Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698830343116.pdf (Singapore)
Page 1 The Business Times Singapore September 11, 2018 Tuesday Bill tabled to integrate insolvency, bankrupty and debt revamp laws; Omnibus Bill also aims to strengthen debt restructuring regimes and regulate insolvency practitioners BYLINE: Tay Peck Gek , Bill tabled to integrate insolvency, bankruptcy and debt revamp laws SECTION: GOVERNMENT & ECONOMY; Top Stories; PARLIAMENT LENGTH: 605 words Singapore AN omnibus Bill that consolidates personal and corporate insolvency and debt restructuring laws into a sin- gle piece of legislation was tabled for first reading in Parliament on Monday.
The Insolvency, Restructuring and Dissolution Bill introduced by Senior Minister of State for Law Edwin Tong, seeks to unify personal and corporate bankruptcy and debt restructuring laws, enhance the law to further strengthen the debt restructuring regimes, as well as regulate insolvency practitioners.

Currently, personal and corporate bankruptcies are governed respectively by two separate statutes - Bank- ruptcy Act and Companies Act.
If the Bill is passed, the Bankruptcy Act will be repealed, and the provisions in the Companies Act pertaining to corporate insolvency and restructuring will be removed.

The provisions on personal bankruptcy in the Bill will largely follow those in the Bankruptcy Act, which was last updated in 2015.

However, there would be a most significant change - concerning secured creditors.
The Bill will require se- cured creditors to notify the trustee administering the bankruptcy, within 30 days after the bankruptcy order, if they intend to claim interest on the debt for the period between the order and enforcement of the security.

This requirement allows the bankrupt's assets and liabilities to be determined early, for more efficient admin- istration of the bankruptcy.
As for provisions in the Companies Act, miscellaneous amendments will be made to modernise the law, and to facilitate more effective use of resources in the administration of liquidation cases.

In addition, amendments will be made to strengthen debt restructuring regimes.

Among the key changes, at least two will impact judicial management.

One is that a court order is not needed to place a company into judicial management, if creditors can come to a consensus.
Second, judicial managers will be able to seek third-party funding to bring legal claims against persons who have misappropriated the company's assets.

In return, the financier will get part of the potential proceeds from a successful recovery.

Another amendment under the Bill offers a company undergoing restructuring proceedings much-needed protection by restricting counter-parties to key contracts from terminating or modifying the contracts - trig- gered by the company's restructuring.
With the temporary relief, a company would be able to continue with the key contracts and generate revenue as it nurses itself back to financial health.

Should a company have to be dissolved, the Bill also allows for a summary procedure, provided that the company's assets are insufficient to pay for winding-up expenses, and its affairs do not require further inves- Page 2 tigation.
As at Aug 31, there were over 100 companies being wound up by the Official Receiver (OR), and these companies each have estimated realisable assets of under S$1,000.

Besides enhancing the law, the Bill will establish a regulatory regime for insolvency practitioners.

The Bill arises from the Insolvency Law Review Committee's recommendations in October 2013 for a holistic update of Singapore's insolvency and restructuring laws.
Subsequently, the Committee to Strengthen Sin- gapore as an International Centre for Debt Restructuring made further recommendations in April 2016.

The Law Ministry took a phased approach to implementing the massive recommendations.

Amendments to the Bankruptcy Act in July 2015 were made in the first phase, followed by changes to the Companies Act in March 2017 in the second phase.

It is understood that the courts have received almost 100 applications under the amended Companies Act.
LOAD-DATE: September 10, 2018 LANGUAGE: ENGLISH PUBLICATION-TYPE: Newspaper Copyright 2018 Singapore Press Holdings Limited All Rights Reserved Proposed changes to election deposit formula and payment methods The Business Times Singapore September 11, 2018 Tuesday Page 3 The Business Times Singapore September 11, 2018 Tuesday Proposed changes to election deposit formula and payment methods BYLINE: Lee U-Wen , Proposed changes to election deposit formula and payment methods SECTION: GOVERNMENT & ECONOMY; Top Stories; PARLIAMENT LENGTH: 524 words Singapore THOSE who intend to contest the next general election (GE) will have to fork out slightly less for their elec- tion deposit compared to the last polls in 2015, and they can choose to make the payment via electronic fund transfer instead of cash.
These were among proposed amendments to the Parliamentary Elections Act that were tabled on Monday in parliament by Trade and Industry Minister Chan Chun Sing.

In a factsheet issued to the media, the Elections Department said that the changes would help to improve the administration of parliamentary elections in Singapore.

The next GE must be held by January 2021.


The formula to calculate the exact amount for the election deposit will be simplified under the proposed amendments, to peg it at one month of an elected member of parliament's allowance, rounded down to the nearest S$500.

