver in writing have the right to appear and be heard before a Magistrate’s Court or a District Court in any proceedings for an offence under this Part or Parts 4 to 11.


document_id: irda-2018
provision_ref: s270
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 270
title: Injunctions
content:
270. —(1) Where a person ( A ) has engaged, is engaging or is proposing to engage in any conduct that constituted, constitutes or would constitute a contravention of Parts 4 to 11, the Court may, on the application of — ( a ) the Official Receiver; or ( b ) any person whose interests have been, are or would be affected by the conduct, grant an injunction restraining A from engaging in the conduct and, if in the opinion of the Court it is desirable to do so, requiring A to do any act or thing. (2) Where a person ( A ) has refused or failed, is refusing or failing, or is proposing to refuse or fail, to do an act or thing that A is required by Parts 4 to 11 to do, the Court may, on the application of — ( a ) the Official Receiver; or ( b ) any person whose interests have been, are or would be affected by the refusal or failure to do that act or thing, grant an injunction requiring A to do that act or thing. (3) Where an application is made to the Court for an injunction under subsection (1), the Court may, if in the opinion of the Court it is desirable to do so, before considering the application, grant an interim injunction restraining a person from engaging in conduct of the kind referred to in subsection (1) pending the determination of the application. (4) The Court may rescind or vary an injunction granted under subsection (1), (2) or (3). (5) Where an application is made to the Court for the grant of an injunction restraining a person from engaging in conduct of a particular kind, the power of the Court to grant the injunction may be exercised — ( a ) if the Court is satisfied that the person has engaged in conduct of that kind — whether or not it appears to the Court that the person intends to engage again, or to continue to engage, in conduct of that kind; or ( b ) if it appears to the Court that, in the event that an injunction is not granted, it is likely the person will engage in conduct of that kind — whether or not the person has previously engaged in conduct of that kind and whether or not there is an imminent danger of substantial damage to any person if the firstmentioned person engages in conduct of that kind. (6) Where an application is made to the Court for a grant of an injunction requiring a person to do a particular act or thing, the power of the Court to grant the injunction may be exercised — ( a ) if the Court is satisfied that the person has refused or failed to do that act or thing — whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; or ( b ) if it appears to the Court that, in the event that an injunction is not granted, it is likely the person will refuse or fail to do that act or thing — whether or not the person has previously refused or failed to do that act or thing and whether or not there is an imminent danger of substantial damage to any person if the firstmentioned person refuses or fails to do that act or thing. (7) Where the Official Receiver makes an application to the Court for the grant of an injunction under this section, the Court must not require the Official Receiver or any other person, as a condition of granting an interim injunction, to give any undertakings as to damages. (8) Where the Court has power under this section to grant an injunction restraining a person from engaging in a particular conduct, or requiring a person to do a particular act or thing, the Court may, either in addition to or in substitution for the grant of the injunction, order that person to pay damages to any other person.


document_id: irda-2018
provision_ref: s271
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 271
title: Composition of offences
content:
271. —(1) The Official Receiver may compound any offence under this Part or Parts 4 to 11 that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding the lower of the following: ( a ) one half of the amount of the maximum fine that is prescribed for the offence; ( b ) $5,000. (2) The Official Receiver may compound any offence under this Part or Parts 4 to 11 (including an offence under a provision that has been repealed) that — ( a ) was compoundable under this Act at the time the offence was committed; but ( b ) has ceased to be so compoundable, by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding the lower of the following: ( c ) one half of the amount of the maximum fine that is prescribed for the offence at the time it was committed; ( d ) $5,000. (3) The Official Receiver may authorise either generally or specifically the Registrar of Companies to compound — ( a ) any offence under this Part or Parts 4 to 11 that is prescribed as a compoundable offence; and ( b ) any offence under this Part or Parts 4 to 11 (including an offence under a provision that has been repealed) that — (i) was compoundable under this Act at the time the offence was committed; but (ii) has ceased to be so compoundable. (4) If the Registrar of Companies is authorised by the Official Receiver under subsection (3), the Registrar of Companies may compound an offence that he or she is authorised to compound by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding the lower of the following: ( a ) one half of the amount of the maximum fine that is prescribed for the offence at the time it was committed; ( b ) $5,000. (5) On payment of the sum of money mentioned in subsection (1), (2) or (4), no further proceedings may be taken against that person in respect of the offence. (6) All sums collected under this section must be paid into the Consolidated Fund.


document_id: irda-2018
provision_ref: s272
chapter: PART 12 - GENERAL PROVISIONS APPLICABLE TO PARTS 4 TO 11
section: 272
title: Appeal
content:
272. —(1) Any party aggrieved by an act or a decision of the Official Receiver under Parts 4 to 11 may, within 28 days after the date of the act or decision, appeal to the Court against the act or decision. (2) Any party aggrieved by an act or a decision of the Registrar of Companies under section 254, 255, 257, 258 or 261 may, within 28 days after the date of the act or decision, appeal to the Court against the act or decision. (3) The Court may confirm the act or decision or give such directions in the matter as seem proper or otherwise determine the matter. (4) This section does not apply to any act or decision of the Official Receiver — ( a ) in respect of which any provision in the nature of an appeal or a review is expressly provided in this Act; or ( b ) which is declared by this Act to be conclusive or final or is embodied in any document declared by this Act to be conclusive evidence of any act, matter or thing.


document_id: irda-2018
provision_ref: s273
chapter: PART 13 - BANKRUPTCY — PRELIMINARY
section: 273
title: Interpretation of Parts 13 to 21
content:
273. —(1) In this Part and Parts 14 to 21, unless the context otherwise requires — “administration date” means — ( a ) the date of submission by the bankrupt of the statement of the bankrupt’s affairs; or ( b ) where the bankrupt is directed by the Official Assignee under section 332(4)( c ) to submit supplementary information, the date of submission of the supplementary information if later; “bankruptcy application” means an application to the Court for a bankruptcy order; “bankruptcy order” means an order adjudging a debtor bankrupt; “creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy; “debt provable in bankruptcy” or “provable debt” means any debt or liability that is made provable in bankruptcy under this Act; “debtor” — ( a ) in relation to a proposal for a voluntary arrangement under Part 14, means the individual or the firm making or intending to make that proposal and includes each of the partners in such firm; and ( b ) in relation to a bankruptcy application, means the individual debtor to whom, or a firm, or each of the partners in the firm, to which, the application relates; “debtor’s bankruptcy application” means a bankruptcy application made under section 308 by a debtor against himself, herself or itself or by all or a majority of the partners of a firm against the firm; “estate”, in relation to a bankrupt, is to be construed in accordance with section 329; “family”, in relation to a bankrupt, means the persons (if any) who are living with and dependent on the bankrupt; “firm” means an unincorporated body of individuals carrying on business in partnership with a view to profit; “gazetted” means published in the Gazette ; “goods” includes all chattels personal; “income” includes all income, whether or not accruing in or derived from Singapore, and whether received in Singapore or elsewhere; “judgment debt” means a debt which is payable by any person by virtue of a judgment or an order of court against the person; “monthly contribution” means — ( a ) the amount, determined in accordance with section 339, that a bankrupt is required, under section 371, to pay to the Official Assignee on a monthly basis out of the bankrupt’s income; or ( b ) if the amount mentioned in paragraph ( a ) is varied by the Court under section 340(5)( a ), 341(1) or 343(4)( a ) or reduced by the Official Assignee under section 342(1) or 344(3), that amount as varied or reduced, as the case may be; “nominee” means the person appointed by virtue of a debtor’s proposal for a voluntary arrangement under Part 14 to act as trustee or otherwise to supervise the implementation of the voluntary arrangement and includes — ( a ) any replacement of such person pursuant to a direction under section 280(3)( a ) or an order under section 286(5); and ( b ) any person upon whom the functions of the nominee have been conferred by a creditors’ meeting pursuant to section 282(3); “ordinary resolution” means a resolution passed by a majority in value of the creditors present personally or by proxy at a meeting of creditors and voting on the resolution; “partnership debt” means a debt for which all the partners in a firm are jointly liable; “preferential debt” means any debt which is to be paid in priority to all other unsecured debts and which is specified in section 352, and any reference to a preferential creditor is to be construed accordingly; “records” includes computer records and other documentary records; “secured creditor”, in relation to a debtor, means a person holding a mortgage, pledge, charge, lien or other security on or against the property of the debtor or any part of such property as security for a debt due to the person from the debtor; “Sheriff” includes a bailiff and any officer charged with the execution of any writ or other process of the Court; “special resolution” means a resolution passed by a majority in number and at least three‑fourths in value of the creditors present personally or by proxy at a meeting of creditors and voting on the resolution; “statutory demand” means a demand in the prescribed form which requires the person to whom it is addressed to pay, secure or compound to the reasonable satisfaction of the creditor making the demand, any debt owed by the person to the creditor; “supplementary information” means the supplementary information that a bankrupt is directed to submit under section 332(4)( c ); “target contribution” means — ( a ) an amount equal to — (i) in any case where the bankruptcy is a repeat bankruptcy, 76 payments of monthly contributions determined in accordance with section 339; or (ii) in any other case, 52 payments of monthly contributions determined in accordance with section 339; or ( b ) if the amount referred to in paragraph ( a ) is varied by the Court under section 340(5)( a ), 341(1) or 343(4)( a ) or reduced by the Official Assignee under section 342(1) or 344(3), that amount as varied or reduced, as the case may be. (2) Any reference in this Part or Parts 14 to 21 to the person or property of a debtor or bankrupt, in relation to a debtor which is a firm or to a firm against which a bankruptcy order has been made (as the case may be) is to be read as a reference to the person or property of each partner of the firm. (3) In this Part or Parts 14 to 21, unless the context otherwise requires, a bankruptcy is a repeat bankruptcy if, before the making of the bankruptcy order in respect of which the bankrupt was adjudged bankrupt, the bankrupt has been previously discharged from bankruptcy under this Act or any previous written law relating to bankruptcy.


document_id: irda-2018
provision_ref: s274
chapter: PART 13 - BANKRUPTCY — PRELIMINARY
section: 274
title: Power of arrest and seizure
content:
274. —(1) The Court may issue a warrant — ( a ) for the arrest of a person against whom a bankruptcy application or bankruptcy order has been made; or ( b ) for the seizure of any books, papers, records, money or goods in the person’s possession, if the Court is satisfied, on an application of the Official Assignee, or that there are reasonable grounds for believing, that the person — ( c ) has absconded, or is about to abscond, with a view to avoiding or delaying the payment of any of the person’s debts or the person’s appearance to a bankruptcy application or to avoiding, delaying or disrupting any proceedings in bankruptcy against the person or any examination of the person’s affairs; ( d ) is about to remove the person’s goods with a view to preventing or delaying possession being taken of them by the Official Assignee; ( e ) has concealed or destroyed, or is about to conceal or destroy, any of the person’s goods or any books, papers or records which might be of use to the person’s creditors in the course of the person’s bankruptcy or in connection with the administration of the person’s estate; ( f ) has, without the permission of the Official Assignee, removed any goods in the person’s possession which exceed the prescribed value; or [Act 25 of 2021 wef 01/04/2022] ( g ) has, without reasonable excuse, failed to attend any examination ordered by the Court. (2) Where a person has been arrested under this section, the Court may — ( a ) authorise the person to be kept in custody, in accordance with the Rules, until such time as the Court may order; or ( b ) order the person’s release, either with or without security to the satisfaction of the Court that the person will abide by such conditions as the Court thinks fit to impose. (3) The Court may authorise anything seized under a warrant issued under subsection (1) to be held in accordance with the Rules, until such time as the Court may order. (4) The proceeds of the realisation of any security given on breach by any person of any of the conditions of the security mentioned in subsection (2) are deemed to be the person’s property and vest in the Official Assignee where the person is an undischarged bankrupt or, where the person is not an undischarged bankrupt, in the event of the person’s bankruptcy.


document_id: irda-2018
provision_ref: s275
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 275
title: This Part not applicable to undischarged bankrupts
content:
275. This Part does not apply — ( a ) to any individual debtor who is an undischarged bankrupt; or ( b ) to any firm against which a bankruptcy order has been made and from which bankruptcy the partners in the firm have not been discharged.


document_id: irda-2018
provision_ref: s276
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 276
title: Interim order of Court
content:
276. —(1) Subject to subsection (2), any insolvent debtor who intends to make a proposal to the insolvent debtor’s creditors for a composition in satisfaction of the insolvent debtor’s debts or a scheme of arrangement of the insolvent debtor’s affairs (called in this Part a voluntary arrangement) may apply to the Court for an interim order under this Part. (2) No partner in an insolvent firm may apply to the Court for an interim order in respect of the firm unless all or a majority of the partners in the firm join or intend to join in the making of the proposal for a voluntary arrangement. (3) During the period for which an interim order is in force — ( a ) where the interim order is in respect of an individual debtor — (i) no bankruptcy application may be made or proceeded with against the debtor; and (ii) no other proceedings, enforcement order or other legal process may be issued, continued or executed against the person or property of the debtor without the permission of the Court; and [Act 25 of 2021 wef 01/04/2022] ( b ) where the interim order is in respect of a firm — (i) no bankruptcy application may be made or proceeded with against the firm or, except with the permission of the Court, any partner in the firm; and [Act 25 of 2021 wef 01/04/2022] (ii) no other proceedings, enforcement order or other legal process may be issued, continued or executed against the firm or its property or against the person or property of any partner in the firm, without the permission of the Court. [Act 25 of 2021 wef 01/04/2022] (4) An interim order ceases to have effect 42 days after the making of that interim order unless the Court otherwise directs.


document_id: irda-2018
provision_ref: s277
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 277
title: Nominee
content:
277. —(1) Every debtor making a proposal for the purpose of this Part must in such proposal appoint a nominee to act in relation to the voluntary arrangement either as trustee or otherwise for the purpose of supervising its implementation. (2) No person may be appointed as a nominee unless that person is a licensed insolvency practitioner. (3) The Minister may make regulations prescribing the scale of fees to be charged by nominees assisting debtors in respect of voluntary arrangements.


document_id: irda-2018
provision_ref: s278
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 278
title: Effect of application
content:
278. —(1) At any time when an application under section 276 for an interim order is pending, the Court may stay any action, enforcement order or other legal process against the debtor in respect of whom the application has been made or against the property of such debtor. [Act 25 of 2021 wef 01/04/2022] (2) Any court in which proceedings are pending against a debtor may, on being satisfied that an application under section 276 for an interim order has been made in respect of the debtor, stay the proceedings or allow them to continue on such terms as the court may think fit. (3) Where the debtor in respect of whom an application under section 276 for an interim order is pending is a firm, the power of the Court under subsection (1) and of the court under subsection (2) applies to any action, enforcement order or other legal process or proceedings against the person or property of any partner in the firm. [Act 25 of 2021 wef 01/04/2022]


document_id: irda-2018
provision_ref: s279
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 279
title: Conditions for making of interim order
content:
279. —(1) The Court must not make an interim order on an application under section 276 unless it is satisfied that — ( a ) the debtor intends to make a proposal for a voluntary arrangement; ( b ) no previous application for an interim order has been made by or in respect of the debtor during the period of 12 months immediately before the date of the application; and ( c ) the nominee appointed by the debtor’s proposal is qualified and willing to act in relation to the proposal. (2) The Court may make an interim order if it thinks that it would be appropriate to do so for the purpose of facilitating the consideration and implementation of the debtor’s proposal.


