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2nd Reading
Ministry of Law

Insolvency, Restructuring and Dissolution (Amendment) Bill

Bill Summary

  • Purpose: The Bill amends the Insolvency, Restructuring and Dissolution Act 2018 to introduce temporary simplified procedures for debt restructuring and winding up to assist businesses impacted by the COVID-19 pandemic, and to provide the power to exempt individuals from certain licensing criteria for insolvency practitioners.

  • Responses: Second Minister for Law Edwin Tong Chun Fai noted that the Bill was linked to the COVID-19 (Temporary Measures) (Amendment No 3) Bill and stated that the questions and views raised by Members had been addressed during a prior joint substantive debate on both Bills.

Reading Status 2nd Reading
1st Reading Mon, 5 October 2020
Introduction — no debate
2nd Reading Tue, 3 November 2020

Bills proceed through first reading, second reading, committee stage, third reading, and presidential assent before becoming law.

How a bill becomes law ↗

Members Involved

Edwin Tong Chun Fai (Minister for Culture, Community and Youth and Second Minister for Law)

Transcripts

First Reading (5 October 2020)

"to amend the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) to provide for temporary measures in the form of simplified procedures relating to a compromise or an arrangement with creditors and winding up, and related matters, in view of the COVID-19 pandemic, and to provide for the power to exempt persons from certain criteria in relation to insolvency practitioners' licences",

presented by the Second Minister for Law (Mr Edwin Tong Chun Fai) read the First time; to be read a Second time on the next available Sitting of Parliament, and to be printed.

Second Reading (3 November 2020)

Order for Second Reading read.

Mdm Deputy Speaker: Minister Edwin Tong.

7.04 pm

The Second Minister for Law (Mr Edwin Tong Chun Fai): Mdm Deputy Speaker, I beg to move, "That the Bill be now read a Second time". This Bill is linked to the earlier Bill on the COVID-19 (Temporary Measures) (Amendment No 3) Bill. We have had a substantive debate on both Bills and Members have raised their questions and expressed their views. These have been responded to. Therefore, Madam, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. – [Mr Edwin Tong Chun Fai.]

Bill considered in Committee; reported without amendment; read a Third time and passed.