New Application to be Approved Liquidators or Public Accountants for the purpose of becoming Judicial Managers following commencement of IRDA

The Insolvency, Restructuring and Dissolution Act (IRDA) came into effect on 30 July 2020.

Under the IRDA, individuals who wish to act as a liquidator, judicial manager (JM), or Trustee in Bankruptcy (TIB) are required to be registered as Insolvency Practitioners with the Ministry of Law, for the purpose of undertaking new winding up, JM, or TIB cases that commence on or after the IRDA comes into effect. Accordingly, ACRA will no longer accept new applications for approved liquidators or Public Accountants for the purpose of becoming Judicial Managers. More information on the new regime for insolvency practitioners can be found at Ministry of Law's website. 

Approved Liquidators under section 9(1) of the Companies Act

With effect from 30 July 2020, all approved liquidators are declared by the Minister by way of an order under section 9(1) of the Companies Act to be a specific class of persons.  
Persons in this class of approved liquidators can be appointed as:

  1. liquidators of any winding up cases commenced under the Companies Act or LLP Act and outstanding at the time the IRDA comes into effect (pre-IRDA cases), including as replacement liquidators of such cases when the appointed liquidators resign or cease to be approved liquidators; and
  2. liquidators of winding up cases in relation to Variable Capital Companies and its sub funds (VCC) during the interim period until the VCC Act has been updated to allow Insolvency Practitioners to undertake such work.

These approved liquidators need not renew their existing approved liquidator license upon its expiry.  The approved liquidator license will remain valid unless it is cancelled voluntarily or revoked by ACRA on grounds such as bankruptcy, etc.

Approved Liquidator who is also registered as a Public Accountant

If the approved liquidator is also registered as a public accountant, he will need to comply with the Continuing Professional Education (CPE) requirements of acquiring at least 9 structured hours in Category 4: Insolvency and Restructuring over a rolling 3-year period for the renewal of his registration as a public accountant.  For more information on the Continuing Professional Education requirements for the renewal of registration as a public accountant, please refer to Requirements for Renewal of Public Accountant Registration. 

Changes in particulars of an Approved Liquidator

Approved liquidators who wish to update their particulars may submit the changes in Bizfile.

You can log in to Bizfile using your Singpass to submit the transaction. Under the menu bar, navigate to “Manage” > “Approved liquidator” > “Update approved liquidators information”.

You will be directed to file a General lodgement.  Under the general lodgement type, select "Update information for approved liquidator " under the heading “Approved liquidator”.

Download, complete and submit the manual form in the General lodgement transaction.

Withdrawal from being an Approved Liquidator

Approved liquidators who do not wish to practise as liquidators may submit their withdrawal in Bizfile.

You can log in to Bizfile using your Singpass to submit the transaction. Under the menu bar, navigate to “Deregister” > “Approved liquidator” > “Withdraw from being an approved liquidator”.

You will be directed to file a General lodgement.  Under the general lodgement type, select “Withdrawal from being an approved liquidator” under the heading “Approved liquidator”.

Download, complete and submit the manual form in the General lodgement transaction. 


Downloads

 

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