document_id: irda-2018
provision_ref: s280
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 280
title: Nominee’s report on debtor’s proposal
content:
280. —(1) Where an interim order has been made, the nominee must, before the order ceases to have effect, submit a report to the Court stating — ( a ) whether, in the opinion of the nominee, a meeting of the debtor’s creditors should be summoned to consider the debtor’s proposal; and ( b ) if in the opinion of the nominee such a meeting should be summoned, the date on which, and the time and place at which, the nominee proposes the meeting should be held. (2) For the purpose of enabling the nominee to prepare the report mentioned in subsection (1), the debtor must submit to the nominee — ( a ) a document setting out the terms of the voluntary arrangement which the debtor is proposing; and ( b ) a statement of the debtor’s affairs containing — (i) where the debtor is an individual, such particulars of his or her assets, creditors, debts and other liabilities as may be prescribed; (ii) where the debtor is a firm, such particulars of the assets, creditors, debts and other liabilities of the firm and of each partner in the firm, as may be prescribed; and (iii) such other information as may be prescribed. (3) Where the nominee has failed to submit the report required by this section within the time given, the Court may, on an application made by the debtor, do one or both of the following: ( a ) direct that the nominee be replaced by another person qualified to act as a nominee; ( b ) direct that the interim order is to continue, or if it has ceased to have effect be renewed, for such further period as the Court thinks fit. (4) The Court may, on the application of the nominee, extend the period for which the interim order has effect so as to allow the nominee to have more time to prepare the report mentioned in subsection (1). (5) If the Court is satisfied on receiving the nominee’s report that a meeting of the debtor’s creditors should be summoned to consider the debtor’s proposal, the Court must direct that the period for which the interim order has effect is extended for such further period as the Court thinks fit, for the purposes of enabling the debtor’s proposal to be considered by the debtor’s creditors, and the nominee to report to the Court the results of the meeting of the debtor’s creditors, in accordance with sections 281 to 283. (6) The Court may discharge the interim order if it is satisfied, on the application of the nominee — ( a ) that the debtor has failed to comply with subsection (2); or ( b ) that for any other reason it would be inappropriate for a meeting of the debtor’s creditors to be summoned to consider the debtor’s proposal.


document_id: irda-2018
provision_ref: s281
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 281
title: Summoning of creditors’ meeting
content:
281. —(1) Where a nominee has reported to the Court under section 280 that a meeting of the debtor’s creditors should be summoned, the nominee must, unless the Court otherwise directs, summon that meeting in accordance with the nominee’s report. (2) The nominee must summon to the meeting every of the debtor’s creditors of whose claim and address the nominee is aware. Division 2 &#x2014; Consideration and implementation of
debtor’s proposal


document_id: irda-2018
provision_ref: s282
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 282
title: Decision of creditors’ meeting
content:
282. —(1) A creditors’ meeting summoned under section 281 may, if the meeting thinks fit, by special resolution resolve to approve the proposed voluntary arrangement, whether with or without modification. (2) The creditors’ meeting must not approve the proposed voluntary arrangement with any modification unless the debtor has consented to such modification. (3) For the purpose of this section, a modification subject to which a proposed voluntary arrangement may be approved by a creditors’ meeting may confer the functions proposed to be conferred on the nominee on another person qualified to act as a nominee. (4) No modification under subsection (3) may alter the proposal to such an extent that it ceases to be a proposal for a voluntary arrangement by the debtor. (5) The creditors’ meeting must not approve any proposal or any modification to the proposal which affects the right of a secured creditor of the debtor to enforce the secured creditor’s security, except with the concurrence of the secured creditor. (6) The creditors’ meeting must not, without the concurrence of the preferential creditor in question, approve any proposal or any modification of the proposal under which — ( a ) any debt of the debtor, not being a preferential debt, is to be paid in priority to any preferential debt of the debtor; or ( b ) the priority of payment of any preferential debt of the debtor, in relation to any other preferential debt of the debtor, is not in accordance with section 352. (7) Every creditors’ meeting must be conducted in accordance with the prescribed regulations. (8) Any debtor who makes any false representation or commits any other fraud for the purpose of obtaining the approval of the debtor’s creditors to a proposal for a voluntary arrangement shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.


document_id: irda-2018
provision_ref: s283
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 283
title: Report of decisions to Court
content:
283. —(1) After the conclusion of the creditors’ meeting summoned under section 281, the nominee must report the result of the meeting to the Court and serve a copy of the report on such persons as may be prescribed. (2) Where the creditors’ meeting has declined to approve the debtor’s proposal, the Court may discharge any interim order which is in force in relation to the debtor.


document_id: irda-2018
provision_ref: s284
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 284
title: Effect of approval
content:
284. —(1) Where the creditors’ meeting summoned under section 281 has approved the proposed voluntary arrangement, with or without modifications, the approved arrangement — ( a ) takes effect as if made by the debtor at the meeting; and ( b ) binds every person who had notice of and was entitled to vote at the meeting, whether or not the person was present or represented at the meeting, as if the person were a party to the arrangement. (2) Subject to section 285, the interim order in force in relation to the debtor ceases to have effect at the end of 28 days after the date the report was made to the Court under section 283. (3) Where proceedings on a bankruptcy application have been stayed by an interim order which ceases to have effect under subsection (2), that application is, unless the Court otherwise orders, deemed to have been dismissed.


document_id: irda-2018
provision_ref: s285
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 285
title: Review of decision of creditors’ meeting
content:
285. —(1) Any debtor, nominee or person entitled to vote at a creditors’ meeting summoned under section 281 may apply to the Court for a review of the decision of the meeting on the ground that — ( a ) the voluntary arrangement approved by the meeting unfairly prejudices the interests of the debtor or any of the debtor’s creditors; or ( b ) there has been some material irregularity at or in relation to the meeting. (2) Upon hearing an application under subsection (1), the Court may, if it thinks fit, do one or both of the following: ( a ) revoke or suspend any approval given by the creditors’ meeting; ( b ) direct any person to summon a further meeting of the debtor’s creditors to consider any revised proposal the debtor may make or, in a case falling within subsection (1)( b ), to reconsider the original proposal of the debtor. (3) No application under this section may be made after the end of 28 days after the date the report was made to the Court under section 283. (4) Where at any time after giving a direction under subsection (2)( b ) for the summoning of a further meeting to consider a revised proposal, the Court is satisfied that the debtor does not intend to submit such a proposal, the Court must revoke the direction and revoke or suspend any approval given at the previous meeting. (5) Upon giving a direction under subsection (2)( b ), the Court may, if it thinks just, extend the validity of any interim order in relation to the debtor for such period as the Court thinks fit. (6) Upon giving a direction or revoking or suspending an approval under this section, the Court may give such supplemental directions as the Court thinks fit and, in particular, directions with respect to — ( a ) things done since the meeting under any voluntary arrangement approved by the meeting; and ( b ) such things done since the meeting as could not have been done if an interim order had been in force in relation to the debtor when they were done. (7) Except pursuant to this section, no approval given at a creditors’ meeting summoned under section 281 is to be invalidated by reason only of any irregularity at or in relation to the meeting.


document_id: irda-2018
provision_ref: s286
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 286
title: Implementation and supervision of approved voluntary arrangement
content:
286. —(1) Where a voluntary arrangement approved by a creditors’ meeting summoned under section 281 has taken effect, the nominee must supervise the implementation of the voluntary arrangement. (2) If the debtor or any of the debtor’s creditors is dissatisfied by any act, omission or decision of the nominee in the nominee’s supervision of the implementation of the voluntary arrangement, the debtor or creditor may apply to the Court to review that act, omission or decision. (3) On hearing an application under subsection (2), the Court may — ( a ) confirm, reverse or modify any act or decision of the nominee; or ( b ) give such directions to the nominee or make such order as the Court thinks fit. (4) The nominee may apply to the Court for directions in relation to any particular matter arising under the voluntary arrangement. (5) The Court may, whenever — ( a ) it is expedient to appoint a person to carry out the functions of the nominee; and ( b ) it is inexpedient, difficult or impracticable for such an appointment to be made without the assistance of the Court, make an order appointing a person who is qualified to act as a nominee, either in substitution for the existing nominee or to fill a vacancy.


document_id: irda-2018
provision_ref: s287
chapter: PART 14 - VOLUNTARY ARRANGEMENTS
section: 287
title: Consequence of failure by debtor to comply with voluntary arrangement
content:
287. Where a debtor fails to comply with any of the debtor’s obligations under a voluntary arrangement, the nominee or any creditor bound by the voluntary arrangement may make a bankruptcy application against the debtor in accordance with Part 16.


document_id: irda-2018
provision_ref: s288
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 288
title: Interpretation of this Part
content:
288. —(1) In this Part, unless the context otherwise requires — “Appeal Panel” means a panel established under section 304; “applicant creditor”, in relation to a debtor under a debt repayment scheme, means the creditor who makes the relevant bankruptcy application against the debtor; “debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated; “debtor” means the individual to whom a debt repayment scheme applies under this Part; “effective date”, in relation to a debt repayment scheme, means the date on which the scheme commences under section 292(1); “relevant bankruptcy application”, in relation to a debtor under a debt repayment scheme, means the bankruptcy application adjourned by the Court under section 316(9) or 318(3) which enabled the Official Assignee to determine the debtor’s suitability for the scheme and to implement the scheme; “repayment period”, in relation to a debt repayment plan, means the period of time, beginning with the date on which the plan comes into effect under section 291(8), that is allowed to a debtor under the plan to repay the debtor’s debts included in the plan. (2) For the purposes of this Part — ( a ) any debt proved against a debtor under Division 2 before the effective date of a debt repayment scheme applicable to the debtor is, upon the effective date, deemed to have been proved under the scheme; and ( b ) any claim, proof, declaration or statement filed, made or submitted by or in respect of a debtor under Division 2 before the effective date of a debt repayment scheme applicable to the debtor is, upon the effective date, deemed to have been filed, made or submitted under the scheme. Division 2 &#x2014; Proposal for debt repayment scheme


document_id: irda-2018
provision_ref: s289
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 289
title: Referral by Court
content:
289. —(1) Upon the Court adjourning a bankruptcy application made against a debtor and referring the matter to the Official Assignee under section 316(9) or 318(3), the Official Assignee must take such steps as are necessary to — ( a ) review the suitability of the debtor for a debt repayment scheme; and ( b ) where the debtor is suitable, implement the debt repayment scheme in accordance with this Part. (2) The Official Assignee must report to the Court of the debtor’s unsuitability for a debt repayment scheme if — ( a ) the aggregate of the debtor’s debts exceeds the prescribed amount; ( b ) the debtor does not meet any of the qualifying criteria specified in paragraph ( b ), ( c ), ( d ) or ( e ) of section 316(9) or 318(3), as the case may be; ( c ) the debtor, knowing or believing that a false or an inaccurate debt has been claimed by any person against the debtor under this Division, fails to inform the Official Assignee; ( d ) the Official Assignee becomes aware of any circumstance mentioned in section 300(1)( a ), ( b ), ( c ), ( d ), ( h ) or ( i ); or ( e ) the Official Assignee is satisfied that the debtor is not suitable for a debt repayment scheme for any other reason. (3) Subsection (2) ceases to apply upon the commencement of a debt repayment scheme in respect of the debtor under section 292(1).


document_id: irda-2018
provision_ref: s290
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 290
title: Debtor’s statement of affairs and proposal for repayment of debts, and creditors’ proofs of debts
content:
290. —(1) After the Court adjourns a bankruptcy application made against a debtor and refers the matter to the Official Assignee under section 316(9) or 318(3), the Official Assignee must, by notice in writing to the debtor, require the debtor to submit in such form and manner, and within such time, as may be specified by the Official Assignee in the notice — ( a ) a statement of the debtor’s affairs; and ( b ) a debt repayment plan, with a repayment period not exceeding 5 years, setting out the terms for the repayment of the debtor’s debts, and the debtor must comply with the notice. (2) After receiving the debtor’s statement of affairs under subsection (1), the Official Assignee must send a notice to every creditor disclosed in the statement, requiring the creditor to file a proof of debt within such time as may be specified by the Official Assignee in the notice. (3) Section 294 applies to a proof of debt filed under this Division as if it is a proof of debt filed under a debt repayment scheme.


document_id: irda-2018
provision_ref: s291
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 291
title: Approval of debt repayment plan
content:
291. —(1) Subject to subsection (7), the Official Assignee must examine the statement of affairs and debt repayment plan submitted by a debtor under section 290(1) and the proofs of debts filed against the debtor and may make such modifications to the plan as the Official Assignee considers appropriate before convening a meeting of creditors under subsection (2). (2) The Official Assignee must convene and preside at a meeting of creditors to review the debt repayment plan. (3) Subject to subsection (7), the Official Assignee may, at or after the meeting of creditors, approve the debt repayment plan without any modification or subject to such, or such further, modifications as the Official Assignee considers appropriate. (4) The debtor or any creditor who has proved a debt against the debtor under this Division may, within such time and in such manner as may be prescribed, appeal to the Appeal Panel against the Official Assignee’s approval of the debt repayment plan under subsection (3) on the ground that the approved plan unfairly prejudices his or her interests. (5) The Appeal Panel may determine the appeal by — ( a ) confirming the Official Assignee’s approval of the debt repayment plan; or ( b ) subject to subsection (7), making such modifications to the plan as it considers appropriate, and the decision of the Appeal Panel is final. (6) Subject to section 296, the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section may require the debtor to make full repayment, or make such partial repayment as may be specified in the plan, of the debts included in the plan. (7) The repayment period under the debt repayment plan approved by the Official Assignee or modified by the Appeal Panel under this section must not exceed 5 years. (8) The debt repayment plan comes into effect on such date as may be specified by the Official Assignee in the Official Assignee’s approval of the plan under subsection (3) and is binding on — ( a ) the debtor; and ( b ) every creditor who has proved a debt against the debtor under this Division and whose debt is included in the plan. (9) An appeal under subsection (4) does not suspend the commencement, operation or effect of a debt repayment scheme under this Part. Division 3 &#x2014; Commencement and administration of
debt repayment scheme


document_id: irda-2018
provision_ref: s292
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 292
title: Commencement and administration of debt repayment scheme
content:
292. —(1) A debt repayment scheme commences in respect of a debtor on the date on which a debt repayment plan comes into effect under section 291(8) in respect of that debtor. (2) The Official Assignee — ( a ) must administer all debt repayment schemes under this Part; and ( b ) may charge such fees as may be prescribed in respect of such administration. (3) Upon the commencement of a debt repayment scheme in respect of a debtor, the Official Assignee must pay out from the Bankruptcy Estates Account and into the Debt Repayment Schemes Account the balance of any deposit paid by the applicant creditor to the Official Assignee in respect of the relevant bankruptcy application made against the debtor, for the purpose of discharging the costs and expenses incurred by the Official Assignee in the administration of the scheme.


document_id: irda-2018
provision_ref: s293
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 293
title: Moratorium under debt repayment scheme, etc.
content:
293. —(1) Subject to subsection (2), during the period beginning on the effective date of a debt repayment scheme applicable to a debtor and ending on the date on which the scheme ceases under section 298(1) — ( a ) no creditor to whom the debtor is indebted in respect of any debt provable under the scheme has any remedy against the person or property of the debtor in respect of that debt; and ( b ) no action or proceedings may be proceeded with or commenced against the debtor in respect of that debt, except by the permission of the Court and in accordance with such terms as the Court may impose. [Act 25 of 2021 wef 01/04/2022] (2) Subsection (1) does not affect the right of any secured creditor to realise or otherwise deal with the secured creditor’s security in the same manner as the secured creditor would have been entitled to realise or deal with it if that subsection had not been enacted. (3) Where the creditor of a debtor (to whom a debt repayment scheme applies) has obtained an enforcement order against the goods or lands of the debtor, or has attached any debt due or property belonging to the debtor, the creditor is not entitled to retain the benefit of the enforcement order or attachment against the debtor unless the creditor has completed the execution of the enforcement order or attachment before the effective date of the scheme, except that — ( a ) a person who purchases in good faith under a sale by the Sheriff any goods of the debtor on which an enforcement order has been executed acquires in all cases a good title to them against the debtor; and [Act 25 of 2021 wef 01/04/2022] ( b ) the rights conferred by this subsection on the debtor may be set aside by the Court in favour of the creditor to such extent and subject to such terms as the Court thinks fit. [Act 25 of 2021 wef 01/04/2022] (4) For the purposes of subsection (3) — ( a ) an enforcement order against goods is completed by seizure and sale; [Act 25 of 2021 wef 01/04/2022] ( b ) an attachment of a debt is completed by receipt of the debt; and ( c ) an enforcement order against land or any interest in land is completed by registering under any written law relating to the registration of land an enforcement order for seizure and sale of property attaching the interest of the debtor in the land described in the enforcement order for seizure and sale of property. [Act 25 of 2021 wef 01/04/2022]


document_id: irda-2018
provision_ref: s294
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 294
title: Proving of debts under debt repayment scheme
content:
294. —(1) Subject to section 296, the following debts are provable under a debt repayment scheme in respect of a debtor: ( a ) any debt to which the debtor is subject at the effective date of the scheme, and any interest on such debt which is payable by the debtor for any period before the effective date; ( b ) any debt to which the debtor becomes subject after the effective date of the scheme but before the cessation of the scheme by reason of any obligation incurred before the effective date, and any interest on such debt which is payable by the debtor for any period before the effective date; ( c ) any debt being the balance due from the debtor after the security in respect of a secured debt owing by the debtor at the effective date of the scheme is realised at any time before the cessation of the scheme. (2) A creditor must file the creditor’s proof of debt with the Official Assignee under this Part in such form and manner as may be prescribed. (3) The Official Assignee must, in accordance with such regulations as may be prescribed, admit or reject, in whole or in part, any proof of debt filed under this Part. (4) Any debtor or creditor who is dissatisfied with the Official Assignee’s decision under subsection (3) may, within such time and in such manner as may be prescribed, appeal to the Court against the decision. (5) The Court may, on hearing an appeal under subsection (4), confirm, reverse or vary the decision of the Official Assignee. (6) An appeal under subsection (4) does not suspend the commencement, operation or effect of a debt repayment scheme under this Part.