With this new formula, the deposit would be S$13,500, given that an MP's fixed monthly allowance is cur- rently S$13,750.
The formula that was used at the last election in September 2015 was the sum equal to 8 per cent of the to- tal allowances paid to an MP in the preceding calendar year, rounded to the nearest S$500.

This worked out to be S$14,500.

To make it for more convenient for prospective candidates to pay the deposit, one proposal is to let them do so electronically, in line with the government's ongoing push for services to go digital.
Candidates, however, may also make the payment with a bank draft or certified cheque.

When filing their election expenses after an election is over, the amendment Bill - if eventually passed in par- liament - will no longer require candidates and election agents to submit supporting documents such as bills and receipts.

They only have to retain these documents for a specified period of time and allow them to be checked when asked to produce them.
Separately, to facilitate the "smooth and orderly conduct" of proceedings on Nomination Day, there is a pro- posal to allow only aspiring candidates who meet certain conditions to be allowed inside the hall where nom- inations take place.

He or she must possess a political donation certificate, and be accompanied by a pro- poser, seconder and at least four assentors.
In the case of candidates contesting in a group representation constituency, the relevant candidate in that group must have a minority community certificate.

Among the other proposed changes is in the event of contingencies such as riots, fires or floods, which may occur during nomination, polling or counting proceedings.

If the amendments are passed, the Returning Officer will be able to suspend proceedings for up to two hours to assess the situation and decide on what action to take next.
Proposed changes to election deposit formula and payment methods The Business Times Singapore September 11, 2018 Tuesday Page 4 He can change the time and place of nominations if a disruption were to happen on Nomination Day, for in- stance, but the proceedings must still take place and conclude on the same day.

Notice of the decision will be published in the Government Gazette.

The amendment Bill will be up for a second reading and a debate in the House when parliament sits in Oc- tober.
READ MORE: LTA may allow taxi, private-hire car drivers to make deliveries on limited trial basis LOAD-DATE: September 10, 2018 LANGUAGE: ENGLISH PUBLICATION-TYPE: Newspaper Copyright 2018 Singapore Press Holdings Limited All Rights Reserved Bill proposes changes to improve election procedures; Among them: Specifying actions when ballot box is lost or destroyed, and during contingencies like riots and fires The Straits Times (Singapore) September 11, 2018 Tuesday Page 5 The Straits Times (Singapore) September 11, 2018 Tuesday Bill proposes changes to improve election procedures; Among them: Specifying actions when ballot box is lost or destroyed, and during contingencies like riots and fires BYLINE: Ng Jun Sen SECTION: TOP OF THE NEWS LENGTH: 859 words When a sealed ballot box is lost or destroyed before the ballots can be counted, election officials can aban- don the vote count for the affected polling station, under changes proposed in Parliament yesterday.
And should the number of votes in the particular polling station be enough to sway the electoral result for that constituency, the voters in the polling station must undergo a fresh poll, said the Parliamentary Elections (Amendment) Bill.

The Elections Department (ELD) later told The Straits Times that in the past several elections, no sealed ballot box had been lost or damaged before the ballots were counted.
The suggestion is one of about 30 changes being introduced to improve the administration of elections, with the new rules, if approved by Parliament, likely to take effect before the next general election, which is due by 2021.

The Bill was introduced in Parliament by Trade and Industry Minister Chan Chun Sing, a former minister in the Prime Minister's Office.
Another change sets out the election procedure in the event of contingencies such as riots, fires and floods, ELD said in a fact sheet issued to the media.

Some recommended changes in the Parliamentary Elections (Amendment) Bill ·ELD can reject, without having to hold a public inquiry, a claim to be included in the Register of Electors if the claim is clearly without merit, such as if the claimant is not a Singapore citizen or is below 21 years old on the relevant cut-off date.
·Only aspiring candidates who meet the following conditions are permitted to enter the nomination place: If they are issued a political donation certificate and, if relevant, a minority community certificate.

They must also be accompanied by a proposer, a seconder and four assentors.

·The Returning Officer can provide 17 days, from 10 days currently, for overseas votes to reach Singapore for counting if the number of votes is material to the election outcome.
·To protect personal data, details such as addresses and contact numbers, which are included in the re- turns on election expenses, will be redacted when these returns are opened for public inspection.

Identity card numbers will also be partially redacted.

·The adjudication of disputed votes will disregard any marks made outside the demarcated area of the ballot paper by the voter.

Currently, election officers have to consider marks made on the entire ballot paper in cases of disputed votes.
·Candidates and their agents need not apply for a vote recount, as it will be carried out if the difference in the number of votes between the top candidate and any other candidate contesting the same election falls within the limit of 2 per cent or less.
Bill proposes changes to improve election procedures; Among them: Specifying actions when ballot box is lost or destroyed, and during contingencies like riots and fires The Straits Times (Singapore) September 11, 2018 Tuesday Page 6 Ng Jun Sen The Bill allows the Returning Officer to suspend proceedings for up to two hours to assess the situation and decide on the course of action.
He can change the time and place of the nomination if a disruption were to happen on Nomination Day, for example, but the proceedings must still take place on the same day.

