Insolvency, Restructuring and Dissolution Act 2018

Insolvency, Restructuring and Dissolution Act 2018 2020 REVISED EDITION This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021 An Act to amend and consolidate the written laws relating to the making and approval of a compromise or an arrangement with the creditors of a company or an individual, receivership, corporate insolvency and winding up, individual insolvency and bankruptcy, and the public administration of insolvency, to provide for the regulation of insolvency practitioners, to provide for connected matters and to make consequential and related amendments to certain other Acts. [30 July 2020: Except sections 467, 479, 495(b) and 499 ; 15 September 2020: Section 467(a) to (g) ] PART 1 PRELIMINARY Short title and commencement 1.—(1) This Act is the Insolvency, Restructuring and Dissolution Act 2018. (2) Sections 467(h) and 479 come into operation on a date that the Minister appoints by notification in the Gazette. General interpretation 2.—(1) In this Act, unless the context otherwise requires — “banking corporation” means a bank that holds a valid licence under section 7 or 79 of the Banking Act 1970; “bankrupt” means — (a) an individual debtor who has been adjudged bankrupt by a bankruptcy order; or (b) where a bankruptcy order has been made against a firm, each of the partners in the firm; “company” has the meaning given by section 4(1) of the Companies Act 1967; “contributory” has the meaning given by section 4(1) of the Companies Act 1967; “corporation” has the meaning given by section 4(1) of the Companies Act 1967; “Court” means the General Division of the High Court; “creditors’ committee”, in relation to a bankruptcy, means a committee appointed under section 331; “foreign company” has the meaning given by section 4(1) of the Companies Act 1967; “insolvency practitioner’s licence” means a licence granted under section 51; “liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising — (a) under any written law; (b) under contract, tort or bailment; (c) as a result of a breach of trust by the person liable; or (d) out of an obligation to make restitution; “licensed insolvency practitioner” and “licensee” mean the holder of a licence granted under section 51; “limited liability partnership” has the meaning given by section 4(1) of the Limited Liability Partnerships Act 2005; “liquidator” includes the Official Receiver when acting as the liquidator of a corporation; “member”, in relation to a company, means a member of a company mentioned in section 19(6) or (6A) of the Companies Act 1967; “Minister” means — (a) except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and (b) for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies; “Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee; “Official Receiver” means the Official Receiver appointed under section 17(1) and includes a Deputy Official Receiver, a Senior Assistant Official Receiver and an Assistant Official Receiver; “property” includes — (a) money, goods, things in action, land and every description of property, wherever situated; and (b) obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property; “public accountant” means a person who is registered or deemed to be registered in accordance with the Accountants Act 2004 as a public accountant; “Registrar” means the Registrar of the Supreme Court and includes a Deputy Registrar or an Assistant Registrar of the Supreme Court; “Registrar of Companies” means the Registrar of Companies appointed under section 8 of the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies; “regulations” means regulations made under section 449; “Rules” means the Rules of Court made under section 448; “solicitor” means an advocate and solicitor of the Supreme Court; “subsidiary” has the meaning given by section 5 of the Companies Act 1967; “transaction” includes any gift, agreement or arrangement, and any reference to entering into a transaction is to be construed accordingly; “trustee”, in relation to a bankruptcy and a bankrupt, means the trustee of the bankrupt’s estate and includes the Official Assignee when acting as trustee of the bankrupt’s estate; “trustee in bankruptcy” means a person appointed under section 36 as trustee of a bankrupt’s estate. [40/2019] (2) For the purposes of Parts 4 to 12 and 23, a person who is not a member of a company, but to whom shares in the company have been transferred, or transmitted by operation of law, is to be regarded as a member of the company, and references to a member or members are to be read accordingly. (3) Unless the contrary intention appears, a reference in this Act to a Part or a Division of a Part is to be construed so as to include a reference to any subsidiary legislation made in relation to that Part or that Division.