document_id: irda-2018
provision_ref: s295
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 295
title: Modification of debt repayment plan
content:
295. —(1) Subject to subsection (6), the Official Assignee may at any time on or after the effective date of a debt repayment scheme, of his or her own volition or at the request of — ( a ) the debtor to whom the scheme applies; ( b ) a creditor who is bound by the debt repayment plan under the scheme; or ( c ) a creditor, not being a creditor referred to in paragraph ( b ), who proves his or her debt under the scheme, modify the plan in such manner as the Official Assignee considers appropriate. (2) Before making any modification to the debt repayment plan, the Official Assignee must, by notice in writing to the debtor and all the creditors who have proved their debts under the debt repayment scheme, convene and preside at a meeting of creditors. (3) Subject to subsection (6), the Official Assignee may, at or after the meeting of creditors, refuse to modify the debt repayment plan or may make such modifications to the plan as the Official Assignee considers appropriate. (4) The debtor or any creditor who has proved a debt under the debt repayment scheme may, within such time and in such manner as may be prescribed, appeal to the Appeal Panel against the Official Assignee’s decision under subsection (3) on the ground that the decision unfairly prejudices his or her interests. (5) The Appeal Panel may determine the appeal by — ( a ) confirming the Official Assignee’s decision; or ( b ) subject to subsection (6), making such or such further modifications to the debt repayment plan as it considers appropriate, and the decision of the Appeal Panel is final. (6) Subject to such further restrictions on the extension of the repayment period of a debt repayment plan as may be prescribed, any extension under this section of the repayment period of the plan is subject to the repayment period not exceeding at any time — ( a ) where the plan includes a debt mentioned in section 294(1)( b ) or ( c ), 7 years; or ( b ) in any other case, 5 years. (7) If a debt repayment plan is modified under this section, the modification takes effect on such date as may be specified by the Official Assignee in the Official Assignee’s modification of the plan under subsection (3) and as from that date, the plan as modified is binding on — ( a ) the debtor; ( b ) every creditor who is bound by the plan before the modification; and ( c ) where the plan is modified to include the debt of a creditor mentioned in subsection (1)( c ), that creditor. (8) An appeal under subsection (4) does not suspend the commencement, operation or effect of a debt repayment scheme under this Part.


document_id: irda-2018
provision_ref: s296
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 296
title: Priority of debts and interest on debts
content:
296. —(1) The following are to be paid under a debt repayment plan applicable to a debtor in priority to all other debts proved under the debt repayment scheme (to which the plan relates) and included in the plan: ( a ) first, the costs and expenses incurred by the Official Assignee in the administration of the scheme; ( b ) second, the costs (whether assessed or agreed) of the applicant creditor in respect of the relevant bankruptcy application made against the debtor; [Act 25 of 2021 wef 01/04/2022] ( c ) third, subject to subsection (2), all wages or salary (whether or not earned wholly or in part by way of commission) including any amount payable by way of allowance or reimbursement under any contract of employment or award or agreement regulating the conditions of employment of any employee; ( d ) fourth, subject to subsection (2), the amount due to an employee as a retrenchment benefit or an ex gratia payment under any contract of employment or award or agreement that regulates the conditions of employment, whether such amount becomes payable before, on or after the effective date of the scheme; ( e ) fifth, all amounts due in respect of any work injury compensation under the Work Injury Compensation Act 2019 or the Work Injury Compensation Act (Cap. 354, 2009 Revised Edition) repealed by that Act accrued before, on or after the effective date of the scheme; ( f ) sixth, all amounts due in respect of contributions payable during a period of 12 consecutive months beginning not earlier than 12 months before, and ending not later than 12 months after, the effective date of the scheme, by the debtor as the employer of any person under any written law relating to employees’ superannuation or provident funds or under any scheme of superannuation which is an approved scheme under the Income Tax Act 1947; ( g ) seventh, subject to subsection (2), all remuneration payable to any employee in respect of vacation leave or, in the case of the employee’s death, to any other person in the employee’s right, accrued in respect of any period before, on or after the effective date of the scheme; ( h ) eighth, the amount of all taxes assessed and any goods and services tax due under any written law on or before the effective date of the scheme; ( i ) ninth, all premiums (including interest and penalties for late payment) and other sums payable in respect of the debtor’s insurance cover under the MediShield Life Scheme mentioned in section 3 of the MediShield Life Scheme Act 2015, and the CareShield Life Scheme established by section 5 of the CareShield Life and Long‑Term Care Act 2019, respectively, before the time fixed for the proving of debts has expired. [26/2019; 27/2019] (2) The amount payable under subsection (1)( c ), ( d ) and ( g ) must not exceed such amount as the Minister may prescribe by order in the Gazette . (3) The debts in each class specified in subsection (1) rank in the order specified in subsection (1) but debts of the same class rank equally between themselves, and are to be paid in full, unless the amount standing to the credit of the debtor in the Debt Repayment Schemes Account is insufficient to meet them, in which case they abate in equal proportions between themselves. (4) Where any payment has been made to any employee of the debtor on account of wages, salary or vacation leave out of money advanced by a person for that purpose, the person by whom the money was advanced — ( a ) has, under the debt repayment plan, a right of priority in respect of the money so advanced and paid, up to the amount by which the sum in respect of which the employee would have been entitled to priority under this section has been diminished by reason of the payment; and ( b ) has the same right of priority in respect of that amount as the employee would have had if the payment had not been made. (5) Where a debt proved by a creditor under a debt repayment scheme includes interest, the interest is to be calculated — ( a ) in a case where the rate of such interest was previously agreed or reserved, at the rate previously agreed or reserved; or ( b ) in any other case, at the prescribed rate of interest. (6) Interest on preferential debts ranks equally with interest on debts other than preferential debts. (7) In this section — “employee” means an individual who has entered into or works under a contract of service with the debtor and includes a subcontractor of labour; “ex gratia payment” means an amount payable to an employee on the termination of the employee’s service by his or her employer on the ground of redundancy or by reason of any re‑organisation of the employer, profession, business, trade or work, and “an amount payable to an employee” for these purposes means an amount ascertained from any contract of employment, award or agreement; “interest” includes any pecuniary consideration in lieu of interest and any penalty or late payment charge by whatever name called; “preferential debt” means any debt specified in subsection (1); “retrenchment benefit” means an amount payable to an employee on the termination of the employee’s service by his or her employer on the ground of redundancy or by reason of any re‑organisation of the employer, profession, business, trade or work, and “an amount payable to an employee” for these purposes means an amount ascertained from any contract of employment, award or agreement, or if no amount is so ascertainable, such amount as is determined by the Commissioner for Labour or by an Employment Claims Tribunal constituted under section 4 of the State Courts Act 1970; “wages or salary” includes — ( a ) all arrears of money due to a subcontractor of labour; ( b ) any amount payable to an employee on account of wages or salary during a period of notice of termination of employment or in lieu of notice of such termination, whether such amount becomes payable before, on or after the effective date of the debt repayment scheme; and ( c ) any amount payable to an employee, on termination of the employee’s employment, as a gratuity under any contract of employment or any award or agreement that regulates the conditions of the employee’s employment, whether such amount becomes payable before, on or after the effective date of the debt repayment scheme.


document_id: irda-2018
provision_ref: s297
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 297
title: Payment and distribution of moneys under debt repayment scheme
content:
297. —(1) A debtor to whom a debt repayment scheme applies must make all payments under the debtor’s debt repayment plan to the Official Assignee. (2) The Official Assignee may, from time to time, subject to the retention of such sums as may be necessary for the costs and expenses of the administration of the debt repayment scheme, and in accordance with section 296, the debt repayment plan and such regulations as may be prescribed, declare and distribute dividends amongst the creditors who have proved their debts under the scheme and whose debts are included in the plan. (3) No action for a dividend lies against the Official Assignee. (4) If the Official Assignee refuses to pay any dividend, the Court may, if it thinks fit, order the Official Assignee to pay the dividend, and also to pay out of the Consolidated Fund interest on the dividend for the period that the dividend is withheld and the costs of the application to the Court. Division 4 &#x2014; Cessation of debt repayment scheme


document_id: irda-2018
provision_ref: s298
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 298
title: Cessation of debt repayment scheme
content:
298. —(1) A debt repayment scheme applicable to a debtor ceases — ( a ) on the date a certificate of inapplicability of the scheme is issued under section 299; ( b ) on the date a certificate of failure of the scheme is issued under section 300(1); ( c ) on the date a certificate of completion of the scheme is issued under section 301(1), despite any subsequent revocation of the certificate under section 302(1); ( d ) upon the debtor being adjudged a bankrupt under this Act; or ( e ) upon the death of the debtor, whichever first occurs. (2) Upon the cessation of a debt repayment scheme, the debt repayment plan under the scheme ceases to have effect.


document_id: irda-2018
provision_ref: s299
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 299
title: Certificate of inapplicability of debt repayment scheme
content:
299. The Official Assignee must issue a certificate of inapplicability of a debt repayment scheme in respect of a debtor if — ( a ) the aggregate of the debts mentioned in section 294(1)( a ) and proved under the scheme exceeds, at any time, the prescribed amount mentioned in section 289(2)( a ); or ( b ) the aggregate of the debts mentioned in section 294(1)( b ) and ( c ) and proved under the scheme exceeds, at any time, a prescribed amount.


document_id: irda-2018
provision_ref: s300
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 300
title: Certificate of failure of debt repayment scheme
content:
300. —(1) The Official Assignee may issue a certificate of failure of a debt repayment scheme in respect of a debtor if — ( a ) the debtor submits a statement of affairs under section 290, or furnishes any other information or document to the Official Assignee in relation to the debtor’s property, debts or other financial affairs, which is false or misleading in any material particular, or contains any material omission; ( b ) the debtor fails to furnish any information or document relating to the debtor’s property, debts or other financial affairs that the Official Assignee may require; ( c ) subject to subsection (2), the debtor fails to disclose to the Official Assignee the debtor’s property (or any part of the debtor’s property) or the disposal of the debtor’s property (or any part of the debtor’s property); ( d ) the debtor attempts to account for any part of the debtor’s property by fictitious losses or expenses; ( e ) the debtor fails to comply with any term of the debt repayment plan under the scheme; ( f ) the debtor fails without sufficient cause to attend any meeting of creditors convened under section 295; ( g ) the debtor incurs a debt in excess of $1,000 after the effective date of the scheme without disclosing the fact that the debtor is subject to the scheme to the person to whom the debt is owed; ( h ) subject to subsection (4), the debtor has entered into a transaction with any person at an undervalue at any time during the period commencing 3 years before the day on which the relevant bankruptcy application is made against the debtor and ending on the day immediately preceding the completion of the scheme; ( i ) subject to subsection (7), the debtor has given an unfair preference (which is not a transaction at an undervalue) at any time to — (i) the debtor’s associate during the period commencing 2 years before the day on which the relevant bankruptcy application is made against the debtor and ending on the day immediately preceding the completion of the scheme; or (ii) any other person during the period commencing one year before the day on which the relevant bankruptcy application is made against the debtor and ending on the day immediately preceding the completion of the scheme; ( j ) knowing or believing that a false or an inaccurate debt has been claimed by any person under the scheme, the debtor fails to inform the Official Assignee; ( k ) the debtor obtains the approval or modification of the debt repayment plan under the scheme by means of fraud, false representation or the concealment of any material fact; or ( l ) the debtor becomes a sole proprietor, a partner of a firm within the meaning of the Partnership Act 1890 or a partner in a limited liability partnership during the scheme without the consent of the Official Assignee. (2) Subsection (1)( c ), in relation to the disposal of property, does not apply to the payment of ordinary expenses of the debtor and the debtor’s dependants. (3) For the purpose of subsection (1)( h ), a debtor enters into a transaction with a person at an undervalue if the debtor — ( a ) makes a gift to that person or otherwise enters into a transaction with that person on terms that provide for the debtor to receive no consideration; ( b ) enters into a transaction with that person in consideration of marriage; or ( c ) enters into a transaction with that person for a consideration the value of which, in money or money’s worth, is significantly less than the value, in money or money’s worth, of the consideration provided by the debtor. (4) The Official Assignee must not issue any certificate of failure of a debt repayment scheme under subsection (1) in respect of any transaction entered into by the debtor at an undervalue unless the debtor was insolvent at the time the debtor entered into the transaction or became insolvent in consequence of the transaction. (5) Where a debtor enters into a transaction at an undervalue with a person who is an associate of the debtor (otherwise than by reason only of being the debtor’s employee), the requirements under subsection (4) are presumed to be satisfied unless the contrary is shown. (6) For the purpose of subsection (1)( i ), a debtor gives an unfair preference to a person if — ( a ) that person is one of the debtor’s creditors or a surety or guarantor for any of the debtor’s debts; and ( b ) the debtor does anything or suffers anything to be done which has the effect of putting that person into a position which is better than the position that person would have been in if that thing had not been done. (7) The Official Assignee must not issue any certificate of failure of a debt repayment scheme under subsection (1) in respect of any unfair preference given by a debtor to any person unless the debtor — ( a ) was insolvent at the time the debtor gave the preference or became insolvent in consequence of the preference; and ( b ) was influenced in deciding to give the preference by a desire to produce in relation to that person the effect mentioned in subsection (6)( b ). (8) A debtor who has given an unfair preference to a person who, at the time the unfair preference was given, was an associate of the debtor (otherwise than by reason only of being the debtor’s employee) is presumed, unless the contrary is shown, to have been influenced in deciding to give it by such a desire as is mentioned in subsection (7)( b ). (9) The fact that something has been done pursuant to an order of a court does not, without more, prevent the doing or suffering of that thing from constituting the giving of an unfair preference. (10) For the purposes of this section, a debtor is insolvent if — ( a ) the debtor is unable to pay the debtor’s debts as they fall due; or ( b ) the value of the debtor’s assets is less than the amount of the debtor’s liabilities, taking into account the debtor’s contingent and prospective liabilities. (11) Any question whether a person is an associate of another person is to be determined in accordance with section 364(2) to (10).


document_id: irda-2018
provision_ref: s301
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 301
title: Certificate of completion of debt repayment scheme
content:
301. —(1) The Official Assignee must issue a certificate of completion of a debt repayment scheme in respect of a debtor if the debtor repays, in accordance with this Part and the debt repayment plan under the scheme, the debtor’s debts which have been proved under the scheme and included in the plan. (2) Subject to this Act and any other written law, the certificate of completion of the debt repayment scheme, upon being issued, releases the debtor from all the debtor’s debts provable under the scheme except a debt which — ( a ) the debtor had failed to disclose to the Official Assignee; and ( b ) in respect of which a proof of debt was not filed under the scheme. (3) Subsections (2) to (8) of section 397 apply to or in respect of the debtor as if a reference to discharge in those provisions is a reference to the certificate of completion of the debt repayment scheme and a reference to a bankrupt in those provisions is a reference to the debtor.