Notice of his decision will be published in the Government Gazette.

Maps of the various polling districts can also be published on the ELD website, replacing the current method of using textual descriptions of road boundaries in the Gazette.
The Bill also allows candidates to use electronic fund transfer systems to pay their election deposits, while cash payment can be accepted only if the Returning Officer allows it.

Around 20 per cent of candidates paid their deposits in cash in the previous general election.

Payment by bank draft and certified cheque, which are now allowed, will continue to be available.
Candidates and their election agents, who have been submitting receipts and bills of their election expenses to ELD, will no longer need to do so, but are required to keep these documents for a specified period of time and allow them to be checked.

"This will make it more convenient for candidates without diluting accountability," ELD said.

The formula to compute the election deposit will be simplified and based on an elected MP's monthly al- lowance, which is now $13,750, rounded to the nearest $500.
Currently, the election deposit is set at 8 per cent of an MP's total annual allowance.

People prohibited from conducting election activities, such as primary and secondary school students, for- eigners and undischarged bankrupts, will also not be allowed to prejudice the electoral prospects of another political party, candidate or group of candidates.

Currently, the law only states that people in this prohibited category are not allowed to promote or aid can- didates in non-clerical work.
ELD said the Bill also brings the Parliamentary Elections Act in line with recent changes to the Constitution, which was last amended in 2016, and the Presidential Elections Act, which was changed last year.

These changes include increasing the number of Non-Constituency MPs from nine to 12, minus the total number of elected opposition MPs.
The Returning Officer can also provide 17 days, up from 10 days now, for overseas votes to reach Singa- pore for counting if the number of votes is material to the election outcome.

LOAD-DATE: September 10, 2018 LANGUAGE: ENGLISH GRAPHIC: The Parliamentary Elections (Amendment) Bill, introduced in Parliament yesterday, proposes that election officials can abandon the vote count for an affected polling station when a sealed ballot box is lost or destroyed before the ballots can be counted.
PUBLICATION-TYPE: Newspaper Copyright 2018 Singapore Press Holdings Limited All Rights Reserved The Straits Times (Singapore) September 11, 2018 Tuesday Bill introduced to streamline insolvency framework BYLINE: Grace Leong SECTION: HOME LENGTH: 509 words New legislation to consolidate Singapore's personal and corporate insolvency regimes and restructuring laws was introduced yesterday to augment its position as a global financial centre.
The Insolvency, Restructuring and Dissolution Bill was tabled for first reading in Parliament, and will con- solidate the provisions currently in two separate statutes - the Bankruptcy Act and Companies Act - into a single Act.

When the Bill comes into force, the Bankruptcy Act will be repealed and the provisions in the Companies Act relating to corporate insolvency and restructuring will be deleted.
The provisions on personal bankruptcy in the Bill largely follow the provisions in the Bankruptcy Act, following the last amendment in 2015.

The most significant change concerns secured creditors, the Ministry of Law said.

The Bill will require se- cured creditors to notify the bankruptcy trustee, within 30 days of the bankruptcy order, if they intend to claim interest on the debt for the period between the order and enforcement of the security.
This allows the bank- rupt's assets and liabilities to be ascertained early for more efficient administration of the bankruptcy.

Firms in financial distress will have a greater chance of rehabilitation under the Bill.

This supports amend- ments to the Companies Act last year following nearly US$1 billion (S$1.38 billion) of defaults in the Singa- pore bond market since November 2015.
The courts here have seen close to 100 applications under the amended Companies Act provisions after just one year - many of them high-profile, high-value complex restructurings.

For example, water treatment firm Hyflux filed for court protection against creditors' claims in May and has been granted a six-month re- prieve from creditors to work out a survival plan and reorganise its debts.

Other key changes include a new restriction of ipso facto clauses upon the commencement of restructuring proceedings.
Such clauses allow contracts to be terminated or modified when a specified trigger event like insolvency or restructuring occurs.

There is currently no restriction on the use of such clauses, which makes it difficult for a firm to restructure because of the risk that the contract can be terminated.

"This is intended to facilitate restructuring where a distressed company's business relies on contracts that contain such ipso facto clauses."
Firms in financial distress will have a greater chance of rehabilitation under the Bill.

This supports amend- ments to the Companies Act last year following nearly US$1 billion (S$1.38 billion) of defaults in the Singa- pore bond market since November 2015.

A new regulatory regime for insolvency practitioners acting as office holders in restructuring and insolvency proceedings will also be established and administered by the Insolvency and Public Trustee's Office.
Aimed at raising the quality of insolvency practitioners, the Bill will impose minimum qualifications and con- ditions for the grant and renewal of licences, and put in place a disciplinary framework for errant office hold- ers.