document_id: irda-2018
provision_ref: s302
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 302
title: Revocation of certificate of completion of debt repayment scheme
content:
302. —(1) The Official Assignee may at any time, by notice in writing to a debtor, revoke a certificate of completion of a debt repayment scheme issued under section 301(1) in respect of the debtor if the Official Assignee is satisfied that the debtor — ( a ) did not to the best of the debtor’s knowledge or belief disclose to the Official Assignee all the debtor’s property or the disposal of the debtor’s property (or any part of the debtor’s property); or ( b ) had obtained the approval or modification of the debt repayment plan under the scheme by means of fraud, false representation or the concealment of any material fact. (2) Subsection (1)( a ), in relation to the disposal of property, does not apply to the payment of ordinary expenses of the debtor and the debtor’s dependants. (3) Upon the revocation of the certificate of completion of the debt repayment scheme, the debtor’s release from the debtor’s debts under section 301(2) ceases. Division 5 &#x2014; Miscellaneous


document_id: irda-2018
provision_ref: s303
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 303
title: Duties of debtor
content:
303. A debtor must, in addition to any other duty specified in this Part in relation to a debt repayment scheme — ( a ) disclose to the Official Assignee — (i) all the debtor’s property; and (ii) the disposal of any of the debtor’s property during the period commencing 5 years before the day on which the relevant bankruptcy application is made against the debtor and ending on the day immediately preceding the completion of the scheme; ( b ) furnish such information or document within such time and in such manner as the Official Assignee or the Appeal Panel may require in relation to the scheme; ( c ) attend any meeting of the debtor’s creditors convened by the Official Assignee under section 291 or 295, and such other meetings as may be required by the Official Assignee, unless prevented by any illness or other sufficient cause; ( d ) examine the correctness of all proofs of debts filed under the scheme and inform the Official Assignee if any person has, to the debtor’s knowledge or belief, made a false or an inaccurate claim; ( e ) discharge the debtor’s obligations under the debt repayment plan under the scheme; ( f ) before incurring any debt in excess of $1,000 after the effective date of the scheme, disclose the fact that the debtor is subject to the scheme to the person to whom the debt is to be owed; ( g ) keep the Official Assignee advised at all times of the debtor’s place of residence and such other contact details as may be required by the Official Assignee; and ( h ) generally do all such acts and things in relation to the scheme as may be reasonably required by the Official Assignee or as may be prescribed.


document_id: irda-2018
provision_ref: s304
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 304
title: Appeal Panel and Appeal Panel Committee
content:
304. —(1) For the purpose of hearing appeals from the decisions of the Official Assignee under sections 291 and 295, there is to be established an Appeal Panel consisting of such members as may be appointed by the Minister from time to time. (2) The appointment of the members of the Appeal Panel is for such period and on such terms as the Minister may determine. (3) The Minister may appoint from amongst the members of the Appeal Panel, for such period and on such terms as the Minister may determine — ( a ) a Chairperson of the Appeal Panel; and ( b ) such number of Deputy Chairpersons of the Appeal Panel as the Minister thinks fit. (4) The Chairperson, Deputy Chairpersons and other members of the Appeal Panel are to be paid such remuneration and allowances as the Minister may determine. (5) The Minister may at any time revoke any appointment under subsection (2) or (3). (6) Every member of the Appeal Panel is deemed to be a public servant within the meaning of the Penal Code 1871. (7) All the powers, functions and duties of the Appeal Panel may be exercised, discharged and performed by an Appeal Panel Committee consisting of such number of members of the Appeal Panel as may be prescribed, at least one of whom is to be the Chairperson or a Deputy Chairperson of the Appeal Panel. (8) Subject to subsection (7), the members of an Appeal Panel Committee are to be determined by the Minister. (9) Any act or decision of an Appeal Panel Committee is treated as an act or a decision of the Appeal Panel. (10) An appeal under section 291(4) or 295(4) — ( a ) must be addressed to the Chairperson of the Appeal Panel; ( b ) must provide adequate details of the grounds for the appeal; and ( c ) must be accompanied by the prescribed fee.


document_id: irda-2018
provision_ref: s305
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 305
title: Validity of things done under debt repayment scheme
content:
305. The cessation of a debt repayment scheme or the revocation of a certificate of completion of the scheme does not affect the validity of anything done under or in relation to the scheme.


document_id: irda-2018
provision_ref: s306
chapter: PART 15 - DEBT REPAYMENT SCHEME
section: 306
title: Offences
content:
306. —(1) Any creditor who makes or submits any claim, proof, declaration or statement of account under a debt repayment scheme which is untrue in any material particular shall be guilty of an offence, unless the creditor satisfies the court that the creditor had no intent to defraud. (2) Any person guilty of an offence under subsection (1) shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both. (3) Fines imposed under this section must be paid into the Debt Repayment Scheme Assistance Fund maintained under section 435.


document_id: irda-2018
provision_ref: s307
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 307
title: Persons who may make creditor’s bankruptcy application
content:
307. —(1) Subject to this Part, a creditor’s bankruptcy application may be made — ( a ) against an individual by — (i) one of the individual’s creditors or jointly by more than one of them; or (ii) the nominee supervising the implementation of, or any person (other than the individual) who is for the time being bound by, a voluntary arrangement proposed by the individual and approved under Part 14; or ( b ) against a firm by — (i) one of the firm’s creditors or jointly by more than one of them, if such creditor or creditors are entitled under paragraph ( a )(i) to make a creditor’s bankruptcy application against any one of the partners in the firm in respect of a partnership debt; or (ii) the nominee supervising the implementation of, or any person (other than the partners in the firm) who is for the time being bound by, a voluntary arrangement proposed by the firm and approved under Part 14. (2) A creditor who is entitled to make a bankruptcy application against a firm under subsection (1)( b ) may make a bankruptcy application against any of the partners in the firm without including the others. (3) Every creditor’s bankruptcy application must be in the prescribed form and be supported by an affidavit of the creditor or of some person on the creditor’s behalf having knowledge of the facts. (4) Every creditor’s bankruptcy application must be served in the manner prescribed.


document_id: irda-2018
provision_ref: s308
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 308
title: Persons who may make debtor’s bankruptcy application
content:
308. —(1) Subject to this Part, a debtor’s bankruptcy application may be made — ( a ) against an individual debtor by himself or herself; or ( b ) against a firm by all the partners in the firm or by a majority of such partners who are residing in Singapore at the time of the making of the application. (2) A debtor’s bankruptcy application must be in the prescribed form and be supported by an affidavit to which is exhibited — ( a ) where the debtor is an individual, a statement of the debtor’s affairs containing such particulars of the debtor’s assets, creditors, debts and other liabilities as may be prescribed; ( b ) where the debtor is a firm, a statement of — (i) the firm’s affairs containing such particulars of its assets, creditors, debts and other liabilities as may be prescribed; and (ii) the affairs of each of the partners in the firm by whom the application is made containing such particulars of each partner’s assets, creditors, debts and other liabilities as may be prescribed; and ( c ) a statement containing such other information as may be prescribed.


document_id: irda-2018
provision_ref: s309
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 309
title: Bankruptcy order
content:
309. Subject to this Part, the Court may make a bankruptcy order on a bankruptcy application made under section 307 or 308.


document_id: irda-2018
provision_ref: s310
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 310
title: Conditions to be satisfied in respect of debtor
content:
310. —(1) No bankruptcy application may be made to the Court under section 307(1)( a ) or 308(1)( a ) against an individual debtor unless the debtor — ( a ) is domiciled in Singapore; ( b ) has property in Singapore; or ( c ) has, at any time within the period of one year immediately preceding the date of the making of the application — (i) been ordinarily resident or has had a place of residence in Singapore; or (ii) carried on business in Singapore. (2) No bankruptcy application may be made to the Court under section 307(1)( b ) or 308(1)( b ) against a firm unless — ( a ) at least one of the partners in the firm — (i) is domiciled in Singapore; (ii) has property in Singapore; or (iii) has, at any time within the period of one year immediately preceding the date of the making of the application, been ordinarily resident or has had a place of residence in Singapore; or ( b ) the firm has, at any time within the period of one year immediately preceding the date of the making of the application, carried on business in Singapore. (3) The reference in subsection (1)( c )(ii) to an individual carrying on business in Singapore includes — ( a ) the carrying on of business in Singapore by a firm in which the individual is a partner; and ( b ) the carrying on of business in Singapore by an agent or a manager for the individual or for such a firm.


document_id: irda-2018
provision_ref: s311
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 311
title: Grounds of bankruptcy application
content:
311. —(1) Subject to section 314, no bankruptcy application may be made to the Court in respect of any debt or debts unless at the time the application is made — ( a ) the amount of the debt, or the aggregate amount of the debts, is not less than $15,000; ( b ) the debt or each of the debts is for a liquidated sum payable to the applicant creditor immediately; ( c ) the debtor is unable to pay the debt or each of the debts; and ( d ) where the debt or each of the debts is incurred outside Singapore, such debt is payable by the debtor to the applicant creditor by virtue of a judgment or an award which is enforceable by an enforcement order in Singapore. [Act 25 of 2021 wef 01/04/2022] (2) The Minister may, by order in the Gazette , amend subsection (1)( a ) by substituting a different sum for the sum for the time being specified in that provision.


document_id: irda-2018
provision_ref: s312
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 312
title: Presumption of inability to pay debts
content:
312. For the purposes of a creditor’s bankruptcy application, a debtor is, until the debtor proves to the contrary, presumed to be unable to pay any debt within the meaning of section 311(1)( c ) if the debt is immediately payable and any one of the following applies: ( a ) the applicant creditor to whom the debt is owed has served on the debtor in the prescribed manner, a statutory demand, and — (i) at least 21 days have elapsed since the statutory demand was served; and (ii) the debtor has neither complied with it nor applied to the Court to set it aside; ( b ) an enforcement order issued against the debtor in respect of a judgment debt owed to the applicant creditor has been returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2022] ( c ) the debtor has departed from or remained outside Singapore with the intention of defeating, delaying or obstructing a creditor in the recovery of the debt; ( d ) the Official Assignee has — (i) issued a certificate of inapplicability of a debt repayment scheme under section 299; (ii) issued a certificate of failure of a debt repayment scheme under section 300(1); or (iii) revoked a certificate of completion of a debt repayment scheme under section 302(1), in respect of the debtor within 90 days immediately preceding the date on which the bankruptcy application is made, and the applicant creditor had proved the debt under that debt repayment scheme.


document_id: irda-2018
provision_ref: s313
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 313
title: Where applicant for bankruptcy order is secured creditor
content:
313. —(1) Where the applicant for a bankruptcy order is a secured creditor of the debtor, the applicant must in the application — ( a ) state that the applicant is willing, in the event of a bankruptcy order being made, to give up the security for the benefit of the other creditors of the bankrupt; or ( b ) give an estimate of the value of the security, in which case the applicant may to the extent of the balance of the debt due to the applicant, after deducting the value so estimated, be admitted as a creditor in the same manner as if the applicant were an unsecured creditor. (2) Where an applicant for a bankruptcy order who is a secured creditor of the debtor fails to disclose the applicant’s security in the application, the applicant is deemed to have given up the security for the benefit of the other creditors of the debtor and upon the making of a bankruptcy order — ( a ) the applicant is not entitled to enforce the security against the estate of the bankrupt or to retain any proceeds from the realisation of the security; and ( b ) the applicant must execute such document of release as is required by the Official Assignee or account and pay over to the Official Assignee all proceeds from any realisation of the security. (3) Where any secured creditor fails to execute any document of release as is required by the Official Assignee under subsection (2)( b ), the Official Assignee may execute the document on behalf of the secured creditor, and the execution of the document by the Official Assignee has the same effect as the execution of that document by the secured creditor. (4) Any secured creditor who fails to account or pay over to the Official Assignee the proceeds from any realisation of the security under subsection (2)( b ) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 3 years or to both. (5) Any fine imposed under subsection (4) is deemed to be part of the property of the bankrupt and vests in the Official Assignee for the purposes of this Act.


document_id: irda-2018
provision_ref: s314
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 314
title: Expedited bankruptcy application
content:
314. A creditor’s bankruptcy application which relies on a statutory demand may be made before the end of the period of 21 days mentioned in section 312( a ), if — ( a ) there is a serious possibility that the debtor’s property, or the value of all or any of the debtor’s property, will be significantly diminished during that period; and ( b ) the application contains a statement to that effect.


document_id: irda-2018
provision_ref: s315
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 315
title: Power of Court to stay or dismiss proceedings on bankruptcy application
content:
315. —(1) The Court may at any time, for sufficient reason, make an order staying the proceedings on a bankruptcy application, either altogether or for a limited time, on such terms and conditions as the Court thinks just. (2) Without affecting subsection (1), where it appears to the Court that the person making a bankruptcy application has contravened any of the provisions of this Act or any rules in relation to proceedings on a bankruptcy application, the Court may, in its discretion, dismiss the application instead of staying any proceedings on the application under that subsection.


document_id: irda-2018
provision_ref: s316
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 316
title: Proceedings on creditor’s bankruptcy application
content:
316. —(1) The Court hearing a creditor’s bankruptcy application must not make a bankruptcy order on the application unless the Court is satisfied that — ( a ) the debt or any one of the debts in respect of which the application is made is a debt which, having been payable at the date of the application, has neither been paid nor secured or compounded for; and ( b ) where the debtor does not appear at the hearing, the application has been duly served on the debtor. (2) Where a creditor’s bankruptcy application which relies on a statutory demand is made, pursuant to section 314, before 21 days have elapsed after the statutory demand was served, the Court hearing the application must not make a bankruptcy order until at least 21 days have elapsed after the statutory demand was served. (3) The Court may dismiss the application if — ( a ) it is not satisfied with the proof of the applicant creditor’s debt or debts; ( b ) it is not satisfied with the proof of the service of the application on the debtor; ( c ) it is satisfied that the debtor is able to pay all of the debtor’s debts; ( d ) it is satisfied that the debtor has made an offer to secure or compound for the applicant creditor’s debt the acceptance of which offer would have required the dismissal of the application and the offer has been unreasonably refused by the applicant creditor; or ( e ) it is satisfied that for other sufficient cause no order ought to be made on the application. (4) In determining for the purposes of subsection (3)( c ) whether the debtor is able to pay all of the debtor’s debts, the Court is to take into account the debtor’s contingent and prospective liabilities. (5) When a bankruptcy application has been made against a debtor on the ground that the debtor — ( a ) has failed to pay a judgment debt, and there is pending an appeal from or an application to set aside, the judgment or order by virtue of which the judgment debt is payable; or ( b ) has failed to comply with a statutory demand, and there is pending an application to set aside the statutory demand, the Court may, if it thinks fit, stay or dismiss the application. (6) Where the debtor appears at the hearing of the application and denies that the debtor is — ( a ) indebted to the applicant; or ( b ) indebted to such an amount as would justify the applicant making a bankruptcy application against the debtor, the Court may, subject to subsection (7), stay all proceedings on the application for such time as may be required for trial of the question relating to the debt. (7) The Court may not order any stay of proceedings under subsection (6) unless the debtor furnishes such security as the Court may order for payment to the applicant of — ( a ) any debt which may be established against the debtor in due course of law; and ( b ) the costs of establishing the debt. (8) Where proceedings are stayed, the Court may, if by reason of the delay caused by the stay of proceedings or for any other cause it thinks just, make a bankruptcy order on the application of some other creditor and dismiss, on such terms as it thinks just, the application in which proceedings have been stayed. (9) If a bankruptcy order may be made on the bankruptcy application, the Court must, instead of making the order, adjourn the bankruptcy application for a period of 6 months or such other period as the Court may direct and refer the matter to the Official Assignee for the purpose of enabling the Official Assignee to determine whether the debtor is suitable for a debt repayment scheme under Part 15, if all of the following qualifying criteria are satisfied: ( a ) the debt or the aggregate of the debts in respect of which the bankruptcy application is made does not exceed the prescribed amount; ( b ) the debtor is not an undischarged bankrupt, and has not been a bankrupt at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made, under this Act; ( c ) a voluntary arrangement under Part 14 in respect of the debtor is not in effect, and was not in effect at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made; ( d ) the debtor is not subject to any debt repayment scheme under Part 15, and has not been subject to any such debt repayment scheme at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made; ( e ) the debtor is not a sole proprietor, a partner of a firm within the meaning of the Partnership Act 1890, or a partner in a limited liability partnership. (10) The Court is to proceed to hear a bankruptcy application adjourned under subsection (9) if — ( a ) the Official Assignee reports to the Court under section 289(2) that the debtor is not suitable for a debt repayment scheme under Part 15; or ( b ) at the end of the period of adjournment, a debt repayment scheme has not commenced under Part 15 in respect of the debtor. (11) If at any time during the period of adjournment of a bankruptcy application under subsection (9) a debt repayment scheme commences under Part 15 in respect of the debtor, the bankruptcy application is deemed to be withdrawn on the date of commencement of the debt repayment scheme. (12) The Court may give such orders or directions as it thinks fit for the adjournment, hearing or disposal of a bankruptcy application mentioned in subsection (9). (13) For the purpose of subsection (9)( d ), a person in respect of whom the Official Assignee issues — ( a ) a certificate of inapplicability of a debt repayment scheme under section 299; or ( b ) a certificate of completion of a debt repayment scheme under section 301(1) — (i) which states that all the debts (including interest on each of such debts at the rate to which a creditor is entitled under any written law or rule of law) of the person which have been proved under, and all the costs and expenses of, the debt repayment scheme have been paid in full; and (ii) which has not been revoked under section 302(1), is not to be treated as having been subject to that debt repayment scheme. (14) In subsection (9)( a ), “debt” has the same meaning as in section 288(1).


document_id: irda-2018
provision_ref: s317
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 317
title: Proceedings on bankruptcy application by nominee or creditor bound by voluntary arrangement
content:
317. The Court must not make a bankruptcy order on a bankruptcy application made under section 307(1)( a )(ii) or ( b )(ii) by the nominee supervising the implementation of, or any creditor bound by, the voluntary arrangement in question unless the Court is satisfied that — ( a ) the debtor has failed to comply with the debtor’s obligations under the voluntary arrangement; ( b ) information which was false or misleading in any material particular or which contained material omissions — (i) was contained in any statement of affairs or other document supplied by the debtor under Part 14 to any person; or (ii) was otherwise made available by the debtor to the debtor’s creditors at or in connection with a meeting summoned under Part 14; or ( c ) the debtor has failed to do all such things for the purposes of the voluntary arrangement as may have been reasonably required of the debtor by the nominee.


document_id: irda-2018
provision_ref: s318
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 318
title: Proceedings on debtor’s bankruptcy application
content:
318. —(1) The Court hearing a debtor’s bankruptcy application must not make a bankruptcy order on the application unless the Court is satisfied that the debtor is unable to pay the debtor’s debts. (2) Where a debtor’s bankruptcy application has been made against a firm by some, but not all, of the partners in the firm, the Court must not make a bankruptcy order on the application unless the Court is satisfied that notice of the application in the prescribed form has been served in the prescribed manner on each of the partners who did not join in the application. (3) If a bankruptcy order may be made on the bankruptcy application, the Court must, instead of making the order, adjourn the bankruptcy application for a period of 6 months or such other period as the Court may direct and refer the matter to the Official Assignee for the purpose of enabling the Official Assignee to determine whether the debtor is suitable for a debt repayment scheme under Part 15, if all of the following qualifying criteria are satisfied: ( a ) the aggregate of the debts specified in the statement of affairs exhibited to the debtor’s affidavit under section 308(2) does not exceed the amount mentioned in section 316(9)( a ); ( b ) the debtor is not an undischarged bankrupt, and has not been a bankrupt at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made, under this Act; ( c ) a voluntary arrangement under Part 14 in respect of the debtor is not in effect, and was not in effect at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made; ( d ) the debtor is not subject to any debt repayment scheme under Part 15, and has not been subject to any such debt repayment scheme at any time within the period of 5 years immediately preceding the date on which the bankruptcy application is made; ( e ) the debtor is not a sole proprietor, a partner of a firm within the meaning of the Partnership Act 1890 or a partner in a limited liability partnership. (4) The Court is to proceed to hear a bankruptcy application adjourned under subsection (3) if — ( a ) the Official Assignee reports to the Court under section 289(2) that the debtor is not suitable for a debt repayment scheme under Part 15; or ( b ) at the end of the period of adjournment, a debt repayment scheme has not commenced under Part 15 in respect of the debtor. (5) If at any time during the period of adjournment of a bankruptcy application under subsection (3) a debt repayment scheme commences under Part 15 in respect of the debtor, the bankruptcy application is deemed to be withdrawn on the date of commencement of the debt repayment scheme. (6) The Court may give such orders or directions as it thinks fit for the adjournment, hearing or disposal of a bankruptcy application mentioned in subsection (3). (7) For the purpose of subsection (3)( d ), a person in respect of whom the Official Assignee issues — ( a ) a certificate of inapplicability of a debt repayment scheme under section 299; or ( b ) a certificate of completion of a debt repayment scheme under section 301(1) — (i) which states that all the debts (including interest on each of such debts at the rate to which a creditor is entitled under any written law or rule of law) of the person which have been proved under, and all the costs and expenses of, the debt repayment scheme have been paid in full; and (ii) which has not been revoked under section 302(1), is not to be treated as having been subject to that debt repayment scheme. (8) In subsection (3)( a ), “debt” has the same meaning as in section 288(1).


document_id: irda-2018
provision_ref: s318A
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 318A
title: Proceedings on certain bankruptcy applications
content:
318A. The Court hearing a bankruptcy application must not make a bankruptcy order on the application if — ( a ) no licensed insolvency practitioner has consented to act as the trustee of the bankrupt’s estate; and ( b ) the Official Assignee has not consented to act as the trustee of the bankrupt’s estate. [Act 1 of 2023 wef 01/11/2023]


document_id: irda-2018
provision_ref: s319
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 319
title: Consolidation of bankruptcy applications
content:
319. Where 2 or more bankruptcy applications are made against the same debtor, the Court may consolidate the proceedings or any of them on such terms as the Court thinks fit.


document_id: irda-2018
provision_ref: s320
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 320
title: Power to dismiss application against some respondents only
content:
320. Where there are 2 or more respondents to an application, the Court may dismiss the application as to one or more of them, without affecting the effect of the application as against the other or others of them.


document_id: irda-2018
provision_ref: s321
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 321
title: Power to change conduct of proceedings
content:
321. Where any applicant for a bankruptcy order does not proceed with due diligence on the applicant’s application, the Court may substitute as applicant — ( a ) in the case of a creditor’s bankruptcy application, any other creditor to whom the debtor is indebted in the amount required under section 311(1)( a ); or ( b ) in any other case, the Official Assignee, and, unless the Court otherwise directs, the proceedings are to be continued as though no change had been made in the conduct of the proceedings.


document_id: irda-2018
provision_ref: s322
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 322
title: Continuance of proceedings on death of debtor
content:
322. If a debtor by or against whom a bankruptcy application has been made dies, unless the Court otherwise directs, the proceedings in the matter are to be continued as if the debtor were alive, and the Court may — ( a ) order that the application be served on the debtor’s personal representative or such other person as the Court thinks fit; or ( b ) dispense with service of the application on the debtor.


document_id: irda-2018
provision_ref: s323
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 323
title: Withdrawal of bankruptcy application
content:
323. —(1) Subject to subsection (2) and sections 316(11) and 318(5), a bankruptcy application must not be withdrawn without the permission of the Court. [Act 25 of 2021 wef 01/04/2022] (2) Subject to subsection (3), if no party to a bankruptcy application has, for more than one year (or such extended period as the Court may allow under subsection (4)), taken any step or proceeding in the bankruptcy application that appears from records maintained by the Court, the bankruptcy application is deemed to be withdrawn on the date immediately following the expiry of that year (or extended period). (3) Subsection (2) does not apply where the bankruptcy application has been stayed, or where proceedings on the application have been stayed, by the Court. (4) The Court may, on an application by any party made before the one year mentioned in subsection (2) has elapsed, extend the period as the Court thinks fit. (5) Subsection (2) applies to any bankruptcy application, whether made before, on or after 1 March 2012, but where the last step or proceeding in the bankruptcy application took place before that date, the period of one year begins on that date. (6) Where a bankruptcy application is deemed to be withdrawn under subsection (2), the Court may, on application, reinstate the bankruptcy application and allow the bankruptcy application to proceed on such terms as the Court thinks just. Division 2 &#x2014; Protection of debtor’s property


document_id: irda-2018
provision_ref: s324
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 324
title: Appointment of interim receiver
content:
324. —(1) The Court may, if it thinks it necessary or expedient for the protection of the debtor’s property, at any time after the making of a bankruptcy application and before making a bankruptcy order, appoint the Official Assignee to be the interim receiver of the debtor’s property or any part of the debtor’s property and direct the Official Assignee to take immediate possession of the same, including any books of accounts and other documents relating to the debtor’s business. (2) Where the Court has appointed an interim receiver under subsection (1), no person who is a creditor of the debtor in respect of a debt provable in bankruptcy — ( a ) has any remedy against the person or property of the debtor in respect of that debt; or ( b ) while the appointment of the interim receiver is in force, may commence or continue any action or other legal proceedings against the debtor in respect of that debt, except with the permission of the Court and on such terms as the Court may impose. [Act 25 of 2021 wef 01/04/2022] (3) Upon the appointment of an interim receiver under subsection (1), the debtor must — ( a ) give to the interim receiver such inventory of the debtor’s property and such other information; and ( b ) attend on the interim receiver at such times, as the interim receiver may for the purpose of carrying out the interim receiver’s functions under this section reasonably require. (4) Upon the appointment of an interim receiver under this section, sections 335 and 336 apply, with the necessary modifications, and any reference in those sections to — ( a ) the making of a bankruptcy order is to be read as a reference to the appointment of an interim receiver under this section; ( b ) the Official Assignee is to be read as a reference to the interim receiver; and ( c ) the bankrupt or the bankrupt’s estate is to be read (respectively) as a reference to the debtor or the debtor’s property. (5) The Official Assignee ceases to be the interim receiver of a debtor’s property if — ( a ) the bankruptcy application made against the debtor is dismissed or withdrawn; ( b ) a bankruptcy order is made on the application; or ( c ) the Court by order terminates the appointment.


document_id: irda-2018
provision_ref: s325
chapter: PART 16 - PROCEEDINGS IN BANKRUPTCY
section: 325
title: Power to stay proceedings against person or property of debtor
content:
325. Any Court may by order, at any time after the making of a bankruptcy application, stay any action, enforcement order or other legal process against the person or property of the debtor. [Act 25 of 2021 wef 01/04/2022]


document_id: irda-2018
provision_ref: s326
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 326
title: Commencement and duration of bankruptcy
content:
326. The bankruptcy of any person who has been adjudged bankrupt by a bankruptcy order (whether made against the person or against the firm in which the person is a partner) — ( a ) commences on the day the bankruptcy order is made; and ( b ) continues until the person is discharged under Part 18.


document_id: irda-2018
provision_ref: s327
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 327
title: Effect of bankruptcy order
content:
327. —(1) On the making of a bankruptcy order — ( a ) the property of the bankrupt — (i) vests in the Official Assignee without any further conveyance, assignment or transfer; and (ii) becomes divisible among the bankrupt’s creditors; ( b ) the Official Assignee is constituted the receiver of the bankrupt’s property; and ( c ) unless otherwise provided by Parts 3 and 13 to 22 — (i) no creditor to whom the bankrupt is indebted in respect of any debt provable in bankruptcy has any remedy against the person or property of the bankrupt in respect of that debt; and (ii) no action or proceedings may be proceeded with or commenced against the bankrupt in respect of that debt, except by the permission of the Court and in accordance with such terms as the Court may impose. [Act 25 of 2021 wef 01/04/2022] (2) Where a bankruptcy order is made against a firm, the order operates as if it were a bankruptcy order made against each of the persons who, at the time of the order, is a partner in the firm. (3) This section does not affect the right of any secured creditor to realise or otherwise deal with the secured creditor’s security in the same manner as the secured creditor would have been entitled to realise or deal with it if this section had not been enacted. (4) Despite subsection (3) and section 356, a secured creditor is not entitled to any interest in respect of the secured creditor’s debt after the making of a bankruptcy order unless the secured creditor — ( a ) notifies the Official Assignee within 60 days after the date of the bankruptcy order of the secured creditor’s intention to claim such interest; and [Act 32 of 2024 wef 01/01/2025] ( b ) realises the secured creditor’s security within — (i) 12 months after the date of the bankruptcy order (called in this section the realisation period); or (ii) such further period as the Official Assignee may determine on the application of the secured creditor made at least 30 days (or such shorter period as the Official Assignee may allow) before the expiry of the realisation period.


document_id: irda-2018
provision_ref: s328
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 328
title: Restrictions on dispositions of property by bankrupt
content:
328. —(1) Where a person is adjudged bankrupt, any disposition of property made by the bankrupt during the period beginning on the day of the making of the bankruptcy application and ending on the day of the making of the bankruptcy order is void except to the extent that such disposition has been made with the consent of, or been subsequently ratified by, the Court. (2) For the purpose of this section, a disposition of property includes any payment (whether in cash or otherwise) made to any person by the bankrupt and accordingly, where any payment is void by virtue of this section, the person to whom the payment was made holds the sum paid for the bankrupt as part of the bankrupt’s estate. (3) Nothing in this section gives a remedy against any person in respect of — ( a ) any property or payment which the person received from the bankrupt before the commencement of the bankruptcy in good faith, for value and without notice that the bankruptcy application had been made; or ( b ) any interest in property which derives from an interest in respect of which there is, by virtue of this subsection, no remedy. (4) Where, after the commencement of his or her bankruptcy, the bankrupt has incurred a debt to a banker or any other person by reason of the making of a payment which is void under this section, that debt is deemed for the purposes of Parts 3 and 13 to 22 to have been incurred before the commencement of the bankruptcy unless — ( a ) that banker or person had notice of the bankruptcy before the debt was incurred; or ( b ) it is not reasonably practicable for the amount of the payment to be recovered from the person to whom it was made. (5) A disposition of property is void under this section even if the property is not or, as the case may be, would not be comprised in the bankrupt’s estate, but nothing in this section affects any disposition made by a person of property held by that person on trust for any other person.


document_id: irda-2018
provision_ref: s329
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 329
title: Description of bankrupt’s property divisible amongst creditors
content:
329. —(1) The property of the bankrupt divisible among the bankrupt’s creditors (called in Parts 3 and 13 to 22 the bankrupt’s estate) comprises — ( a ) all such property as belongs to or is vested in the bankrupt at the commencement of his or her bankruptcy or is acquired by or devolves on him or her before his or her discharge; and ( b ) the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his or her own benefit at the commencement of his or her bankruptcy or before his or her discharge. (2) Subsection (1) does not apply to — ( a ) property held by the bankrupt on trust for any other person; ( b ) such tools, books, vehicles and other items of equipment as are needed by the bankrupt for the bankrupt’s personal use in the bankrupt’s employment, business or vocation; ( c ) such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and the bankrupt’s family; ( d ) property of the bankrupt which is excluded under any other written law; ( e ) the remainder of the bankrupt’s monthly income after deducting the bankrupt’s monthly contribution; and ( f ) any annual bonus or annual wage supplement paid as part of the bankrupt’s income. Division 2 &#x2014; Inquiry into bankrupt’s affairs,
dealings and property


document_id: irda-2018
provision_ref: s330
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 330
title: Meeting of creditors
content:
330. —(1) The Official Assignee may, at any time after the making of a bankruptcy order, summon a meeting of the bankrupt’s creditors. (2) Despite subsection (1), the Official Assignee must summon a meeting of the bankrupt’s creditors whenever directed by the Court to do so or whenever requested in writing by one-fourth in value of the bankrupt’s creditors to do so. (3) Every meeting summoned under this section must be conducted in accordance with the regulations.


document_id: irda-2018
provision_ref: s331
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 331
title: Creditors’ committee
content:
331. —(1) At any meeting convened by the Official Assignee under section 330(1), the creditors qualified to vote at the meeting, including the holders of general proxies or general powers of attorney from such creditors, may by ordinary resolution appoint from amongst themselves a committee (called in this section the creditors’ committee) of not more than 3 persons for the purpose of advising the Official Assignee on matters relating to the administration of the property of the bankrupt. (2) The Official Assignee may convene the creditors’ committee at such times as the Official Assignee thinks necessary, but must convene the committee whenever requested in writing to do so by all or a majority of the members of the committee. (3) Any member of the creditors’ committee may resign from office by notice in writing, signed by the member and delivered to the Official Assignee. (4) If a member of the creditors’ committee becomes bankrupt, or compounds or arranges with any of the member’s creditors, or is absent from and not represented at 3 consecutive meetings of the committee, the member’s office becomes vacant. (5) Any member of the creditors’ committee may be removed by an ordinary resolution at any meeting of creditors, of which 7 days’ notice has been given stating the object of the meeting. (6) On a vacancy occurring in the office of a member of the creditors’ committee, the Official Assignee must forthwith summon a meeting of creditors for the purpose of filling the vacancy, and the meeting may by ordinary resolution appoint another creditor or eligible person in subsection (1) to fill the vacancy. (7) In this section, “general powers of attorney” includes lasting powers of attorney registered under the Mental Capacity Act 2008.


document_id: irda-2018
provision_ref: s332
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 332
title: Bankrupt’s statement of affairs
content:
332. —(1) Where a bankruptcy order has been made against an individual otherwise than on a debtor’s bankruptcy application, the bankrupt must submit a statement of the bankrupt’s affairs to the Official Assignee within 21 days after the date of the bankruptcy order. (2) Where a bankruptcy order has been made against a firm — ( a ) on a creditor’s bankruptcy application, the bankrupts, being the partners in the firm at the time of the order, must submit a joint statement of their partnership affairs, and each partner in the firm must submit a statement of the partner’s separate affairs; or ( b ) on a debtor’s bankruptcy application, every person who at the time of the order is a partner in the firm but who did not join in the application must submit a statement of the partner’s separate affairs, to the Official Assignee within 21 days after the date of the bankruptcy order. (3) A statement of affairs mentioned in subsection (1) or (2)( a ) or ( b ) must be submitted in the form and manner prescribed (if any), and must contain — ( a ) such particulars of all or any of the following matters as may be prescribed: (i) the bankrupt’s assets; (ii) the bankrupt’s creditors, debts and other liabilities; (iii) the bankrupt’s current income from any source; (iv) the bankrupt’s current employment status and employment history; (v) the educational and vocational qualifications, age and work experience of the bankrupt; (vi) the members of the bankrupt’s family; (vii) the monthly expenses necessary for the maintenance of the bankrupt and the bankrupt’s family; ( b ) in the case of a firm, such particulars of the firm’s assets, creditors, debts and other liabilities as may be prescribed; and ( c ) such other information as may be prescribed. (4) The Official Assignee may, if the Official Assignee thinks fit — ( a ) release the bankrupt from the bankrupt’s duty under subsection (1) or (2), as the case may be; ( b ) extend the period specified in subsection (1) or (2); or ( c ) direct the bankrupt in writing to submit, within 21 days after the date of the direction, such supplementary information specified in the direction as the Official Assignee considers necessary to make the statement of the bankrupt’s affairs complete. (5) Where the Official Assignee has refused to exercise a power conferred by this section, the Court, if it thinks fit, may exercise it. (6) A bankrupt who — ( a ) without reasonable excuse, fails to comply with the obligation imposed by subsection (1) or (2), or with a direction under subsection (4)( c ); ( b ) without reasonable excuse, submits a statement of affairs that does not comply with the prescribed requirements; ( c ) submits a statement of affairs, or any supplementary information, that is false, and which the bankrupt either knows or believes to be false or does not believe to be true; or ( d ) submits a statement of affairs, or any supplementary information, that is misleading in any material particular or contains any material omission, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction. (7) Any person who claims, in writing, to be a creditor of the bankrupt may personally or by agent inspect the statement of affairs filed by the bankrupt under this section at all reasonable times and, upon payment of the prescribed fee, take any copy of or extract from the statement of affairs. (8) Any person untruthfully claiming to be a creditor under subsection (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 6 months or to both. (9) Where a trustee in bankruptcy is appointed to administer a bankrupt’s estate, the trustee must, not later than 30 days after receiving the statement of affairs or, where the bankrupt has been directed to submit any supplementary information under subsection (4)( c ), not later than 30 days after receiving such supplementary information — ( a ) notify the Official Assignee of the administration date for the bankruptcy; and ( b ) submit a copy of the statement of affairs and supplementary information (if any) to the Official Assignee.


document_id: irda-2018
provision_ref: s333
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 333
title: Bankrupt to submit accounts
content:
333. —(1) A bankrupt who has not obtained a discharge must, when directed by the Official Assignee, submit to the Official Assignee — ( a ) an account of all moneys and property that have come to the bankrupt’s hands for the bankrupt’s own use during such period as the Official Assignee may specify, including a statement of specified particulars of the bankrupt’s current employment status and employment history if the Official Assignee so directs; and [Act 1 of 2023 wef 01/11/2023] ( b ) an account of the moneys and property that have been expended in the expenses necessary for the maintenance of the bankrupt and the bankrupt’s family during the same period. [Act 1 of 2023 wef 01/11/2023] (2) A bankrupt who fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction.


document_id: irda-2018
provision_ref: s334
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 334
title: Powers of Official Assignee to examine persons, etc.
content:
334. —(1) The Official Assignee or any officer authorised by the Official Assignee may at any time, before or after a bankrupt’s discharge, by notice in writing — ( a ) summon any person listed in subsection (2) to appear before the Official Assignee, on such date and at such time as may be specified in the notice, to be examined on oath in relation to the bankrupt’s affairs, dealings and property; and ( b ) require that person to produce and surrender any book, document or copy of a book or document in that person’s possession or control that relates to the bankrupt’s affairs, dealings and property, and without payment, inspect, keep, copy, photograph or take extracts from the book, document or copy. (2) The persons referred to in subsection (1) are — ( a ) the bankrupt; ( b ) the bankrupt’s spouse; ( c ) a person known or suspected by the Official Assignee to possess any of the bankrupt’s property or any document relating to the bankrupt’s affairs, dealings and property; ( d ) a person believed by the Official Assignee to owe the bankrupt money; ( e ) a person believed by the Official Assignee to be able to give information regarding — (i) the bankrupt; or (ii) the bankrupt’s affairs, dealings and property; and ( f ) a trustee of a trust of which the bankrupt is a settlor or is or has been a trustee. (3) The Official Assignee may apply to the Court for a warrant to be issued for the arrest of a person summoned under subsection (1)( a ), where — ( a ) the person without reasonable excuse fails to appear for the examination on the date and at the time specified in the notice; or ( b ) there are reasonable grounds for believing that the person has absconded, or is about to abscond, with a view to avoiding compliance with this section. (4) The Court may authorise any person arrested under subsection (3) to be kept in custody until that person is brought before the Court or until such other time as the Court may order. (5) Where a person has been arrested under subsection (3), the Court may order the person’s release, either with or without security to the satisfaction of the Court that the person will abide by such conditions as the Court may think fit to impose. (6) Any person who, without reasonable excuse, does any of the following shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,500 or to imprisonment for a term not exceeding one month or to both: ( a ) fails to appear before the Official Assignee as required by a notice under subsection (1)( a ); ( b ) fails to answer any question relating to the bankrupt’s affairs, dealings or property that is posed to that person in an examination under subsection (1)( a ); ( c ) fails to produce or surrender any book, document or copy of a book or document, in that person’s possession or control, as required by a notice under subsection (1)( b ).


document_id: irda-2018
provision_ref: s335
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 335
title: Examination of bankrupt and others
content:
335. —(1) Where a bankruptcy order has been made, the Court may, upon an application made by the Official Assignee at any time (whether before or after the discharge of the bankrupt), or upon an application made by a creditor (who has tendered a proof) at any time before the discharge of the bankrupt — ( a ) summon the bankrupt to appear before it on an appointed day and examine the bankrupt as to the bankrupt’s affairs, dealings and property; and ( b ) summon any other person to appear before the Court on the same or another appointed day and examine the person, if it appears to the Court that the person would be able to give information concerning the bankrupt or the bankrupt’s affairs, dealings or property. (2) Every person summoned before the Court under this section is to be examined on oath. [Act 31 of 2022 wef 01/11/2023] (3) Without prejudice to subsection (2), the Court may at any time require any person mentioned in subsection (1)( b ) to submit an affidavit to the Court containing an account of the person’s dealings with the bankrupt or to produce any documents in the person’s possession or under the person’s control relating to the bankrupt or the bankrupt’s affairs, dealings or property. (4) The Court may adjourn any examination under this section from time to time. (5) Any creditor who has tendered a proof or the representative of such creditor who has been authorised in writing, may question the bankrupt or such other person as may have been summoned by the Court under subsection (1) concerning the bankrupt’s affairs, dealings or property and the causes of the bankrupt’s failure. (6) The Official Assignee must take part in the examination of the bankrupt under this section and may, for the purpose of taking part in the examination, employ a solicitor. (7) Where a special manager of the bankrupt’s estate or business (other than the bankrupt himself or herself) is appointed by the Official Assignee under section 379, the special manager may take part in the examination of the bankrupt or any other person summoned under this section and may, for the purpose of taking part in the examination, employ a solicitor. (8) No solicitor is allowed to take part in the examination under this section on behalf of the bankrupt. (9) The Court may put such questions as it thinks expedient to the bankrupt or to such other person summoned by it. (10) It is the duty of the bankrupt and any other person summoned by the Court under this section to answer all such questions as the Court puts or allows to be put to the bankrupt or other person. (11) The Court must cause to be made such record of the examination as the Court thinks proper and any record so made may, after the record is made, be used in evidence against the person in the course of whose examination the record was made. (12) Any record made under subsection (11) must, at all reasonable times and upon payment of the prescribed fee, be made available to any creditor for review at the premises of the Court. (13) Where the Court is of the opinion that the affairs of the bankrupt have been sufficiently investigated, the Court may, by order, conclude the examination. (14) The order under subsection (13) does not preclude the Court from directing a further examination of the bankrupt or any other person as to the bankrupt’s affairs, dealings and property whenever the Court sees fit to do so, whether before or after the bankrupt has been discharged from bankruptcy. (15) Where a bankrupt or any other person summoned by the Court under this section without reasonable excuse fails at any time to attend before the Court, or where there are reasonable grounds for believing that the bankrupt or such other person has absconded, or is about to abscond, with a view to avoiding his or her appearance before the Court under this section, the Court may cause a warrant to be issued for the arrest of the bankrupt or that other person and for the seizure of any books, papers, records, money or goods in the possession of the bankrupt or that other person. (16) The Court may authorise — ( a ) any person arrested under subsection (15) to be kept in custody; and ( b ) anything seized from such person to be held, until that person is brought before the Court or until such other time as the Court may order. (17) The Court may, if it thinks fit, order that any person, who if within Singapore would be liable to be summoned to appear before it and examined under this section, is to be examined in Singapore or elsewhere.


document_id: irda-2018
provision_ref: s336
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 336
title: Power of Court following examination of bankrupt and others
content:
336. —(1) If it appears to the Court, on consideration of any evidence obtained under section 335 that any person is in possession of any property comprised in the bankrupt’s estate, the Court may, on the application of the Official Assignee, order that person to deliver the whole or any part of the property to the Official Assignee at such place and time and in such manner and on such terms as the Court may think fit. (2) If it appears to the Court, on consideration of any evidence obtained under section 335 that any person is indebted to the bankrupt, the Court may, on the application of the Official Assignee, order that person to pay to the Official Assignee, at such place and time and in such manner as the Court may direct, the whole or part of the amount due, whether in full discharge of the debt or otherwise as the Court thinks fit.


document_id: irda-2018
provision_ref: s337
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 337
title: Unenforceability of liens on books, etc.
content:
337. —(1) Subject to this section, a lien or other right to retain possession of any of the books, papers or other records relating to the affairs or property of a bankrupt is unenforceable to the extent that its enforcement would deny possession of any books, papers or other records to the Official Assignee. (2) Subsection (1) does not apply to a lien on documents which give a title to property and are held as such.


document_id: irda-2018
provision_ref: s338
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 338
title: Official Assignee to settle list of debtors to bankrupt’s estate
content:
338. —(1) The Official Assignee may, after a bankruptcy order has been made, prepare and file in Court a list of persons supposed to be indebted to the bankrupt (called in this section a list of debtors), with the amounts in which they are supposed to be so indebted set out opposite to their names respectively. (2) Before finally settling the name and amount of the debt of any person on the list of debtors, the Official Assignee must give notice in writing to that person stating that — ( a ) the Official Assignee has placed that person on the list of debtors to the bankrupt’s estate in the amount specified in the notice; and ( b ) unless that person on or before a day specified in such notice gives to the Registrar and the Official Assignee notice in writing of that person’s intention to dispute that person’s indebtedness, that person is deemed to admit that the amount set out opposite that person’s name in the list of debtors is due and owing by that person to the bankrupt, and that person is to be settled on the list accordingly. (3) Any person included in the list of debtors who does not give notice of the person’s intention to dispute the person’s indebtedness within the time limited in that behalf is to be settled on that list, and an enforcement order may be issued against the person for the amount set out opposite the person’s name in the list in the same way as if judgment had been entered against the person for such amount in favour of the Official Assignee. [Act 25 of 2021 wef 01/04/2022] (4) A certificate by the Registrar that the person named in the certificate has been settled on a list of debtors as a debtor to the bankrupt’s estate in the amount specified in the certificate is proof of the facts stated in the certificate. (5) A person settled on a list of debtors under this section may apply to the Court in a summary way for permission to dispute the person’s indebtedness or the amount of the person’s indebtedness. [Act 25 of 2021 wef 01/04/2022] (6) The Court may if it thinks fit make such order for determining the question of the person’s indebtedness or amount of indebtedness mentioned in subsection (5) as may seem expedient, upon the terms of the person giving security for costs and either paying into Court or giving security for the whole or such part of the alleged debt as under the circumstances may seem reasonable, and may stay all further proceedings. Division 3 &#x2014; Monthly contribution and target contribution


document_id: irda-2018
provision_ref: s339
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 339
title: Determination of monthly contribution and target contribution
content:
339. —(1) The Official Assignee must, not later than 2 months after the administration date of a bankruptcy — ( a ) determine the bankrupt’s monthly contribution and target contribution in respect of the bankruptcy; and ( b ) serve a notice of the determination on — (i) the bankrupt; (ii) every creditor who has filed a proof of debt in respect of the bankruptcy; and (iii) in a case where the determination is made before the expiry of the period mentioned in section 347(2), every creditor who is mentioned in the statement of the bankrupt’s affairs but has not filed a proof of debt. (2) For the purposes of determining the monthly contribution mentioned in subsection (1)( a ), the Official Assignee must take into account — ( a ) the current monthly income of the bankrupt; ( b ) the extent to which the current monthly income of the bankrupt’s spouse may contribute to the maintenance of the bankrupt’s family; ( c ) the monthly income that the bankrupt may reasonably be expected to earn over the duration of the bankruptcy, taking into account — (i) the previous and current monthly income of the bankrupt; (ii) the educational and vocational qualifications, age and work experience of the bankrupt; (iii) the range of monthly income earned by persons who are employed in occupations, positions or roles similar to that in which the bankrupt is, or can be expected to be, employed; (iv) the effect which the bankruptcy may have on the bankrupt’s earning capacity or other income; (v) the prevailing economic conditions; and (vi) the period of time during which the bankrupt is likely to be capable of earning a meaningful income; and ( d ) the reasonable expenses for the maintenance of the bankrupt and the bankrupt’s family. (3) Where the determination under subsection (1) is made by a trustee in bankruptcy, the trustee must also serve the notice of the determination, together with an explanation of the basis for making the determination, on the Official Assignee.


document_id: irda-2018
provision_ref: s340
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 340
title: Review by Court of determination of monthly contribution and target contribution
content:
340. —(1) If a bankrupt or any creditor of the bankrupt is dissatisfied with the monthly contribution and target contribution determined under section 339, the bankrupt or the creditor (as the case may be) may, within 21 days after the service of the notice of the determination, apply to the Court to review the determination. (2) The Court may, in any particular case, extend the period for the making of the application under subsection (1), if the Court is satisfied that it is just to do so. (3) An application under subsection (1) must be served, within 3 days after the date on which the application is filed, on — ( a ) the Official Assignee, or the trustee in bankruptcy, whose determination under section 339 is the subject of the application; and ( b ) the bankrupt, unless the application was made by the bankrupt. (4) Upon being served with the application under subsection (3)( a ), the Official Assignee or the trustee in bankruptcy (as the case may be) must forthwith give notice of the application to every person on whom the notice of the determination was served under section 339(1)( b )(ii) and (iii) and (3) (except, where the application was made by a creditor, that creditor). (5) On hearing an application under subsection (1), the Court may — ( a ) confirm or vary the monthly contribution and target contribution in respect of which the application is brought; or ( b ) give such directions to the Official Assignee or trustee in bankruptcy (as the case may be), or make such order, as the Court may think fit. (6) Unless the Court orders otherwise, a variation under subsection (5)( a ) of the monthly contribution and target contribution takes effect on the date of the order. (7) A variation of the monthly contribution and target contribution made under subsection (5)( a ) does not affect any payment made by the bankrupt in respect of the monthly contribution or target contribution prior to the date of the variation. (8) The Official Assignee or trustee in bankruptcy (as the case may be) must, within 14 days after the variation of the monthly contribution and target contribution under subsection (5)( a ), serve a notice of the variation order on — ( a ) the bankrupt; ( b ) every creditor who has filed a proof of debt in respect of the bankruptcy; and ( c ) in a case where the variation is made before the expiry of the period mentioned in section 347(2), every creditor who is mentioned in the statement of the bankrupt’s affairs but who has not filed a proof of debt.


document_id: irda-2018
provision_ref: s341
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 341
title: Power of Court to vary monthly contribution and target contribution
content:
341. —(1) Where the Court is satisfied, on the application of the Official Assignee or the trustee in bankruptcy, a bankrupt or any creditor of the bankrupt, that any of the conditions described in subsection (2) apply, the Court may make such order as it thinks fit to vary the bankrupt’s monthly contribution and target contribution. (2) The conditions mentioned in subsection (1) are as follows: ( a ) before the determination of the monthly contribution and target contribution under section 339 was made, the bankrupt concealed from, or failed to disclose to, the Official Assignee or trustee in bankruptcy (as the case may be) information which the bankrupt knows or ought reasonably to know would have a material impact on the determination; ( b ) information which would have a material impact on the determination of the bankrupt’s monthly contribution and target contribution under section 339 — (i) was not available to the bankrupt before the making of that determination; and (ii) is now available; ( c ) it is otherwise just and equitable to vary the monthly contribution and target contribution determined under section 339. (3) An application under subsection (1) must be served, within 3 days after the date of filing, on — ( a ) the Official Assignee, or the trustee in bankruptcy, whose determination under section 339 is the subject of the application, unless the application was made by the Official Assignee or the trustee, as the case may be; and ( b ) the bankrupt, unless the application was made by the bankrupt. (4) Upon — ( a ) the filing of an application under subsection (1) by the Official Assignee or trustee in bankruptcy; or ( b ) being served with an application under subsection (3)( a ), where the application is not filed by the Official Assignee or trustee in bankruptcy, the Official Assignee or trustee in bankruptcy (as the case may be) must forthwith give notice of the application to every person on whom the notice of the determination was served under section 339(1)( b )(ii) and (iii) and (3) (except, where the application was made by a creditor, that creditor). (5) Unless the Court orders otherwise, a variation under subsection (1) of the monthly contribution and target contribution takes effect on the date of the order. (6) A variation of the monthly contribution and target contribution made under subsection (1) does not affect any payments made by the bankrupt in respect of the monthly contribution or target contribution prior to the date of the variation. (7) The Official Assignee must, within 14 days after the variation of the monthly contribution and target contribution under subsection (1), serve a notice of the variation order on — ( a ) the bankrupt; ( b ) every creditor who has filed a proof of debt; and ( c ) in a case where the variation is made before the expiry of the period mentioned in section 347(2), every creditor who is mentioned in the statement of the bankrupt’s affairs but who has not filed a proof of debt.


document_id: irda-2018
provision_ref: s342
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 342
title: Power of Official Assignee to reduce monthly contribution and target contribution
content:
342. —(1) The Official Assignee may, on the application of a bankrupt, issue a certificate reducing the bankrupt’s monthly contribution and target contribution to such extent as the Official Assignee thinks fit, if the Official Assignee is satisfied that one or more of the conditions described in subsection (2) arose after the determination of the monthly contribution and target contribution. (2) The conditions mentioned in subsection (1) are as follows: ( a ) the reasonable expenses for the maintenance of the bankrupt’s family have increased as a result of an increase in the number of the members of the bankrupt’s family; ( b ) the contribution by the bankrupt’s spouse to the maintenance of the bankrupt’s family has been substantially reduced as a result of a substantial reduction in the monthly income earned by the bankrupt’s spouse, and that reduction in income is not likely to be transient in nature; ( c ) the bankrupt is unable to pay the monthly contribution in full due to the personal circumstances of the bankrupt, including but not limited to a debilitating illness, which resulted in a substantial reduction in the bankrupt’s income, and that reduction in income is not likely to be transient in nature. (3) A certificate issued under subsection (1) takes effect on the date it is issued. (4) A certificate issued under subsection (1) does not affect any payments made by the bankrupt in respect of the monthly contribution or target contribution prior to the date of issue of the certificate. (5) The Official Assignee must, within 14 days after the issue of a certificate under subsection (1), serve a notice of the issue of the certificate on — ( a ) the bankrupt; ( b ) every creditor who has filed a proof of debt; and ( c ) in a case where the reduction is made before the expiry of the period mentioned in section 347(2), every creditor who is mentioned in the statement of the bankrupt’s affairs but who has not filed a proof of debt. (6) Where the bankruptcy is being administered by a trustee in bankruptcy, and the certificate under subsection (1) was issued by the trustee, the trustee must also serve the notice of the issue of the certificate, together with an explanation of the basis for issuing the certificate, on the Official Assignee.


document_id: irda-2018
provision_ref: s343
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 343
title: Review by Court of decision of Official Assignee under section 342
content:
343. —(1) Where a bankrupt or any creditor of the bankrupt is dissatisfied with the decision of the Official Assignee under section 342(1), the bankrupt or the creditor (as the case may be) may, within 21 days after the service of the notice mentioned in section 342(5), apply to the Court to review the decision. (2) The Court may, in any particular case, extend the period for the making of an application under subsection (1) if the Court is satisfied that it is just to do so. (3) An application under subsection (1) must be served, within 3 days after the date of filing, on the Official Assignee, who must forthwith — ( a ) serve a copy of the application on the bankrupt, unless the application was made by the bankrupt; and ( b ) give notice of the application to every creditor who was, under section 342(5)( b ) or ( c ), entitled to service of the notice mentioned in section 342(5) (except, where the application was made by a creditor, that creditor). (4) On hearing an application under subsection (1), the Court may — ( a ) confirm, vary or cancel the certificate under section 342(1) in respect of which the application is brought; or ( b ) give such directions to the Official Assignee, or make such order, as the Court may think fit. (5) Unless the Court orders otherwise, a variation made under subsection (4)( a ) of the certificate under section 342(1) takes effect from the date of issue of the certificate. (6) A variation of the certificate does not affect any payment made by the bankrupt, prior to the date of the variation, in respect of any reduced monthly contribution pursuant to the certificate. (7) The Official Assignee must, within 14 days after a variation under subsection (4)( a ) of the certificate under section 342(1), serve a notice of the variation order on every person who was, under section 342(5) or (6), entitled to service of the notice of the issue of the certificate.


document_id: irda-2018
provision_ref: s344
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 344
title: Review by Official Assignee of administration by trustee in bankruptcy
content:
344. —(1) A trustee in bankruptcy must, not later than 30 days after each relevant anniversary of the administration date for the bankruptcy, submit to the Official Assignee a report (in such form as may be prescribed) of the trustee’s administration of the bankruptcy. (2) The report under subsection (1) is to contain particulars of — ( a ) the total amount of debts owed to creditors who have filed their proof of debt; ( b ) the property of the bankrupt comprised in the bankruptcy estate and the status of the realisation of such property; ( c ) the monthly contribution and target contribution for the bankruptcy; ( d ) the payments that have been made by the bankrupt to the bankruptcy estate; and ( e ) any other payments that have been made to the bankruptcy estate. (3) Upon receipt of a report under subsection (1), if the Official Assignee is of the opinion that the monthly contribution and target contribution determined by the trustee in bankruptcy are excessive, the Official Assignee may issue a certificate reducing the monthly contribution and target contribution. (4) In this section, “relevant anniversary”, in relation to the administration date for a bankruptcy, means — ( a ) in any case where the bankruptcy is a repeat bankruptcy, the seventh and every subsequent anniversary of the administration date; and ( b ) in any other case, the fifth and every subsequent anniversary of the administration date. Division 4 &#x2014; Proof of debts


document_id: irda-2018
provision_ref: s345
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 345
title: Description of debts provable in bankruptcy
content:
345. —(1) Subject to this section and section 352, the following are provable in bankruptcy: ( a ) any debt or liability to which a bankrupt — (i) is subject at the date of the bankruptcy order; or (ii) may become subject before the bankrupt’s discharge by reason of any obligation incurred before the date of the bankruptcy order; ( b ) any interest payable by the bankrupt on any debt or liability mentioned in paragraph ( a ) for any period before the date of the bankruptcy order. (2) A person having notice of the making of a bankruptcy application may not prove under the bankruptcy order made on the application, for any debt or liability contracted by the bankrupt subsequent to the date of the person so having notice. (3) Demands in the nature of unliquidated damages arising otherwise than by reason of a contract, promise, breach of trust, tort or bailment, or an obligation to make restitution, are not provable in bankruptcy. (4) For the purposes of subsection (1), in determining whether any liability in tort is provable in bankruptcy, the bankrupt is deemed to be subject to that liability by reason of an obligation incurred at the time when the cause of action for that tort accrued. (5) An estimate is to be made by the Official Assignee of the value of any debt or liability provable under this section which, by reason of its being subject to any contingency or contingencies, or for any other reason, does not bear a certain value. (6) Any person aggrieved by any such estimate may appeal to the Court. (7) If in the opinion of the Court the value of the debt or liability is incapable of being fairly estimated, the Court may make an order to that effect and, upon the making of the order, the debt or liability is, for the purposes of Parts 16 to 21, deemed to be a debt not provable in bankruptcy. (8) If in the opinion of the Court the value of the debt or liability is capable of being fairly estimated, the Court may assess the same and may give all necessary directions for this purpose, and the amount of the value when assessed is deemed to be a debt provable in bankruptcy. (9) An amount payable under any order made by a court under any written law relating to the confiscation of the proceeds of crime is provable in bankruptcy.


document_id: irda-2018
provision_ref: s346
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 346
title: Mutual credit and set‑off
content:
346. —(1) Where there have been any mutual credits, mutual debts or other mutual dealings between a bankrupt and any creditor, the debts and liabilities to which each party is or may become subject as a result of such mutual credits, debts or dealings are to be set off against each other and only the balance is to be a debt provable in bankruptcy. (2) The following are excluded from any set-off under subsection (1): ( a ) any debt or liability of the bankrupt that is not a debt provable in bankruptcy; ( b ) any debt or liability that arises by reason of an obligation incurred at a time when the creditor had notice that a bankruptcy application relating to the bankrupt was pending.


document_id: irda-2018
provision_ref: s347
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 347
title: Creditors to file proof of debts within time limited
content:
347. —(1) The Official Assignee must, not later than 30 days after the administration date for a bankruptcy, give notice, in the manner prescribed (if any), of the bankruptcy order and of the time within which creditors are required under subsection (2) to file their proof of debt, to — ( a ) every creditor mentioned in the statement of affairs or supplementary information (if any); and ( b ) every other person who, to the Official Assignee’s knowledge, claims to be a creditor. (2) Subject to subsections (3) and (4), a creditor cannot prove a debt in a bankruptcy unless the creditor files a proof in respect of the debt not later than 4 months after the administration date of the bankruptcy. (3) The Court may, on the application of a creditor made at any time, extend the period during which the creditor may prove a debt, if the Court considers it just to do so. (4) The Official Assignee may, on the application of a creditor made at any time, extend the period during which the creditor may prove a debt, if the Official Assignee is satisfied that — ( a ) the creditor did not know, and could not reasonably be expected to know, of the bankruptcy order before the expiry of the period mentioned in subsection (2); or ( b ) the creditor could not reasonably be expected to prove the debt before the expiry of the period mentioned in subsection (2).


document_id: irda-2018
provision_ref: s348
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 348
title: Surrender of security for non-disclosure
content:
348. —(1) If a secured creditor omits to disclose the secured creditor’s security, the secured creditor must surrender the security for the general benefit of creditors, unless the Court, on application by the secured creditor, relieves the secured creditor from the effect of this section on the ground that the omission is inadvertent or the result of an honest mistake. (2) If the Court grants relief to the secured creditor, the Court may direct that the secured creditor’s proof of debt be amended on such terms as the Court thinks just. (3) An order of the Court relieving a secured creditor of a bankrupt from the effect of this section must be served on the Official Assignee.


document_id: irda-2018
provision_ref: s349
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 349
title: Valuation of property
content:
349. —(1) If a secured creditor does not either realise or surrender the secured creditor’s security, the secured creditor must, before ranking for dividend, state in the secured creditor’s proof the particulars of the security, the date when it was given and the value at which the secured creditor assesses it, and the secured creditor is entitled to receive a dividend only in respect of the balance due to the secured creditor after deducting the value so assessed. (2) If the Official Assignee is dissatisfied with the value at which a security is assessed, the Official Assignee may require that the property comprised in any security so valued be offered for sale and on such terms and conditions as are agreed on between the creditor and the Official Assignee, and, in default of agreement, as the Court may direct.


document_id: irda-2018
provision_ref: s350
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 350
title: Failure to comply
content:
350. If a secured creditor contravenes section 348 or 349 or any regulation mentioned in section 351, the secured creditor is excluded from all share in any dividend.


document_id: irda-2018
provision_ref: s351
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 351
title: Regulations as to proof of debts
content:
351. The prescribed regulations must be observed with respect to the mode of proving debts, the quantification of proofs, the admission and rejection of proofs and any other matters relating to proof of debts.


document_id: irda-2018
provision_ref: s352
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 352
title: Priority of debts
content:
352. —(1) Subject to the provisions of this Act, in the distribution of the property of a bankrupt, the following are to be paid in priority to all other debts: ( a ) first, the costs and expenses of administration or otherwise incurred by the Official Assignee; ( b ) second, the costs of the applicant for the bankruptcy order (whether assessed or agreed) and the costs and expenses properly incurred by a nominee in respect of the administration of any voluntary arrangement under Part 14; [Act 25 of 2021 wef 01/04/2022] ( c ) third, subject to subsection (2), all wages or salary (whether or not earned wholly or in part by way of commission), including any amount payable by way of allowance or reimbursement under any contract of employment or any award or agreement regulating the conditions of employment of any employee; ( d ) fourth, subject to subsection (2), the amount due to an employee as a retrenchment benefit or an ex gratia payment under any contract of employment or any award or agreement that regulates the conditions of employment, whether such amount becomes payable before, on or after the date of the bankruptcy order; ( e ) fifth, all amounts due in respect of any work injury compensation under the Work Injury Compensation Act 2019 or the Work Injury Compensation Act (Cap. 354, 2009 Revised Edition) repealed by that Act accrued before, on or after the date of the bankruptcy order; ( f ) sixth, all amounts due in respect of contributions payable, during a period of 12 consecutive months commencing not earlier than 12 months before and ending not later than 12 months after the date of the bankruptcy order, by the bankrupt as the employer of any person, under any written law relating to employees’ superannuation or provident funds or under any scheme of superannuation which is an approved scheme under the Income Tax Act 1947; ( g ) seventh, subject to subsection (2), all remuneration payable to any employee in respect of vacation leave, or in the case of the employee’s death, to any other person in the employee’s right, accrued in respect of any period before, on or after the date of the bankruptcy order; ( h ) eighth, the amount of all taxes assessed, and any goods and services tax due, under any written law before the date of the bankruptcy order, or assessed at any time before the time fixed for the proving of debts has expired; ( i ) ninth, all premiums (including interest and penalties for late payment) and other sums payable in respect of the bankrupt’s insurance cover under the MediShield Life Scheme mentioned in section 3 of the MediShield Life Scheme Act 2015, and the CareShield Life Scheme established by section 5 of the CareShield Life and Long‑Term Care Act 2019, respectively, before the time fixed for the proving of debts has expired. [26/2019; 27/2019] (2) The amount payable under subsection (1)( c ), ( d ) and ( g ) must not exceed such amount as the Minister may prescribe by order in the Gazette . (3) In subsection (1)( c ), ( d ), ( f ) and ( g ) and this subsection — “employee” means an individual who has entered into or works under a contract of service with the bankrupt and includes a subcontractor of labour; “ex gratia payment” means an amount payable to an employee on the bankruptcy of the employee’s employer or on the termination of the employee’s service by his or her employer on the ground of redundancy or by reason of any re‑organisation of the employer, profession, business, trade or work, and “an amount payable to an employee” for these purposes means an amount ascertained from any contract of employment, award or agreement; “retrenchment benefit” means an amount payable to an employee on the bankruptcy of the employee’s employer or on the termination of the employee’s service by his or her employer on the ground of redundancy or by reason of any re‑organisation of the employer, profession, business, trade or work, and “an amount payable to an employee” for these purposes means an amount ascertained from any contract of employment, award or agreement, or if no amount is so ascertainable, such amount as is determined by the Commissioner for Labour or by an Employment Claims Tribunal constituted under section 4 of the State Courts Act 1970; “wages or salary” includes — ( a ) all arrears of money due to a subcontractor of labour; ( b ) any amount payable to an employee on account of wages or salary during a period of notice of termination of employment or in lieu of notice of such termination, whether such amount becomes payable before, on or after the date of the bankruptcy order; and ( c ) any amount payable to an employee, on termination of the employee’s employment, as a gratuity under any contract of employment or any award or agreement that regulates the conditions of the employee’s employment, whether such amount becomes payable before, on or after the date of the bankruptcy order. (4) The debts in each class specified in subsection (1) rank in the order specified in that subsection, but debts of the same class rank equally between themselves, and are to be paid in full, unless the property of the bankrupt is insufficient to meet them, in which case the debts of the same class are to abate in equal proportions between themselves. (5) Where any payment has been made to any employee of the bankrupt on account of wages, salary or vacation leave out of money advanced by a person for that purpose, the person by whom the money was advanced, in a bankruptcy — ( a ) has a right of priority in respect of the money so advanced and paid, up to the amount by which the sum in respect of which the employee would have been entitled to priority in the bankruptcy has been diminished by reason of the payment; and ( b ) has the same right of priority in respect of that amount as the employee would have had if the payment had not been made. (6) Where any creditor has given any indemnity or made any payment of moneys by virtue of which any asset of the bankrupt has been recovered, protected or preserved, the Court may make such order as it thinks just with respect to the distribution of such asset with a view to giving that creditor an advantage over other creditors in consideration of the risks run by the creditor in so doing. (7) Where an interim receiver has been appointed under section 324 before the making of the bankruptcy order, the date of the appointment is, for the purposes of this section, deemed to be the date of the bankruptcy order.


document_id: irda-2018
provision_ref: s353
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 353
title: Payment of partnership debts
content:
353. —(1) In the case of partners, the joint estate is applicable in the first instance in payment of their joint debts, and the separate estate of each partner is applicable in the first instance in payment of the partner’s separate debts. (2) If there is surplus of the separate estates, it is to be dealt with as part of the joint estate. (3) If there is surplus of the joint estate, it is to be dealt with as part of the respective separate estates in proportion to the right and interest of each partner in the joint estate.


document_id: irda-2018
provision_ref: s354
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 354
title: Right of landlord to distrain for rent
content:
354. —(1) The right of any landlord or other person to whom rent is payable to distrain upon the goods and effects of a bankrupt for rent due to the landlord or other person from the bankrupt is, subject to subsection (5), available against goods and effects comprised in the bankrupt’s estate in respect only of not more than 3 months’ rent accrued due before the commencement of the bankruptcy. (2) Where a landlord or other person to whom rent is payable has distrained for rent upon the goods and effects of an individual to whom a bankruptcy application relates and a bankruptcy order is subsequently made on that application, any amount recovered by way of that distress which — ( a ) is in excess of the amount which by virtue of subsection (1) would have been recoverable after the commencement of the bankruptcy; or ( b ) is in respect of rent for a period or part of a period after the distress was levied, is held by the landlord or other person in trust for the bankrupt as part of the bankrupt’s estate and the landlord or other person must, upon being given notice by the Official Assignee to do so, make over to the Official Assignee the amount so held in trust by the landlord or other person for the bankrupt. (3) Where any person (whether or not a landlord or person entitled to rent) has distrained upon the goods or effects of an individual who is adjudged bankrupt before the end of the period of 3 months beginning with the distraint, so much of those goods or effects, or of the proceeds of their sale, as is not held by the person in trust for the bankrupt under subsection (2) are to be charged for the benefit of the bankrupt’s estate with the preferential debts of the bankrupt to the extent that the bankrupt’s estate is for the time being insufficient for meeting those debts. (4) Where by virtue of any charge under subsection (3) any person surrenders any goods or effects to the Official Assignee, that person ranks, in respect of the amount of the proceeds of the sale of those goods or effects by the Official Assignee or (as the case may be) the amount of the payment, as a preferential creditor of the bankrupt, except as against so much of the bankrupt’s estate as is available for the payment of preferential creditors by virtue of the surrender or payment. (5) A landlord or other person to whom rent is payable is not entitled at any time after the discharge of a bankrupt to distrain upon any goods or effects comprised in the bankrupt’s estate. (6) Any right to distrain against property comprised in a bankrupt’s estate is exercisable despite that the property has vested in the Official Assignee. (7) The provisions of this section do not affect a landlord’s right in a bankruptcy to prove for any debt due to the landlord from the bankrupt in respect of rent.


document_id: irda-2018
provision_ref: s355
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 355
title: Contracts to which bankrupt is party
content:
355. —(1) This section applies where a contract has been made with a person who is subsequently adjudged bankrupt. (2) The Court may, on the application of any other party to the contract, make an order discharging obligations under the contract on such terms as to payment by the applicant or the bankrupt of damages for non-performance or otherwise as appear to the Court to be equitable. (3) Any damages payable by the bankrupt by virtue of an order of the Court under this section is a debt provable in bankruptcy. (4) Where an undischarged bankrupt is a party to any contract jointly with any person, that person may sue or be sued in respect of the contract without the joinder of the bankrupt.


document_id: irda-2018
provision_ref: s356
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 356
title: Interest on debts
content:
356. —(1) Where interest on a debt was not previously reserved or agreed, interest is allowed on the debt at a rate not exceeding the prescribed rate of interest in the following circumstances: ( a ) in any case where the debt is due by virtue of a written instrument and payable at a certain date, interest is allowed for the period starting on (and including) the day after that date and ending on (and including) the date of the bankruptcy order; ( b ) in any other case, if a demand for payment was made in writing by or on behalf of the creditor before the making of the bankruptcy application, and notice was given that interest would be payable from the date of the demand to the date of the payment, interest is allowed for the period starting on (and including) the day after the date of the demand and ending on (and including) the date of the bankruptcy order. (2) For the purposes of distribution of dividend — ( a ) where a debt which has been proved in a bankruptcy includes interest, and the rate of such interest was previously agreed or reserved, the interest is calculated — (i) for the period starting on (and including) the date the interest was payable and ending on (and including) the date of the bankruptcy order; and (ii) at the rate previously agreed or reserved; and ( b ) where a debt which has been proved in a bankruptcy includes interest, and the rate of such interest was not previously agreed or reserved, the interest is calculated — (i) for the period starting on (and including) the date the interest was payable and ending on (and including) the date of the bankruptcy order; and (ii) at the prescribed rate of interest. (3) Interest on preferential debts ranks equally with interest on other debts. (4) In this section, “interest” includes any pecuniary consideration in lieu of interest and any penalty or late payment charge by whatever name called. Division 5 &#x2014; Composition or scheme of arrangement


document_id: irda-2018
provision_ref: s357
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 357
title: Creditors may accept composition or scheme by special resolution
content:
357. —(1) Where a bankruptcy order has been made, the creditors who have proved their debts may, if they think fit — ( a ) at a general meeting of creditors; or ( b ) in writing, by special resolution, resolve to accept a proposal for a composition in satisfaction of the debts due to them under the bankruptcy, or for a scheme of arrangement of the bankrupt’s affairs. (2) A meeting under subsection (1)( a ) is to be summoned by the Official Assignee by not less than 21 days’ notice. (3) A special resolution in writing under subsection (1)( b ) is to be sought by a notice from the Official Assignee giving the creditors 21 days to reply. (4) Any notice under this section must state generally the terms of the proposal and must be accompanied by a report of the Official Assignee thereon. (5) Where a special resolution is sought at a general meeting of creditors under subsection (1)( a ), any creditor who has proved the creditor’s debt may assent to or dissent from the composition or scheme by a letter addressed to the Official Assignee in the prescribed form, and attested by a witness, and sent or posted so as to be received by the Official Assignee not later than 3 days before the meeting, and a creditor so assenting or dissenting is taken as having been present and voting at that meeting. (6) Where a special resolution is sought in writing under subsection (1)( b ), any creditor who has proved the creditor’s debt may assent to or dissent from the composition or scheme by a letter addressed to the Official Assignee, and sent or posted so as to be received by the Official Assignee not later than 21 days after the date of the Official Assignee’s notice. (7) The composition or scheme is not binding on the creditors unless the bankruptcy order to which it relates is discharged or annulled under section 358. (8) In this section, “special resolution” means — ( a ) in relation to a special resolution sought under subsection (1)( a ), a resolution passed at a general meeting of creditors by a majority in number and at least three‑fourths in value of the creditors who have proved their debts, taking those creditors who do not attend personally or by proxy at the meeting as having voted in favour of the resolution; and ( b ) in relation to a special resolution sought under subsection (1)( b ), a resolution approved in writing by a majority in number and at least three‑fourths in value of the creditors who have proved their debts, taking those creditors who fail to assent to or dissent from the composition or scheme in writing as having assented to the resolution.


document_id: irda-2018
provision_ref: s358
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 358
title:
Discharge or annulment of bankruptcy order by certificate of Official Assignee where composition or scheme accepted by creditors

content:
358. —(1) Where a composition or scheme is accepted by the creditors by a special resolution under section 357, the Official Assignee may — ( a ) discharge the bankrupt by issuing a certificate of discharge; or ( b ) if the composition or scheme is accepted by all creditors, annul the bankruptcy order by issuing a certificate of annulment. (2) Notice of every discharge or annulment under subsection (1) must be given to the Registrar and be published in the Gazette and in such other manner as the Official Assignee thinks fit. (3) The Official Assignee must, upon the application of a bankrupt or the bankrupt’s creditor or any other interested person, issue to the applicant a copy of the certificate of discharge or certificate of annulment upon the payment of the prescribed fee. (4) A certificate of discharge or certificate of annulment issued under subsection (1) is binding on all the creditors so far as it relates to any debts due to them from the bankrupt and provable in bankruptcy. (5) The Court may, on an application by the Official Assignee or any creditor, annul the composition or scheme by revoking the certificate of discharge or certificate of annulment (as the case may be), if — ( a ) the bankrupt defaults in paying any instalment due under the composition or scheme; or ( b ) the Court is satisfied that — (i) the composition or scheme cannot, in consequence of legal difficulties or for any sufficient cause, proceed without injustice or undue delay to the creditors or to the bankrupt; or (ii) the acceptance of the proposal by the creditors was obtained by fraud. (6) An annulment of the composition or scheme under subsection (5) does not affect the validity of any sale, disposition or payment duly made or thing duly done under or pursuant to the composition or scheme. (7) Where the Official Assignee annuls a bankruptcy order under this section, any sale or other disposition of property, payment duly made or other thing duly done by or under the authority of the Official Assignee or by the Court is valid except that the property of the bankrupt reverts to the bankrupt or, on an application by any person interested, vests in such person as the Court may appoint and on such terms as the Court may direct. (8) The Court may include in its order such supplemental provisions as may be authorised by the Rules.


document_id: irda-2018
provision_ref: s359
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 359
title: Effect of composition or scheme
content:
359. A composition or scheme accepted under section 357 is not binding on any creditor so far as regards a debt or liability from which, under Parts 16 to 21, the bankrupt would not be discharged by an order of discharge in bankruptcy, unless the creditor assents to the composition or scheme. Division 6 &#x2014; Effect of bankruptcy on antecedent transactions


document_id: irda-2018
provision_ref: s360
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 360
title: Provisions as to second or subsequent bankruptcy, etc.
content:
360. —(1) Where — ( a ) a second or subsequent bankruptcy order is made against a bankrupt; or ( b ) an order is made for the administration in bankruptcy of the estate of a deceased bankrupt, then for the purposes of any proceedings consequent upon any such order, the Official Assignee is deemed to be a creditor in respect of any unsatisfied balance of the debts provable in the last preceding bankruptcy against the property of the bankrupt in the second or subsequent bankruptcy or administration in bankruptcy, as the case may be. (2) For the purposes of subsection (1) — ( a ) any unsatisfied debts provable in the last preceding bankruptcy, which were under section 352(1) to be paid in priority to all other debts in that bankruptcy, continue to enjoy the same priority and the same rank in the order specified in section 352(1) in the second or subsequent bankruptcy or administration in bankruptcy; and ( b ) any unsatisfied debts of a class specified in section 352(1) in the last preceding bankruptcy rank equally with debts of the same class in the second or subsequent bankruptcy or administration in bankruptcy. (3) Where — ( a ) a second or subsequent bankruptcy order is made against a bankrupt; or ( b ) an order is made for the administration in bankruptcy of the estate of a deceased bankrupt, any property acquired by the bankrupt since the bankrupt was last adjudged bankrupt, which at the date when the subsequent application was made had not been distributed amongst the creditors in the last preceding bankruptcy, vests (subject to any disposition thereof made by the Official Assignee in that bankruptcy without knowledge of the making of the subsequent application) in the Official Assignee on account of the subsequent bankruptcy or administration in bankruptcy, as the case may be. (4) Where the Official Assignee in any bankruptcy receives notice of a subsequent application in bankruptcy against the bankrupt or after the bankrupt’s death of an application for the administration of the bankrupt’s estate in bankruptcy, the Official Assignee holds any property then in the Official Assignee’s possession which has been acquired by the bankrupt since the bankrupt was adjudged bankrupt until the subsequent application has been disposed of. (5) If on a subsequent application a bankruptcy order or an order for the administration of the estate in bankruptcy is made, the Official Assignee holds all the property or the proceeds of the property (after deducting the Official Assignee’s costs and expenses) to the account of the subsequent bankruptcy, or administration in bankruptcy, as the case may be. (6) Where a second or subsequent bankruptcy order is made against a bankrupt — ( a ) section 371(1) ceases to apply to the last preceding bankruptcy, with effect from the date of that order; and ( b ) section 395(2) does not apply to the last preceding bankruptcy for the duration of the second or subsequent bankruptcy.


document_id: irda-2018
provision_ref: s361
chapter: PART 17 - ADMINISTRATION IN BANKRUPTCY
section: 361
title: Transactions at undervalue
content:
361. —(1) Subject to this section and sections 363 and 365, where an individual is adjudged bankrupt and the individual has at the relevant time (as defined in section 363) entered into a transaction with any person at an undervalue, the Official Assignee may apply to the Court for an order under this section. (2) The Court may, on such an application, make such order as it thinks fit for restoring the position to what it would have been if that individual had not entered into that transaction. (3) For the purposes of this section and sections 363 and 365, an individual enters into a transaction with a person at an undervalue if — ( a ) the individual makes a gift to that person or the individual otherwise enters into a transaction with that person on terms that provide for the individual to receive no consideration; ( b ) the individual enters into a transaction with that person in consideration of marriage; or ( c ) the individual enters into a transaction with that person for a consideration the value of which, in money or money’s worth, is significantly less than the value, in money or money’s worth, of the consideration provided by the individual.


